Mansion unveils new exchange - introduces fees

[pokherplyr]

I pulled out 75% of my balance

And not for fear of non-payment.

Simply because I am "old-school" kinda set in my ways.

I won't be using the "exchg" that much simply because I don't fully comprehend how to use it at this time. Hopefully, with time, this will change.

Until then, I don't need as high a balance there as I had before.

They took the funds from account immediately, and said it could take up to 24 hrs to show in my Neteller account. Rest assured, you will hear about it if the funds are not in my account by this time tomorrow.

pp

 

[Santo]

Savant: I've already had a losing bet as a buyer and seller (both on Cubs). I was charged precisely $0 each time.

 

[SportSavant]

wow.... if so I humbly apologize, I guess it is I who misunderstands....


Tonite, I made about 8 bets as a "Seller" hopefully I will win at least one of them ,


I will report back as to wether or not I am charged commission......

 

[nimue77]

So you are confirming that losing bets are not charged a fee? If you risk 1000 at +125 you win 1237.50 and if you lose you lose only 1000?

Savant: I've already had a losing bet as a buyer and seller (both on Cubs). I was charged precisely $0 each time.

 

[Santo]

Correct.

 

[SportSavant]

If what you are saying is true SANTO,

& if this is what was in the MANSION email:

"Effective August 9th, when you "buy" on MANSION Sports Exchange (by accepting a posted offer) you will be charged a fee of 1% on the win amount of each bet.

• Pay no fees when you "sell"* on MANSION Sports Exchange - 0%
• Pay only 1% of the win amount when you "buy"**.

* You "sell" by placing an offer that is not immediately matched by an existing inverse offer.
** You "buy" when you accept an existing offer or place an offer that is equal to and (therefore matched by) an existing inverse offer."

it would seem to me, then, that one would only pay COMMISSION under ONE & ONLY circumstance,

1) If they were a BUYER....

&

2) If their Bet WINS....

(Because it clearly says above pay only 1% commission when you are a BUYER)....

so SANTO, I guess in my case, since I was a SELLER in each case.... I should be charged ZERO commission on all my plays, WIN or LOSE?

 

[SportSavant]

has anyone 'WON' a bet since the change over? using the exchange?

 

[Santo]

You mean Seller?

If you were a buyer, you pay comission. If you were a seller, you don't...

 

[SportSavant]

yes I was SELLER, i edited my post

 

[SportSavant]

santo can you help me understand 'Exposure'?

Is started my night without about 2K in my account, made 1.2K worth of Bets so my balance is around 800$ right now....

on the exchange under the 'Exposre' column, it says that my exposure is 2352? I really do not know where they fuck they got that number.

 

[Pokerking]

I won a bet on the reds vs cubs game and I wasn't charged any commission since I was a seller.

 

[SportSavant]

well fuck man, this is pretty AWESOME,

if the only time you have to pay COMMISSION is on a WINNING bet in which you were the BUYER.

and under all other 3 CIRCUMSTANCES

Winning bet as SELLER

Losing bet as SELLER

Losing bet as BUYER

it is ZERO percent, that is pretty damn AWESOME, kills betfair & tradebetx....

 

[Pokerking]

It's still pretty good. It's just that it was previously too good to be true so it doesn't seem that good now. When you compare it to Betfair it's still way better.

 

[Santo]

I discussed exposure with them earlier.. currently it means nothing because it's screwed. It's showing exposure in a different currency to your account at the moment, hence the larger figure.

 

[nimue77]

I'm still concerned theyre going to ditch -105's on football and basketball in the sportsbook....if they even keep the sportsbook...and they still have not responded to my inquiry about whether they will have -105's in the sportsbook for ncaa football.

 

[Pokerking]

It sounds like the sportsbook is toast and that they're concentrating on the betting exchange.

 

[zee]

I'll try one last time, with other words, and Gods willing somebody will be able to reply. If you take two opposite positions on the same market, (You back Cubs 1k @ 1.8, and 6 hours later you lay them 7xx liability @ 1.7), does the software works like an EXCHANGE is supposed to: e.g. offsetting positions and charging comission on the guaranteed margin(1.7 to 1.8, if we assume you've arbed it, you'll guarantee ~60 quid, and you'd have to pay around 0.65 cents in comission?) or does it work like a pseudд-exchange - e.g. NOT offsetting the positions and charging comission on the FULL WINNING AMMOUNT of the winning transaction(in which case, you'll get charged about 10$ on your 65$ profit?)?

PS: Assuming you're a buyer in both cases, to make it simple.

 

[SportSavant]

I'm still concerned theyre going to ditch -105's on football and basketball in the sportsbook....if they even keep the sportsbook...and they still have not responded to my inquiry about whether they will have -105's in the sportsbook for ncaa football.

I woudnt worry about it, I bet you will be able to find -103 style pricing in their exchange regularily....

 

[Doug]

I'd expect the side that wins get charged 1%, but money is freed up once you take opposite side, which is still better than a traditional book that keeps both bets tied up until complete. Only potentially liable money not immediately playable.

 

[SportSavant]

I'll try one last time, with other words, and Gods willing somebody will be able to reply. If you take two opposite positions on the same market, (You back Cubs 1k @ 1.8, and 6 hours later you lay them 7xx liability @ 1.7), does the software works like an EXCHANGE is supposed to: e.g. offsetting positions and charging comission on the guaranteed margin(1.7 to 1.8, if we assume you've arbed it, you'll guarantee ~60 quid, and you'd have to pay around 0.65 cents in comission?) or does it work like a pseudд-exchange - e.g. NOT offsetting the positions and charging comission on the FULL WINNING AMMOUNT of the winning transaction(in which case, you'll get charged about 10$ on your 65$ profit?)?

PS: Assuming you're a buyer in both cases, to make it simple.

LMAO....

let me translate american....

if you bet 1000$ on team A odds of +100.

& later you bet 10000$ on team B at odds of +100

& then TEAM B WINS.......

do you have to pay commission on the full 10000$ you won, or do you only pay commission on the 9000$ you 'actually' had on the game?