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oldbigead
14 Nov 09 22:50
Joined:
Date Joined: 25 Mar 03
| Topic/replies: 52 | Blogger: oldbigead's blog
Last week i had 11,779 gross profit.

yet with their calculations i somehow had only 234 pounds of commission generated?

this works out to 1.99% total charges????
(my commssion was 3.6%, their end apparently 3%).

am i missing something or are they just making it up as they go along?
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Report aye robot November 14, 2009 10:51 PM GMT
If you had very few losses it's possible.
Report Ghetto Joe November 14, 2009 11:21 PM GMT
Now they've removed the actual comms paid it makes things alot more difficult to cross check with the betting pnl for the week.
Report The Investor November 14, 2009 11:42 PM GMT
Ghetto Joe 15 Nov 00:21
Now they've removed the actual comms paid it makes things alot more difficult to cross check with the betting pnl for the week.


I contacted Betfair about this, they said they removed it because users were getting confused... very annoying.

I told the guy this is gonna waste my time unnecessarily, they said they would consider putting it back, but fat chance...
Report turtleshead November 14, 2009 11:45 PM GMT
In other words, they don't want people to see how easily they are getting ripped off.
Report Treble_Underscore November 15, 2009 7:16 AM GMT
I'd definitely ask the question about that - can't see how that can be right. Unless some of the winnings was on long term markets and the commission generated will be applied when the commission is applied to the markets on final settlement? That's the only way i can see for that to be correct.

Apologies if you don't get a lot of posts feeling sorry for you being 5 figures up in a week though :)
Report Eddie the eagle November 15, 2009 7:44 AM GMT
Doesn't have to be anything wrong with the calculation , remember you only get credit for half the commission you actually pay.
It's the calculation rules themselves which is wrong.
Report Treble_Underscore November 15, 2009 7:50 AM GMT
ETE is dead right - of course.
Report oldbigead November 15, 2009 5:44 PM GMT
why do i only get credit for half the commission i pay?

i thought that it was my half plus the other implied commission on the other side at 3%?

So for me basically 3.6% commssion + 3% commission on the other side of the bets. Divided by 2.

Is this not right? Shouldn't it be 3.3% i'm given dredit for and not 1.99%?

As for the sympathy about being 10 grand up i'm more than 10 grand down this week and yet the charge would still apply.

This premium charge will stop me and plenty of others from betting. Its totally unjust and it seems that they make the rules up as they go along.
Report Sherbert November 15, 2009 6:15 PM GMT
you would not pay it if your down for the week that is not how it works. It is fair once its understood
Report john92 November 15, 2009 6:55 PM GMT
parts of it are far from fair. you definitely wont pay it after a losing week though.
Report birch2 November 15, 2009 7:07 PM GMT
Sherbert

It is fair once its understood

Its fair to who, Sherbert?

Who do you think makes most from this 'PC charge'
Is it an increase in overall commission as opposed to pre Sept 2008?

Please explain to which 'customers' it benefits?
Report oldbigead November 15, 2009 10:11 PM GMT
i obv realise that the premium charge doesnt apply on a losing week.

my point is that a losing week may well outweight the winning week before where i have been charged the premium charge.

to say it eats into your profits is an understatement....it completely likks the profits for anyone who just bets.

if you a trader who just makes small margins and wins EVERY week and on nearly every market then its not such a big deal (although i still say its not fair)

but as a better youre screwed. it goes completely against the type of people they claimed that they were trying to catch and make pay for costing them too much.
Report Special Cargo November 15, 2009 10:30 PM GMT
If your just a punter use other sites, you don't need to bet on here.
Report Eddie the eagle November 16, 2009 8:57 AM GMT
Sherbert 15 Nov 20:15
you would not pay it if your down for the week that is not how it works. It is fair once its understood


I'm guessing you have never paid it ?
Report ripped off November 16, 2009 10:11 AM GMT
Special Cargo 15 Nov 23:30


If your just a punter use other sites, you don't need to bet on here.

Yes because you can get a decent wedge on elsewhere....what planet you from?
Report ewood November 16, 2009 10:37 AM GMT
As someone who is on the verge of paying this charge(got £50 left of my allowance), i'm now monitoring things and it's becoming increasingly clear to me how difficult it is to avoid this charge once you are in profit and the ignorance shown from other forumite's comments about this charge and who they think it hits is staggering. For instance last week, at the end of last Monday i was £900 down :( and by yesterday and 57 bets later i had turned it around to a £700 profit. Calculation of Betfair's interpretation of commission generated shows i'm still well short of paying the 20% they require and what's left of my allowance will be eaten up and i'll have some Premium Charge to pay. After my big loss last Monday, i thought that even if i was able to turn things around and get myself back in profit for the week then i would not have been eligible for the Premium Charge. It took me 4 days to be level again for the week and i think its scandalous that a pattern of betting like that still gets hit.
Report birch2 November 16, 2009 11:17 AM GMT
cat got your tongue, sherbet?
Report luloo November 16, 2009 1:22 PM GMT
sherbert your a one off who the cuck is it fair to.
Report The Investor November 16, 2009 1:59 PM GMT
john92 15 Nov 19:55
parts of it are far from fair. you definitely wont pay it after a losing week though.


But you can pay it during a losing week.
Report oldbigead November 17, 2009 1:10 AM GMT
the problem is that you can potentially pay it over a HUGE losing two week period.

and would pay it even if you were level with one week up and one week down....so level becomes quite a bit down.....simply not right.

Still not really had anyone explain to me how the calculation of the commssion generated works? Any ideas? Seems to me like that in itself is very shady and ridiculously biased towards them.
Report ewood November 17, 2009 1:32 AM GMT
Olgbigead, commisision generated is the amount of commission you have paid on winning bets PLUS 3% of implied commission paid on Losing bets and divide the TOTAL figure by 2. For instance, if you paid £100 in commission on winning bets last week and had losing bets totalling £1000 your generated commission would be 100 PLUS 30(which is the implied commission of 3% of the £1000 worth of losing bets) and then divide that total(130) by 2 so commission generated would be £65
Report curlywurly November 18, 2009 10:36 AM GMT
Of course comm generated is in betfairs favour - I don't think we'd see it otherwise
Still think it's wrong somehow that you could turnover a £million on an event , come out level, yet have zero comm generated, despite earning betfair in the process
Report Eddie the eagle November 18, 2009 10:44 AM GMT
Why should you earn commission generated when you have had no win or loss on a market.
That would only give people an opportunity to trade on a market with friends to earn commission generated.
Report monmore man November 18, 2009 1:03 PM GMT
Eddie what about when someone has bet 2 or 3 runners in a race. Maybe spent a grand. Two of them are good winners whilst the 3rd one is bet as a saver and is level. The bloke has risked a grand.
Report Eddie the eagle November 18, 2009 1:33 PM GMT
He has risked money , but he doesn't win or lose on the market and by definition neither does his counterpart.
You can't expect to earn commission points or commission generated based on exposure during an event. That would make the calculation so complex that none would understand them.
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