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Tractor
17 Dec 09 21:48
Joined:
Date Joined: 02 May 04
| Topic/replies: 109 | Blogger: Tractor's blog
Just been hit with my 1st Premium Charge and can't get my head around it fully. Has cost me an extra £350. Has anyone got an easy explanation for me. Thanks.
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Report Mister Fish December 17, 2009 9:51 PM GMT
Yep, its a rip off. After you become successful your commission rate goes up to 20%.
Report Innocent Bystander December 17, 2009 9:51 PM GMT
Yep, Betfair fancied taking a cut from their most successful clients, so devised a system to take such money to increase their profits for when they float

Simples
Report Green Beard December 17, 2009 9:51 PM GMT
your total charges to betfair have to be 20% of gross earnings.

but the charges are not worked out on how much commission youve paid (it obviously should be but wouldnt catch as many people) but on how much you pay + 3% of your losses divided by 2
Report cdog December 17, 2009 9:53 PM GMT
the charge is disgraceful, but the way they calculate it is even more so.
Report Mister Fish December 17, 2009 9:56 PM GMT
Agreed, there attempt to make it as complicated as possible so that they can avoid telling us what it is, which is a 20% commission. I'm sure there's a law of misrepresentation that we could get them under here as they market themselves as 5% commission.
Report Green Beard December 17, 2009 9:57 PM GMT
so if you win on every market, you will have to actually pay 40% commission
Report STEPTOES YARD December 17, 2009 9:58 PM GMT
Its pretty bloody awful
Report Mister Fish December 17, 2009 9:59 PM GMT
so why do we still use this site and not go to the daq?
Report Green Beard December 17, 2009 10:01 PM GMT
its not 20% commission, thats a common misconception

depending on your strike rate, its actually face worse.

i paid £418 last week to betfair from my winnings, but on my statement it has me paying £266 because they divide it by 2

so i dont pay 20% of my winnings, i pay close to 30, and thats the bit betfair try and make as hidden as possible by throwing the 20% charges around . . . its not.
Report Green Beard December 17, 2009 10:05 PM GMT
the divide by 2 bit basically makes half the commission you pay redundant, and then they take the remaining up to 20%

all depends on SR though
Report Mister Fish December 17, 2009 10:05 PM GMT
so why not use the daq? if enough of us did the liquidity would improve and betfair might do something about it.
Report Green Beard December 17, 2009 10:10 PM GMT
thats the problem

noone moves, liquidity here better here, so everyone stays, eventhough there is literally nothing stopping for everyone logging onto** tomoro
Report Mister Fish December 17, 2009 10:12 PM GMT
Liquidity is ok on big markets. Iv'e moved as much of my business as I can and if I have lost ot on best odds its been marginal and has been made up in spades on the lack of premium charges.
Report callysboy December 17, 2009 10:21 PM GMT
how much have you got to make before this charge kicks in
Report Birchola December 17, 2009 10:25 PM GMT
You qualify if your account is in profit overall and is showing profit for the previous 60 weeks I believe?
Report Green Beard December 17, 2009 10:26 PM GMT
they changed it birch

now its over the history of your career on betfair.

you just have had to trade 250 markets and be in profit :|
Report callysboy December 17, 2009 10:28 PM GMT
cheers a dont need to worry about that then. what percentage of users do you think actually pay this.
Report cdog December 17, 2009 10:31 PM GMT
You have to be at least £5000 in profit over your lifetime I think. How much over depends on how good/bad your strike rate has been.
Report Green Beard December 17, 2009 10:37 PM GMT
they say 10,000 people pay it

0.5% of 2mil
Report TwoTonTed December 17, 2009 10:43 PM GMT
ferkin robbers though I'm getting far better at taking a hit here and a profit on the quack, but that's something that can be difficult to do
Report Birchola December 17, 2009 11:07 PM GMT
Find it difficult to lose eh Ted? B-)
Report fredderf December 17, 2009 11:12 PM GMT
is it then, that until you play 250 markets you dont pay any p/c??

iv thought about that ted, but knowing my luck, there'd be a flip and id end up paying the p/c. lol.
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