diff --git a/common/economy.ts b/common/economy.ts
index a412d4de..7ec52b30 100644
--- a/common/economy.ts
+++ b/common/economy.ts
@@ -7,7 +7,7 @@ export const FIXED_ANTE = econ?.FIXED_ANTE ?? 100
 export const STARTING_BALANCE = econ?.STARTING_BALANCE ?? 1000
 // for sus users, i.e. multiple sign ups for same person
 export const SUS_STARTING_BALANCE = econ?.SUS_STARTING_BALANCE ?? 10
-export const REFERRAL_AMOUNT = econ?.REFERRAL_AMOUNT ?? 500
+export const REFERRAL_AMOUNT = econ?.REFERRAL_AMOUNT ?? 250
 
 export const UNIQUE_BETTOR_BONUS_AMOUNT = econ?.UNIQUE_BETTOR_BONUS_AMOUNT ?? 10
 export const BETTING_STREAK_BONUS_AMOUNT =
diff --git a/functions/src/email-templates/welcome.html b/functions/src/email-templates/welcome.html
index d6caaa0c..986ec7cc 100644
--- a/functions/src/email-templates/welcome.html
+++ b/functions/src/email-templates/welcome.html
@@ -210,7 +210,7 @@
                                   class="link-build-content" style="color:inherit;; text-decoration: none;"
                                   target="_blank" href="https://manifold.markets/referrals"><span
                                     style="color:#55575d;font-family:Arial;font-size:18px;"><u>Refer
-                                      your friends</u></span></a> and earn M$500 for each signup!</span></li>
+                                      your friends</u></span></a> and earn M$250 for each signup!</span></li>
 
                             <li style="line-height:23px;"><span style="font-family:Arial, sans-serif;font-size:18px;"><a
                                   class="link-build-content" style="color:inherit;; text-decoration: none;"