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New PC charges
New PC charges
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Replies: 457
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BF have said I'll be 60% ,I don't cheat and I don't have any edge that is not freely available on the internet.I only play (well until July 18th)golf and occasional snooker markets.
It's just another way to ban people,but they don't ban winners do they ? |
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If Betfair wanted some competition, then they are going the right way about getting it. Loads of big players want out, 20% nearly drove a load away. 60% will just about do it.......
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I still can't quite believe they have the gall to do this.
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The only way it'll happen is if Daq matches the range of markets that Betfair currently does. Most of the markets I play aren't even offered on there....
Maybe it's time to get a proper job?! |
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any guesses for what percentage of existing PC payers are affected by this?
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Everybody was whinging about moving when the orginal pc was introduced and nobody did. Will it be the same again?
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What Betfair fail to realise is that many of their customers have swings of foruntes, winning for weeks on end, then losing or weeks on end. By imposing a 40% tax on the winning weeks means the losing weeks will hit much harder and could effectively wipe out a bank. This is game over for most.
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UL frames.
Daylight robbery from betfair. |
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That's unreal Frames.
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60% for me.
never mind the comm generated Lat, they're not even including any premium charge paid since 2008 towards these figures, they are solely on commission. So for me to move myself out of the net for this I'd have to pay them over £300k in commission without including any future winnings. Another thing that's p1ssing me off is the email they sent me is in italian ffs. At least it makes the decision easy, bye bye BF, hello purple. |
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I'm suprised Feck hasn't dropped in yet but maybe he's had to pop out for another packet of tissues
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Contrarian
28 Jun 11 14:01 I still can't quite believe they have the gall to do this. It's amazing what stupid decisions stock exchange listed company executives are capable of executing when profits are going down or not increasing as expected. |
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At least now we know why all the top executives have been leaving.
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frames 28 Jun 11 14:00
BF have said I'll be 60% ,I don't cheat and I don't have any edge that is not freely available on the internet.I only play (well until July 18th)golf and occasional snooker markets. Apologies. Didn't mean to infer you lot were thieves, just me ironically being inept at maths again! Shocking charge for us all it appears  |
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I'd not even clocked that, unemployable......
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Unfortunately who will have any sympathy for someone who has won over 250K.
Very few. Compare it with poker where 100's of top players have won over 250K and yet no 20% surcharge, let alone a 60% one. No online poker sites would dare do it, because there's loads of competition out there. Betfair are just exploiting their monopoly position. If they're not then why don't they apply it to their poker site too. |
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i don't understand why if you've made a certain lifetime profit you should be paying, at a minimum, double the premium charge of those people who haven't.
the rate of winning, which the commission:profit ratio takes into account is relevant, but to suddenly say you are liable for double the pc based on what you have previously won seems very poorly thought through. |
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Poker sites give their biggest generators of commission massive rebates...
This is unconscionable conduct from betfair. |
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it also seems to be extremely easy to dodge: although perhaps that's what they want so they can uncover it and then legitimately kick you off the site.
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Oh and another thing, it's not 60% it's 64.1% when you add in the commission.
FFS, that's worse than the hihhest income tax rate from the 1970's. |
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As frames cites it's just their polite way of showing us the door. I was getting pretty sick of this place anyway so maybe a blessing in disguise that they've forced my hand.
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Would trading standards be interested at all?? I guess not they are just doing what other bookmakers do... they should now lose their tag as a betting exchange, and one day someone will come along with an actual betting exchange and take all their customers away... i hope anyways.
Not sure what to do now.... :( |
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just done the calculation mine is 60%
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It's been a bookies for a while.
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they see it as a form of tax d style.40 per cent for the big winners but without any tax rebate should you go on a losing run.I've paid £70700 in commission this year which obviously isn't enough for them.From the 18th July they'll receive precisely nothing from me
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I'm just trying to understand the rationale behind destroying liquidity like this. I wonder if this is a prelude to seeding the markets themselves a la sportingodds.
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Same here metal guru.
Total charges stand at 347 k and most of that is from the last 2 years. I'm currently just above 50 %. When and if I reach 40 % again, I'll withdraw every penny and leave. |
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lets face it they would be quite happy to match every bet themself with cross matching if they could they are basically a bookmaker in my eyes now and are happy to seed markets with no risk to themself.
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i have a finite amount of agreement with the idea of the premium charge but it should be all about the rate at which money is taken out of the exchange.
how much in total you have taken out is absolutely irrelevant and this is now a retrospective tax which is what makes it so outrageous. it's not about what i'm doing now, it's about what i have done and there's nothing i can do avoid this without being seen to violate their t&cs. |
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Are they going to seed the markets themselves maybe??? I know for a fact they intend to do this eventually...
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daft question I know
can someone confirm that if net profits less then 250k then will be business as usual on pc ? |
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they only want losing customers,erm this seems to ring a bell with me.
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something that has been made easier by their move to gibraltar scarecrow
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I've said this before but I think this is something that in the short-term probably makes economic sense but in the long-term will kill them.
Gambling thrives on the possibility of winning, even when you're losing. That's why poker sites glorify their most successful players- to provide inspiration for losing players to keep playing. It doesn't seem to bother poker sites that such players are draining the pool of money - they turn this fact to their advantage through advertising. Betfair thrived on the winners welcome philosophy, on the fact that, like poker sites, it offered a realistic possibility of winning if your skill and judgement was good, as opposed to the bookie always winning. Now the most successful players are being rounded up and hounded out, the exact opposite of the aspirational model that was successful for poker sites and for Betfair itself. |
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that's my understanding sy.
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cheers dstyle
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28 Jun 11 14:25 Joined: 18 Sep 06 | Topic/replies: 70,005 | Blogger: STEPTOES YARD's blog
daft question I know can someone confirm that if net profits less then 250k then will be business as usual on pc ? yes business as usual... |
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I just withdrew a substantial 5 figure sum, will do again tommorow in protest, if any1 else wants to do the same feel free.
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can someone confirm that if net profits less then 250k then will be business as usual on pc ?
For now......... |
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my initial take on this:
BF's strategy is to drive off the most successful big players, then replace them by becoming active in their own markets. their worry has to be, what will the big guys do? 1) quietly disappear (fine - thanks for coming, please visit the gift shop on your way out.) 2) lump it and pay up (equally fine - do please help yourself to a complimentary sandwich and cup of tea OR small coffee) 3) move somewhere else (possibly fine but possibly disastrous - please do not club together, buy a rival exchange and rebrand it so it's actually any good.) |