Maybe asked before but ill ask anyway

Yes  Betfair get the interest on deposited money.

No need to have more money in here than you are likely to need for current bets.

You could have most of your betting bank in a savings account rather than in here, as long as the money is not required for bills etc it is still part of your betting money wherever it is.

i use it as an incicator though ... ps i wont spend it if its here !

how  much interest to betfair make you reckon  ?

they must have more than a billion ... interest on that must be hefty

Customers funds held by Betfair on April 30th 2010 was £ 284 millions, so my guess it's something like £ 300 - 350 millions now.

wow 300 million ... anyone knows what interest rate they get on that  ?!

they must make 2 million a month just on interest

Can I please have the name of the bank giving that interest ?

i know some offshore funds that can give 5 percent  a year ....

ok at least  a million a year ?

I guess they are placed in a large UK bank at the best terms you can get at any time.  I don't know what those terms are now though.

You can either increase the number of markets you bet in and reduce the % stake you use in each market as your bank increases so that you always have a maximum exposure over all markets of, say, 20% of your total bank.

Or you could withdraw and stick it in an ISA/Premium Bonds or any number of alternatives.

keeping the full bank in here does run the risk that you make a mistake and perhaps but the whole lot at risk

there are also too many stories on here over the last couple of years of people who have had their accounts hacked which would disuade me from keeping more on here than I regularly need to service the markets I bet on

Without any doubt it's best to keep your balance on BFat the minimum required to fund your regular betting level.
Why would you do anything else?
So you can log on and look at it with glee and satisfaction every day ?
An expensive hobby that could be.

Btw Rs1 you can do the 5% calculation irregardless of where the capial in question is being held. So your reasoning for not taking capital out is a tad flawed ?

yeh but keeping it in one place is easier to do... as i dont have to do anything

it is flawed i know ... guess didnt want to hear it ..

just on way to send the email to betfair about how to withdraw



thanks frog

My Account
Withdraw Funds From Betfair
Select Amount to Withdraw
Enter Password
Confirm

Works for me

Rs1 - you've never withdrawn?


I wouldn't dream of keeping my whole bank in Betfair for the reason given by TheVis.

never withdrawn ... honestly ..  i just look at my balance ! not clever i think

Could have sworn you said you were relying on this full-time.

Regardless, I'd withdraw. FAFH makes a good point: "you can do the 5% calculation irregardless of where the capial in question is being held"

yeh i do this full time for last 12-13 months  .. but i dont need the money immediately.. got made redundant an been living off that plus been working for over 10 years an have enough savings

thats why never needed to  withdraw

It's very good if you have separate savings that you can be sure will cover your living expenses. And if that is so then as Frog and Rocket says it is easy to know how much your total 'bank' is , even though it is not in here .

If you have 20k that you don't need to touch for bills then you could just keep 3k in here and you know you have  17 elsewhere , that you can call on for deposits if you require it after a bad run.

So your bank would be £17k + whatever is available here. Actually more difficult to know what you have available here than elsewhere if you have many bets ongoing at the same time , particulary long term bets.

sent an email .... so just waiting to hear back from betfair

just withdraw it!

My Account
Withdraw Funds From Betfair
Select Amount to Withdraw
Enter Password
Confirm

Yeah seriously, you don't have to email them to withdraw.

You may need to call them if it's the first time you have withdrawn more than you have deposited on that card though.

So this is the calibre of mind cleaning up on bf these days....

Owing to a recent change in policy by VISA, you can only withdraw up to a maximum of USD48,000 or currency equivalent per day to any VISA card (including all debit cards).
Please note you cannot withdraw more to a UK MasterCard credit or debit card than you deposited with that card. Also, you cannot withdraw anything to international credit or debit MasterCards. These rules are imposed by MasterCard.

from this i cant withdraw on my card

You could first withdraw what you deposited.

One of my accounts is on a MasterCard , about £1500 down on that one so a while before i encounter that problem 

Not had any problems withdrawing more than the deposit with Visa though, can't say i've tried taking out $48k mind

im afraid i have a lot more than 20k ... i thought this was the general betting forum an wouldnt be like the football forum where people take the piss

McChicken_Sandwich     11 Jun 11 00:42 
So this is the calibre of mind cleaning up on bf these days....


thats not gonna help me

next time i have a prob best send staight email to bfair than post here

How much is your exposure limit? How much have you deposited? How much are you trying to withdraw? What agreements do you have with Betfair?

I can't see any reason why you shouldn't be able to withdraw unless one of the above is restricting you.

i aint deposited 1 percent of what i want to withdraw ..

i dont know about agreements ....

ive just another email to betfair to clarify for me .... i dont think this thread is gonna help me

Is it a Mastercard?

You should be able to withdraw the amount you deposited on it with no problems.

The rest can be paid into your bank if you contact Betfair.

i asssume cheque in 5 days .. but i wait to hear from them

Why only expose 5% of the available bank?

The reason I'm on here every night while normal people are in the land of nod is because I'm fully exposing myself (hehe).

Seriously, I'm on here till average 4am, sometimes 7am lol, exposing my entire bank on many different events. Surely that's a common practice amongst the dedicated?

you must be doing pretty well then

would have thought you might have looked into this before , were you never gonna spend any?

