We want to share an important update with our Betfair Community users.
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i'll reserve my judgment until after the announcement (if this isn't fishing) but in the meantime i'm lmfao at the traders.
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20% better ........ ROFL
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Seems fair, betfair are obviously struggling. I am sure long term winners don't mind helping them out.
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i think a move to betquack wont work - i feel betquack are just a shill to ensure betfair arent poked by monopolies etc
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Completely the opposite, it will kill the MM's as they have very little margin to play with.
Ponte, what is a market maker iyo? Are you talking about guys using their opinions in early and quiet markets to make a no lose book, overround seeking bots or shell and pea merchants with their now you see it now you don't liquidity on in-play markets? |
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am i rite in thinking if i had 1 bet for the week £1000 at evens i wud pay £200 in tax
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Phone calls and emails, telepathy and cones of silence.
Thinly veiled I have a big d*ck thread |
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mcfc1981 08 Sep 14:17
If this is real and not a fishing thread... Then you would pay £150 assuming you're on 5% comm. |
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It seems that nobody understands exactly what changes are going to be made and exactly how they will effect us all as individuals but one thing that I am sure of is that the more moves Betfair make to take more money from its customers, the more of them it will lose to the Purple Place.
The Purple Place are the only ones that will be benefiting from this. Low liquidity will undoubtedly be improved if and when 100 or so big players jump ship. |
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Betfair IMO realising that the certainty of some parasite trader jumping in front of anyone showing their hand is inhibiting liquidity/business...
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Sly33 08 Sep 13:20
mcfc1981 08 Sep 14:17 If this is real and not a fishing thread... Then you would pay £150 assuming you're on 5% comm SO EVENS ON BETFAIR IS WORSE THEN 10/11 AT BOOKIES :0 |
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To the clowns that are laughing at the idea of rebates (as I said, I don't know if they are physically rebated or held back to offset against future payments). The idea cannot possibly be implemented without them. If on my first 250 markets I win 1 unit on every market and pay commission at 5% then I'll owe betfair 250 * 0.15. If my next 250 markets I lose 1 unit on every market I've broke even overall but betfair owe me 250 * 0.15. If I close the account, do you think they refuse to pay me?
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i know betfair service is slow but if the announcement was due at 1pm they still not got it up on site
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It is inevitable if these changes are true that liquidity will begin to seep to BD and eventually reach tipping point where a rush of people will follow. In much the same way that it happened on Betfair when people started trading.
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[i] mcfc1981 08 Sep 13:17
am i rite in thinking if i had 1 bet for the week £1000 at evens i wud pay £200 in tax [/i No. |
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If a trader scrapes a million a year and only pays £50k in commission you cannot blame Betfair for taking another £150k off them. So they make £800k a year instead of £950k whats the big deal.
Its only a problem if it starts affecting actual punters. If a racing punter is on 2% commission he probably pays about 1% on turnover in actual commisson and another 1% in implied commission. So he would need to (unless always playing odds on etc) he would be able to make 10% on turnover before paying this new tax. That is quiet a margin to make. If he wants to play odds on shorts probably do as well playing them with bookies anyway - unless an inrunning presser. |
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well wat wud i pay?
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10 Years on their own....Create another 5 ,10 ,15 oppositions to Betfair and 10 years down the line . . Betfair will still be out on their own (nap)
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nice haul troy
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nothing you have to be a winner ;)
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Time we banded together as a co-operative and started up a commission free exchange ;-)
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Question: How do I reel in 100 fools on a boring Monday?
Answer: Start a thread about a rise in commission and then watch it all happen Well done!! LOL |
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mcfc , on your 251st bet you would if I have read the thread correctly.That is a big if though.
Is this the fishing expedition of all time Troy ? |
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It is inevitable if these changes are true that liquidity will begin to seep to BD and eventually reach tipping point where a rush of people will follow. In much the same way that it happened on Betfair when people started trading.
Please, all of you affected fk off to betquack so you can finally rid yourselves of these delusions of being indispensable liquidity providers. |
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"10 Years on their own....Create another 5 ,10 ,15 oppositions to Betfair and 10 years down the line . . Betfair will still be out on their own (nap)"
Not if liquidity provides exit stage left, that's Betfair HUGE usp, if that goes they are stuffed. Wont happen overnight but it will be too late by the time BF towers realise. Look to the stock market for similar scenarios. |
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Ok, here is what will happen
Firstly, if you don't win over the course of a year, read no further. You won't be affected directly by this (Indirectly might be another matter) Betfair want to make sure long term winners put 20% back into the "pot". They have claimed its to help with marketing etc, to get new losing customers to the site. In essence, they just want to increase their profit. They will make sure that long term winners pay them this 20%. At the end of each week, they will calculate how much you have won. They will then divide that by 5, to give 20% If you have paid more than that amount in commission over the week, nothing changes. However, if you have paid less than this amount, Betfair will take the difference from your account at the end of the week. This "Tax" goes directly to Betfair, and has nothing to do with the government. An example; You win £1500 in the week, and lose £500. You win £1000 NETT You're on 4% commission. You pay Betfair ££60 in commission on the winning £1500, nothing on the losing £500 At the end of the week, Betfair see you have won £1k. They work out that 20% of this is £200, but you have only paid them £60 commission. They therefore take £140 more from your account Hopefully that example makes it clearer |
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frames 08 Sep 13:27
mcfc , on your 251st bet you would if I have read the thread correctly.That is a big if though. Is this the fishing expedition of all time Troy ? so everyone is goin to have a brother sister wife mum dad account :^0 |
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lol, people keep jumping in the net, pretty poor bait as well :^O
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"indispensable liquidity providers."
You openly admitted how large your bets were, do you really think there are enough £5 & £10 punters to mop those up? |
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Why would anyone go to BD when there are the likes of Feck to pluck money from here.
An easier hunting ground, you won't find elsewhere, just look at the forum content LOL |
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mcfc1981 08 Sep 13:17
am i rite in thinking if i had 1 bet for the week £1000 at evens i wud pay £200 in tax TROY SO IS THAT RITE |
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How would Betfair know whether you would win or lose during the next year ?
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This is NOT fishing, however much it might sound like it is. I wish it was
You'll all see in a few minutes or hours, depending on how efficient Betfair are |
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Troy, so implied commission on losing markets doesnt come into calculations?
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mcfc - If you've been on BF for a while, and are clearly a winning customer, then yes, £200 on the £1000 winning bet
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Troy McClure 08 Sep 11:47
Tax taken at the end of each week. Long term seems to be over not sure how long, but after 250 markets Is tax taken at the end of the week, or after 250 bets/lays? |
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Well explained Troy. I have taken the liberty of posting it on a thread on horseracing forum :-)
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betfair r in big trouble if this is the case
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I've been told I'll be taxed in 2 weeks time. They'll look back over the last year and anyone who would be classed as a long term winner will be taxed. Setting up a new account might get round that, but you can be fairly sure they'll soon use IP addresses, betting patterns etc to track you down
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Betfair are/will be always out on their own What about the weetabix firm spending thousands in promoting their offer to match Betfairs old commission when they had the last hike ?
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