General Betting
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14 Apr 10
15:54
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Date Joined:
16 Apr 05
For the week commencing the 5th April I have had £12.45 deducted from my
account for premium charge. I'm just wondering if this is correct.
My gross winnings for that week are £169.50. My winnings after commission
are £139.97. Thus the commission I have paid is £169.50 - £139.97 = £29.53
Thus the total amount I have paid Betfair for this week is commission +
Premium charge which is £29.53 + £12.45 = £41.98
£41.98 in total charges is 24.77% of my gross amount (£169.50). However on
previous weeks the amount I have paid has always been almost exactly 23%.
So I'm just wondering if this can be correct?
PS I did lose £100 on the grand national on Saturday where as all I always normally exclusively bet on football. Might the implied commission for that lost £100 be less than the average for football thus explaining the increase in the total percentage I had to pay?
account for premium charge. I'm just wondering if this is correct.
My gross winnings for that week are £169.50. My winnings after commission
are £139.97. Thus the commission I have paid is £169.50 - £139.97 = £29.53
Thus the total amount I have paid Betfair for this week is commission +
Premium charge which is £29.53 + £12.45 = £41.98
£41.98 in total charges is 24.77% of my gross amount (£169.50). However on
previous weeks the amount I have paid has always been almost exactly 23%.
So I'm just wondering if this can be correct?
PS I did lose £100 on the grand national on Saturday where as all I always normally exclusively bet on football. Might the implied commission for that lost £100 be less than the average for football thus explaining the increase in the total percentage I had to pay?
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all implied comm is supposed to be 3%
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Yes. Just been for a run and suddenly remembered that.
However! Someone was complained about being overcharged slightly with the PC on here a few days ago. Betfair eventually agreed that he was indeed correct and he had been overcharged. Now didn't this guy mention something or other about going on a different market for a change? I wonder if betting on the grand national has something to do with the charges being miscalculated . . . |
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worked out I should only have been charged around £9.45.
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it was clydebank who was ovecharged he thought it was something to do with the to score market
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its in the thread a bit further down
premium charge by joel |
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You have paid £29.53 in the commission, and only receive credit for half of this; namely £14.76. In addition you lost £100.00, so the implied commission is £3.00 and you receive credit for half of this which is £1.50. Therefore, overall you are given credit for £16.26. You made £169.50, and the required 'commission' at 20% is £33.90. However, you have only been given credit for £16.26 leaving a shortfall of £17.64 which should be the premium charge.
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I should have added this assumes that the £100 loss is the only loss you had. However, the fact that you have paid commission of £29.53 indicates you have had larger winnings and losses (commision of £29.53 at a commission rate of 5% indicates overall winnings of £590 and therefore other losses to bring back down your net profit). This increased implied commssion from your losses would reduce your premium charge.
At the endof the day, the premium charge is greater than 20% because of the way they calculate it. If I do not have a loser all week I pay commission of 4.5% (but only get half the credit of 2.25% due to the way it is calculated) and pay premium charge of 17.75%. The overall amount charged is 22.25%. |
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My total losses amount to £12,350.74 not £100!!
My total winnings amount to £12,520.24 (before comm and PC) I have no idea how you work out the implied commission. Anyone any idea? |
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Cosmic Horizon 14 Apr 17:14
My total losses amount to £12,350.74 not £100!! My total winnings amount to £12,520.24 (before comm and PC) I have no idea how you work out the implied commission. Anyone any idea? Implied commission assuming you're on 4% would be (12520.24 *0.04)=£500.81 (12350 *0.03)=£370.50. (500.81+370.5)/2= £435.65 |
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Impossible to pay PC on a losing week.
The commission you paid on your winning bets would be more than your gross profit. |
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Implied Commission = market losses x 3%
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The commission I pay is not 5% of that £12,000 odd! You have to consider the total amount won or lost on each market. If I lay £100 on 1-0 at 8.2 and back £100 for the same score at 8.4 and the score ends up 1-0 and they're the only bets I place on that market, then I pay 5% commission on (100*8.4) - (100*8.2) whatever that sum might be. I wouldn't be paying commission on the 100*8.4.
This is why one pays vastly less commission by playing in one market rather than multiple markets. |
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Your definition of total winnings and total losses is different from everyone else's reading this thread I think, that's what has caused the confusion.
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I'm using the the wins and losses details as given in betfair history. It counts every single win and loss, not the net amount won or lost on each market. The betfair profit and loss provides the latter but with commission already subtracted!
This is why I'm having difficulty in working out how precisely much PC I should be charged. But the total charges are normally always 23%. 24.77% seems rather high. Did email betfair yesterday but no response yet (and I probably won't get one unless I nag them about it). |
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did you place any bets on the masters golf CH?if so those markets were settled just after midnight on sunday but are included for last week as betfair continue to use GMT instead of BST.
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Actually I have now managed to figure out how to get the PC by using the profit and loss figures.
I paid £12.45 PC. This equates to a percentage of 19.99901. In other words I have been charged correctly! |
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Of course you can only use the profit and loss figures to calculate your PC if you were charged PC in the previous week. Otherwise you would need your life time p&L figures wouldn't you?
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