Depends what you are doing  Trev.

If you are trading then i can see why people would want most of their available funds in here, though as said above, that could go very badly wrong due to mistakes/fraud.

If you are just backing/laying with a small % per bet, no need to have fortunes in here.

Trevh
11 Jun 11 01:01

Seriously, I'm on here till average 4am, sometimes 7am lol, exposing my entire bank on many different events. Surely that's a common practice amongst the dedicated?



Not sure if you're being sarcastic but I doubt it.

I wouldn't have more than 20% of my bank risked over any number of markets at one time. I hear the day traders operate in a similar fashion.

never needed to .. was just chugging along ... like a robot

taken so long an so many hours ... i dont want to spend it ... if that makes sense ...

i never expose more than 5 percent accross many markets so i never get into trouble ... 

can u imagine if betfair ever stopped working on  a saturday peak time an u got entire bank on ...

irregardless ffs

Building up from a tiny amount does make the big figure next to available very pleasing when you look at it at the end of the day, so you will miss that.

But it is sensible to take most of it out.

thanks tobermory

ps im not anywhere near as big as inner city  hes got 600k ... i wanted to catch up with him ... but it aint gonna happnen  as im already getting bored an spending less an less time on here an hope to be back in full time employment soon

not to mention getting married soon ... i dont think im gonna have the same time to devote!

Well there goes your BF savings in one foul swoop.
Problem solved methinks.

i used to think money everything ... more time i been here ... even though i do ok ... i dont think its as much emphasis i put on it

i like going to work ... meeting people ... having that bond with people every day .,.. christmas parties ...idol gossip ... people teling there probs

its been a lonely year!

No I wasn't being sarcastic. I risk less than 0.25% on any individual event, and all bets are placed at value as I'm a value position taker. For that reason there is zero risk if BF has an outage or my connection fails etc. I am slightly concerned about the fraud aspect, but if I was ever hacked they would have to cancel all my open positions to use my balance, which is easy I know. Having said that I do withdraw every Sunday, but I need to leave a large balance as I like to scatter many bets at value positions.

Rs1, what markets do you play in and why are you getting bored of success?

i
id just rather have less money an go to work an meet people

money isnt as important as it is to some

i like that camaraderie

Rs1
11 Jun 11 00:53 Joined: 12 Jan 08 | Topic/replies: 4,786 | Blogger: Rs1's blog
im afraid i have a lot more than 20k ...

----------

you should definitely withdraw then; for every 10K you leave in unused you're basically giving them 350 quid a year for nothing. arguably more.

one thing you can do to get round your card problem is register another card that doesn't have mastercard's ridiculous rules, pay in the minimum 10 quid on it, then withdraw to that.

Frog, sorry to be pedantic, but you mean a one fell swoop, most people think one foul swoop though :)

...I know what you mean rs1 - this can be a lonely old game.

if I get to the point I don't need to do it any more, I'll pack it in and do something more interesting. in a weird way, that's what motivates me.

Most people who are successful I think have to live and breathe this, if it's a chore to to them then it's hard for me to see how they became successful in the first place.

you cant withdraw more than u put in is the rule ... im still awaiting the email from bet fair

it is a lonely game ...some are more suited than others ...

i want to be out there .. not at my pc 12 hours a day like i have been ....

now i have a few interviews i hope i get in somewhere ... its pretty tough at moment

@R21 ?? I've withdrawn way more than I've put in.

good luck with the job hunting.

@trev. I think it definitely helps if you have a slightly obsessive streak.

viva .. soon as i get  a definate answer il send u a  message

got the email ...

eposits and withdrawals from your Betfair account are subject to our 'closed loop' policy. This policy means you must withdraw back to a method of payment at least the amount you deposited, before you are able to withdraw additional funds via another method.

yup, that's how I always assumed it worked.

you defo want to get the excess out of there and into an interest bearing account imo - especially if you're about to get married.

here's an incentive. work out what 3.5% of the amount you don't use is. then ask yourself - who do I want to have that money, betfair or me?

and if that doesn't work, wait till you're married and ask the missus!

thanks viva ...

good nite all

japanese  on in morning... im up for that

Trevh I stand corrected. You obviously know your Shakespeare.
But on reflection I feel that perhaps my bastardised version more appropiately conveys the inequities of the common property marriage laws.
One day your rich, then you suddenly wake up 50% poorer, but only money wise of course, as you are probably richer in all other ways.

And I'll correct the '--you're rich " , just in case.

I get 6.4% on the money won here and kept in an Australian bank.

Open a moneybookers account and start withdrawing on their limits. Your right though kid, money on here aint the end all. GL

Why not use a standard bank transfer to your account if you have a mastercard you can't withdraw winnings to ?
  You will probably first have to withdraw to your card the amount you have deposited from that card.

PXB - yep the Aussie interest rate is up there as one of the highest going at the moment. Trouble is have you seen the exchange rate from Pounds to AUDs. It's not pretty.

On the other hand interest rates are very low and while it's in here the wife doesn't know about it [;)]