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i have been playing on here for a few years now and have finally got into profit (probably got on a lucky streak or at least learnt to stop chasing when i lose) - i have heard about there bieng a premimum charge for punters who start making profits - does this only apply to really big hitters or are smaller players hit by this as well?
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I've earned around 700K, and was paying 40% when PC was first introduced. This season I've really struggled so have paid none.
how much do you have to be in profit before it kicks in though? thanks in advance for any replies
yes the normal one 1k far as i know still
Winners who have paid 25% or more of their net profits don't pay it at all
though they've made changes , don't know if thats still the case
Winners who have paid 25% or more of their net profits don't pay it at all
though they've made changes , don't know if thats still the case
Winners who have paid 25% or more of their net profits in commission
Firstly you will have to have paid less than 20% in commission.
Once you become eligible to pay the charge you get a £1000 allowance which is 5k of winnings.
How much it takes you to become a pc payer will depend how much you and win and lose.
https://account.betfair.com/regpay-myaccount/premiumcharge/summary.html
The above link will help you.
Once you become eligible to pay the charge you get a £1000 allowance which is 5k of winnings.
How much it takes you to become a pc payer will depend how much you and win and lose.
https://account.betfair.com/regpay-myaccount/premiumcharge/summary.html
The above link will help you.
any maths geniuses out there to try and help me then - so far i have just about broken even but with a large turnover - i don't know about my total turnover but during my years on here i have deposited 60k and withdrawn 60k via my cards - i.e. broken even - i have now built up a profit of about 10k that i haven't yet withdrawn - will i get hit for this charge then?
check the link above that will help you.
It is impossible to say unless you know how much you have won and lost over the years.
It is impossible to say unless you know how much you have won and lost over the years.
the link doesn't work for me mighty - it just says my account hasn't incurred any charges yet
the day i 'qualify' pmsl, for the premium charge is the day i leave and try and grow my peanuts elsewhere, ive never known a compnay so desperate oto drive its self so hard and so fast into the ground as betUNfair.....and shouldnt htey been done for false advertising, they adveertise daily as offering better odds than other bookies but never advertise the standard 5% commision + the TAX knon as premium charge, why is it called premium? is that meant to make u feel special
their advertising slogan should be "only mugs welcome"
there is no betfair dream anymore, the future is purple
their advertising slogan should be "only mugs welcome"
there is no betfair dream anymore, the future is purple
interesting point of view ayers
At the moment you almost certainly hand betfair well above 20% of your long term winnings (if you are even in profit). Once you get down to 20% you are off.
Strange logic.
At the moment you almost certainly hand betfair well above 20% of your long term winnings (if you are even in profit). Once you get down to 20% you are off.
Strange logic.
When betfair advertise better prices than the high street bookies, why is the premium charge never mentioned?
The Betfair name is misleading - the fair section left on 2008.
The Betfair Sportsbook offer the worst prices in the Industry.
The Betfair Sportsbook offer the worst prices in the Industry.
The new Exchange is really good when you wanna place a bet before the off. Same Odds like betfair but only 2 %.
And liquidity is nice too so no Problem to place a decent bet. But only horse racing and Football. I think a lot of
the liquidity is provided by the Company itself but i dont care as Long as i can get the same Odds.
In Play there is nothing so you have to lay off on betfair.
And liquidity is nice too so no Problem to place a decent bet. But only horse racing and Football. I think a lot of
the liquidity is provided by the Company itself but i dont care as Long as i can get the same Odds.
In Play there is nothing so you have to lay off on betfair.
What about if you make £10k in year 1 and in year 2 you lose £10k, you'd pay x amount in year 1 and in year 2 it's just tough?!
It depends how much your turnover is. I have been in 5 figure profit overall for most of the last two years and have never paid it.
you have to be 20 k up since the opening of your account that you have to pay pc.
