BANNED

Never mind the pc, I would be interested to know how much money (customers money) is held in BF account at any one time and how much daily interest THEY earn from that alone!

When we bet here its all virtual I would imagine, just numbers on a screen until you ask for a transfer back into your account. They must be holding millions and more than likely on daily interest, the income potential from this alone is huge, so why the PC to? some people are just greedy...

Could be wrong here but seem to remember a figure of £9 million being mentioned for interest a few years back.Shame the interest rates have dropped BF ,might only be £4 million this year.

The PC was introduced in Sep 08 about the same time as interest rates dropped. Not that I'm suggesting anything.

a quick look at company accounts show how much interest is made on customer deposits per annum.

From memory i think it was just under £10 million for 2007-2008. sure someone can confirm the figures.

Given accounting updates in Aug 2009 showed user deposits exceeded £1 billion (yes billion) for the previous financial year one can assume the interest figure could be larger though one suspects rates will be lower.

Feck N. Eejit 17 Jan 12:17
Toenail Cheeseburger has seemingly been banned for life for making comments about those paragons of virtue - the sainted David Evans and his boy Richard. The place is going to the dogs.

I bet you miss him don't you? ;)

1) betfair cant pay interest on deposits? unless the get regulated as bank or depositing institue (which they are not)

2) do ladbrokes/hills etc pay interest on deposits? Not to my knowledge

3) can you keep a minmal balance - yes.

end of complaint.

Do you expect them not to earn money on it?

They have to put the money in banks and spread it around to reduce risk and exposure to any one institution going broke. They are going to get interest on it, I am not sure I see the point here.

Active....I think the point is even if you have a 5 figure bank on here. You don't get any allowance for it when they come to looking for their premiun charges.

So as well as halfing your commission you already paid when they do your charge they also ignored the fact they are making money off you from your bank......

Its all one way with them. :0 .....Cheers

The Magician (100) 17 Jan 22:44
1) betfair cant pay interest on deposits? unless the get regulated as bank or depositing institue (which they are not)

2) do ladbrokes/hills etc pay interest on deposits? Not to my knowledge

3) can you keep a minmal balance - yes.

end of complaint.

I wouldn't be able to make money in the same way I do now if there were no betting exchanges. I've certainly never held significant sums with any non betting exchange bookmaker.

Regarding point 3: If you use a large balance to make a relatively small but very consistent relative consistent profit, let's say a £2million bank to make £150,000 pa, you will be hammered by premium charges, which may mean it is no longer viable (if interest rates are good).

I think this matter is not very interesting for Betfair as so few people are affected.

But no-one can deny that someone with a £10,000 bank making £1000 per week and paying an average £100 per week Premium Charge is is getting a much better deal than someone with a £500,000 bank making £1000 per week and also paying an average £100 per week PC. The second customer will make Betfair significantly more money.

In any case Betfair are unable to offer a discount on PC based on balance size/interest received for the same reason you mention in point one.

Charges are always going to be skewed in favour of one group or another though. I work with it the best I can.

1) betfair cant pay interest on deposits? unless the get regulated as bank or depositing institue (which they are not)

I don't think people want interest but they would like credit for it when it comes to their PC charges.

Nobody is breaking any laws by allowing a allowance for the fact somebody has a decent sum in their betting bank with them.

You can bet if it was the other way they could find a solution. :^0 ......Cheers

MAGICAN....Thats BULL anyway......If a guy can create Premiun Charges there should be any problem thinking up a new pc charge structure for people who have over X amount on deposit.

You don't honestly think if it was the other way around, or they had a serious rival targeting these clients,..... they would be sitting on their hands. :^0

I may even have some code written that maintains the balance I need.

Surely BF could give 100% off if some clients held larger than average amounts in their accounts?

Then they would be accused of discriminating against the poorer punters, like me. They can't win.

INVESTOR....Probably the same crowd that told Andrew Black and co 10 years ago that exchange betting would never be allowed.

All your doing is giving DISCOUNT to your customers who are putting less pressure on your accounts department by not using the deposit or withdraw facilty as often as your customers who bet and deposit or withdraw daily, weekly, monthly, or whenever.

If that is considered some sort of offence.... G0d save British business from bureaucracy :^0

Betfair have to pay the banks for deposits and withdrawels. The bulk of those expenses will be down to losers but why should pc payers with large deposits subsidise them? Let's make the site even less attractive to anyone that doesn't want to play money ping pong by passing those charges on to the customer.

While we're at it, betfair babes should be sent round to pc payer's houses to give them a blow job. Losers, and even winners paying 90% of their profits in commission, will just have to settle for a ham shank. If a layer and backer have an even 50K and there's a trader in between who's guaranteed himself 1p profit we all know the trader's supplied 100K of liquidity because the layer and backer would never otherwise have met so let's give that penny pinching wealth creator the respect he deserves. FFS betfair play the game.

Interest paid to betfair in their 09 accounts was £3.875M Compared to £8m in '08. In the chairmans statement on the accounts this is due to reduced interest rates and the fact that they are depositing customers money across various banks that are safe rather than to produce revenue.

What were their bank charges Blessington?

I was talking about betfair's charges as they would have to be offset against the 12 million.

I covered that in my 10:46 post blessington. I really think you traders would be better on an exchange of your own as you all seem to think you're subsidising all the people who are paying a bigger percentage of their winnings / losses towards the site than traders are.