General Betting
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I'm a current payer of the premium charge. On average I pay $3000 to $6000 per week under the current conditions. I have paid over $200000 in the past year in PC. Under the new conditions I will pay 60% as I always pay less than 5% of my gross profit in commission. Meaning I will pay $10000 - $20000 per week in PC. I can understand that a lot of people are happy with these changes as it will remove the efficient large players from the market. This might be true, but what's the point of betting if you don't wish to one day become one of these large efficient punters. I spent 10 years struggling just to break even before I finally found a system that works and I am not a trader, I do not use bots, I only bet on Australian horse racing and I never place lay bets. These PC hikes change the very nature of the betting exchange and therefore affect everyone that uses it.
Its easy to say stop using the site, but for my purposes betfair is the only option, there are no other betting exchanges where I live. So I'm asking what can I do? Change the way I bet? Legal action? Any help would be much appreciated.
Its easy to say stop using the site, but for my purposes betfair is the only option, there are no other betting exchanges where I live. So I'm asking what can I do? Change the way I bet? Legal action? Any help would be much appreciated.
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email me at pxbradleyATgmailDOTcom.
There are things I could pass on but would get deleted here. |
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Mr celebrity
Now let me make sure I'm getting this right. You've paid $200,000 PC this year, being 15% of your gross profit. So your bottom line net profit has thus been ( .8* 200,000/.15) = circa $1,060,000 pa. And now you think your PC bill will go up by circa $ 300,000 pa, thus reducing your net profit to ONLY $ 750,000 pa. If I'm correct, I'm astounded that you are crying poor and looking for urgent help. Is this for real ? Have I missed something important here ? |
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Would you just accept losing $300000 pa?
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Btw unless I have really got the wrong end of the stick you would appear to be a prime example of the type of punter who is bleeding BF dry and that the PC is designed specifically to catch.
Taking out over 1 million a year from other punters' pockets, using the BF platform to do it and, without the PC, paying only 5% in basic commission charges. Where's the benefit to either BF or other punters in that. Too many customers like you and the BF business model would most definitely collapse in a great smouldering heap. I would also doubt if any other competitors would ever want you either. Greed is good eh ? |
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Would I accept losing $300,000 ?
You mean would I understand and accept that my earnings were grossly out of line with the fees I was paying to the company that was enabling me to earn them, and would I accept a reduction in earnings to reflect some sort of reasonable fee paying level, which reduction would still result in me making an absolute TAX free fortune ? |
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mrcelebrity - paying less than 5% of gross profit in commission. You are exactly who Betfair is targeting and whilst I disagree with PC in general you are clearing bleeding liquidity out of Betfair through being too successful. Whilst you may feel its unfair that you're being penalised for being so good, the truth is you are reducing turnover by making losers lose their money too quickly. Ultimately unless you can transfer your skill to another betting operation you have to accept the new PC which you will. Betfair have provided you the platform for you to run your gravy train and whilst they may be ripping you with the new tax you basically have no choice.
Just being honest - you'll get zero sympathy on here as 99.9% on here dream of making $100k in a year let alone $750k that you would under the new charges. |
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I am not a trader, I do not use bots, I only bet on Australian horse racing and I never place lay bets.
Is it really possible to use this strategy and always pay less than 5 % in commission ? |
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hes bull****
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yes - this would appear to be utter bullsh*t
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yeh not bullshit actually. I wasn't looking to brag either just looking for someone that is in the same situation as me or someone that might be able to help, obviously I have a lot at stake here.
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I do not use bots, I only bet on Australian horse racing and I never place lay bets.