If you are in profit this link will give you your lifetime profile
https://account.betfair.com/regpay-myaccount/premiumcharge/summary.html
https://account.betfair.com/regpay-myaccount/premiumcharge/summary.html
once you go over 250 grand you will pay it ,even if you win it on a roll up tomorrow.
brassneck, first bit is right, second is not:
any single win that constitutes more than 50% of lifetime gross profits will be excluded from the calculation
any single win that constitutes more than 50% of lifetime gross profits will be excluded from the calculation
Here are some Q&A from the most recent session (the first question was mine)
Why they had to start each answer with a vomit-inducing "well done", I do not know. Perhaps they really are that out of touch with customers that they think that will be anything other than ****g annoying to anyone who reads it.
Basically each answer is "**** you". They operate a monopoly, and if it was a bigger business they would be hauled over the coals and fined until their ears bled. Their arrogance is astounding but there again they are getting away with daylight robbery.
Why is the higher rate charged on the basis of lifetime P&L, rather than on hitting annual targets? It means you get stuck on the higher rate regardless of how you do in the future and punishes those that have been with the site a long time. It seems a strange way to treat loyal customers.
Congratulations on your success – Winning £250,000 is no small feat. We use your lifetime net P&L (after all charges) to measure how successful you have been on Betfair. Annual performance goes up and down so it isn’t a good indicator of just how well you have done.
There are rumours about a change the premium charge. Is a change likely to happen and if so, when? What sorts of changes are likely to take place?
We currently have no plans to change the premium charge.
Us customers have the understanding that PC is needed for Betfair to break-even on successful players as it cost money to advertise, pay employers, etc. to run Betfair.
20% is the break-even point, which is fair enough, then at 40% PC Betfair are making a good profit on each person paying 40% PC (20% total profit). Isn't it now time that the 50% and 60% are scrapped?
I never see in-running or the Exchange advertised on TV, the racing post etc. so the money you take is not being used for what it is meant for. All the advertising is for the Sportsbook. None of the Sportsbook money that is put back into the Exchange goes into the in-running markets as it is all pre-race money. This seems very unfair to me. When will we see a revision of the PC charge to make it fairer for everyone?
Shouldn't Betfair be making more use of the money generated by PC, for such projects as quicker fairer picture speeds across all sports on their Live Video service, more advertising of the Exchange and not only the Sportsbook, etc. instead of using the PC charge merely as a way to make more profit for Betfair?
For all the bad will and negativity the PC has created in the last few years amongst its users (PC payers and non-PC payers) and non-users since its introduction, does Betfair feel it has been a good thing for growing the company?
Firstly, congratulations on your winnings – as a 50% premium charge customer you are one of the most profitable punters out there. We currently have no plans to change the 50% and 60% rates.
The Exchange is a still at the heart of Betfair. We advertise the Sportsbook as it is a much more effective product to attract new customers, often through sign up bonuses and enhanced prices. Once customers join Betfair we then offer them the full range of services and encourage them to crossover to the Exchange through targeted email campaigns. For customers who remain betting on the Sportsbook we have introduced a feature called "Price Rush" which offers them the Exchange price if it is better than the Sportsbook. We then simultaneously place that bet into the Exchange so the liquidity ends up in the Exchange even if the customer bets on the Sportsbook. Currently each month around 30% of Sportsbook customers receive a Price Rush (i.e. effectively bet into the Exchange) and we will expand that coverage further going forward.
While we understand that Premium Charge was not well received by some customers, it has done its part in making the exchange sustainable which is a good thing for all users.
Have you considered changing the premium charge period from a week to a month?
This is something we’ve talked about – the problem with charging premium charge monthly is that the monthly payments will be larger, which means that you will need to keep a higher account balance to cover the charge at the end of each month which we understand many customers are not keen to do.
Why they had to start each answer with a vomit-inducing "well done", I do not know. Perhaps they really are that out of touch with customers that they think that will be anything other than ****g annoying to anyone who reads it.
Basically each answer is "**** you". They operate a monopoly, and if it was a bigger business they would be hauled over the coals and fined until their ears bled. Their arrogance is astounding but there again they are getting away with daylight robbery.
Why is the higher rate charged on the basis of lifetime P&L, rather than on hitting annual targets? It means you get stuck on the higher rate regardless of how you do in the future and punishes those that have been with the site a long time. It seems a strange way to treat loyal customers.
