General Betting
There is currently 1 person viewing this thread.
Hi
I have quite a decent amount in my bank .... i dont use all of it ...
i got a max exposure of 5 percent of my bank ( split over several markets never one or 2 ).... does that mean its best i take it out an at least i get interest on the sum ? Do betfair get the interest i take it ?
reason i got so much an not taken out is that i keep that 5 percent figure as a mark of where i am an how much i can use
I have quite a decent amount in my bank .... i dont use all of it ...
i got a max exposure of 5 percent of my bank ( split over several markets never one or 2 ).... does that mean its best i take it out an at least i get interest on the sum ? Do betfair get the interest i take it ?
reason i got so much an not taken out is that i keep that 5 percent figure as a mark of where i am an how much i can use
sort by:
Show
per page
Replies: 61
|
By:
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. |
|
By:
i use it as an incicator though ... ps i wont spend it if its here !
|
|
By:
how much interest to betfair make you reckon ?
they must have more than a billion ... interest on that must be hefty |
|
By:
Customers funds held by Betfair on April 30th 2010 was £ 284 millions, so my guess it's something like £ 300 - 350 millions now.
|
|
By:
wow 300 million ... anyone knows what interest rate they get on that ?!
they must make 2 million a month just on interest |
|
By:
Can I please have the name of the bank giving that interest ?
 |
|
By:
i know some offshore funds that can give 5 percent a year ....
ok at least a million a year ? |
|
By:
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.
|
|
By:
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. |
|
By:
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 |
|
By:
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. |
|
By:
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 ?
|
|
By:
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 |
|
By:
My Account
Withdraw Funds From Betfair Select Amount to Withdraw Enter Password Confirm Works for me  |
|
By:
Rs1 - you've never withdrawn?
 I wouldn't dream of keeping my whole bank in Betfair for the reason given by TheVis. |
|
By:
never withdrawn ... honestly .. i just look at my balance ! not clever i think
|
|
By:
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" |
|
By:
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 |
|
By:
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. |
|
By:
sent an email .... so just waiting to hear back from betfair
|
|
By:
just withdraw it!
My Account Withdraw Funds From Betfair Select Amount to Withdraw Enter Password Confirm |
|
By:
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. |
|
By:
So this is the calibre of mind cleaning up on bf these days....
 |
|
By:
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 |
|
By:
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  |
|
By:
Not had any problems withdrawing more than the deposit with Visa though, can't say i've tried taking out $48k mind
|
|
By:
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 |
|
By:
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. |
|
By:
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 |
|
By:
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. |
|
By:
i asssume cheque in 5 days .. but i wait to hear from them
|
|
By:
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? |
|
By:
you must be doing pretty well then
 would have thought you might have looked into this before , were you never gonna spend any? |
|
By:
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. |
|
By:
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. |
|
By:
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 ... |
|
By:
irregardless ffs
|
|
By:
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. |
|
By:
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 |