Congratulations on your success – Winning £250,000 is no small feat. We use your lifetime net P&L (after all charges) to measure how successful you have been on Betfair. Annual performance goes up and down so it isn’t a good indicator of just how well you have done.
There are rumours about a change the premium charge. Is a change likely to happen and if so, when? What sorts of changes are likely to take place?
We currently have no plans to change the premium charge.
Us customers have the understanding that PC is needed for Betfair to break-even on successful players as it cost money to advertise, pay employers, etc. to run Betfair.
20% is the break-even point, which is fair enough, then at 40% PC Betfair are making a good profit on each person paying 40% PC (20% total profit). Isn't it now time that the 50% and 60% are scrapped?
I never see in-running or the Exchange advertised on TV, the racing post etc. so the money you take is not being used for what it is meant for. All the advertising is for the Sportsbook. None of the Sportsbook money that is put back into the Exchange goes into the in-running markets as it is all pre-race money. This seems very unfair to me. When will we see a revision of the PC charge to make it fairer for everyone?
Shouldn't Betfair be making more use of the money generated by PC, for such projects as quicker fairer picture speeds across all sports on their Live Video service, more advertising of the Exchange and not only the Sportsbook, etc. instead of using the PC charge merely as a way to make more profit for Betfair?
For all the bad will and negativity the PC has created in the last few years amongst its users (PC payers and non-PC payers) and non-users since its introduction, does Betfair feel it has been a good thing for growing the company?
Firstly, congratulations on your winnings – as a 50% premium charge customer you are one of the most profitable punters out there. We currently have no plans to change the 50% and 60% rates.
The Exchange is a still at the heart of Betfair. We advertise the Sportsbook as it is a much more effective product to attract new customers, often through sign up bonuses and enhanced prices. Once customers join Betfair we then offer them the full range of services and encourage them to crossover to the Exchange through targeted email campaigns. For customers who remain betting on the Sportsbook we have introduced a feature called "Price Rush" which offers them the Exchange price if it is better than the Sportsbook. We then simultaneously place that bet into the Exchange so the liquidity ends up in the Exchange even if the customer bets on the Sportsbook. Currently each month around 30% of Sportsbook customers receive a Price Rush (i.e. effectively bet into the Exchange) and we will expand that coverage further going forward.
While we understand that Premium Charge was not well received by some customers, it has done its part in making the exchange sustainable which is a good thing for all users.
Have you considered changing the premium charge period from a week to a month?
This is something we’ve talked about – the problem with charging premium charge monthly is that the monthly payments will be larger, which means that you will need to keep a higher account balance to cover the charge at the end of each month which we understand many customers are not keen to do.
its short termism to please shareholders.
will back fire long term.
will back fire long term.
my opinion when the higher levels were introduced was that they were targeting customers who had no other avenue for making the same profits (e.g. courtsiders, clock-beaters, fast fingers etc.) and so were profiting from the asset-stripping of losing customers rather than fixing the issues with live betting. no idea if there is any merit to that theory, but it would explain why they have kept these unhappy customers.
for my own part, the markets I use and the bets I do simply don't exist elsewhere. so I've just scaled back and do a bit at weekends and that's it
for my own part, the markets I use and the bets I do simply don't exist elsewhere. so I've just scaled back and do a bit at weekends and that's it
hi Sugarfoot,i guess you are correct,i don't have the problem of paying the premium charge,"wish I had but I am just not good enough"
I think they have a rule for the big guys that have software that strikes over a 1000 bets an hour and are creaming off profits on an hourly rate.they have to pay the premium charge,but I think its a good rule as these people are employed by big firms involved in the gambling trade.
If you know what I mean.
I think they have a rule for the big guys that have software that strikes over a 1000 bets an hour and are creaming off profits on an hourly rate.they have to pay the premium charge,but I think its a good rule as these people are employed by big firms involved in the gambling trade.
If you know what I mean.
Betfair keep these guys because it makes money for Betfair,but if they chucked them off the site it might work better for Betfair in the long run because the day is fast approaching that there will be nobody left to gamble except trainers,owners,bookmakers,and software matching with software.
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