i also believe this to be tosh. have you ever won £100 in one day on the horses? of so prove it here and pass my challenge: http://community.betfair.com/football/go/thread/view/94070/27788773/i-defy-anyone-to-win-more-than-100-in-a-day-on-the-nags |
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if
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i dont really care if u believe me or not but just to shut you up here is what my p&l from today after i posted my original message. This was a bad day for me as i had just found out i was gonna be smashed by the new PC and my mind was elsewhere
Market Start time Settled date Profit/loss ($) Horse Racing / Cant (AUS) 29th Jun : R5 1550m 3yo 29-Jun-11 14:38 29-Jun-11 14:41 434.09 Horse Racing / EFrm (AUS) 29th Jun : R4 1300m 3yo 29-Jun-11 14:28 29-Jun-11 14:32 509.70 Horse Racing / BPrk (AUS) 29th Jun : R5 1000m Hcap 29-Jun-11 14:20 29-Jun-11 14:23 -17.97 Horse Racing / Belm (AUS) 29th Jun : R1 1000m 2yo 29-Jun-11 14:15 29-Jun-11 14:19 -86.45 Horse Racing / Cant (AUS) 29th Jun : R4 1550m Hcap 29-Jun-11 14:03 29-Jun-11 14:06 -52.97 Horse Racing / EFrm (AUS) 29th Jun : R3 1600m Mdn 29-Jun-11 13:53 29-Jun-11 13:56 -10.00 Horse Racing / Cant (AUS) 29th Jun : R3 1200m 2yo 29-Jun-11 13:28 29-Jun-11 13:31 40.70 Horse Racing / EFrm (AUS) 29th Jun : R2 1200m Mdn 29-Jun-11 13:18 29-Jun-11 13:20 118.77 Horse Racing / BPrk (AUS) 29th Jun : R3 1000m 3yo 29-Jun-11 13:10 29-Jun-11 13:16 78.94 Horse Racing / Bala (AUS) 29th Jun : R2 1007m 2yo 29-Jun-11 13:00 29-Jun-11 13:03 192.26 Horse Racing / Cant (AUS) 29th Jun : R2 1200m 2yo 29-Jun-11 12:53 29-Jun-11 12:55 78.07 Horse Racing / EFrm (AUS) 29th Jun : R1 1000m 2yo 29-Jun-11 12:41 29-Jun-11 12:48 77.19 Horse Racing / BPrk (AUS) 29th Jun : R2 1400m 3yo 29-Jun-11 12:35 29-Jun-11 12:38 -2.20 Horse Racing / Bala (AUS) 29th Jun : R1 1215m Mdn 29-Jun-11 12:25 29-Jun-11 12:29 850.60 Horse Racing / Cant (AUS) 29th Jun : R1 1200m 2yo 29-Jun-11 12:18 29-Jun-11 12:21 99.04 |
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All I can say is that if what you say are the truth, you are the greatest gambler ever to set foot on earth...
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u have my sympathy mrcelebrity
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just becuase he a winner today, doent mean he will keep on winning...this is the risk of paying 40%....if you could keep on winning year after year, then you be happy to pay 40%, but it doesn't work like this
To me...d!ckheads at befair are now acting like casino did to poker in the 90s, before poker came on TV. casinos hated winning poker winners, because they belive those winning players was taking money away from the casino, by winning from losing players those losing players could have lost the money to the casino |
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Greedy Betfair stick two fingers up at loyal customers… again
The Doctor No comments betfair Betfair, the betting exchange which recently went public has obviously been reading the book ‘How to lose friends and alienate people’. In what can only be described as yet another huge public relations disaster, the accountants at Betfair have decreed that if you’re a successful punter on the betting exchange, then you’re going to have to pay a new tax somewhere between 40% and 60%. The original principle behind Betfair and all other betting exchange was that prices would be better than a traditional bookmaker by about 20%. In this new move, Betfair, have at a stroke, made calculating what you’re going to pay more difficult than buying a mobile phone contract whilst juggling five extra sharp ninja swords. We spoke with one of their customers who today received a call from a Betfair rep… Betfair Rep : ” Did you read the article in this morning’s racing post ” Customer : “No, why ? ” Betfair Rep : ” I’m calling to inform you that you are now in this group of people and you’ll now be paying the new rate of premium charge of 60%, there’s nothing I can do about it , that’s just how it is ” Customer : ” So… effectively you’re telling me to F*&k off ” Betfair Rep : “No, that’s not what I’m telling you, I’m just informing you of the new premium charges” Ultimately, this will end up costing the customer huge amounts of money and, as of today, the customer is moving to **** to do all his exchange trading. We popped a call into one of our guys who work in ****, who stated that “The phone’s not stopped ringing, people are leaving Betfair en masse, we’re having to get extra people just to man the phones.. we’re very happy but very busy..” Betfair’s customer support has always been lacking, but the corporate disregard for the class of customers who made Betfair what it is today is simply shocking which is a shame, Betfair used to be the community and we all know what happens to companies that don’t pay attention to the customer…. they move elsewhere because customers are fickle beasts. http://www.thesocialgambler.com/2011/06/29/greedy-betfair-stick-two-fingers-up-at-loyal-customers-again/ |
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To me...d!ckheads at befair are now acting like casino did to poker in the 90s, before poker came on TV. casinos hated winning poker winners, because they belive those winning players was taking money away from the casino, by winning from losing players those losing players could have lost the money to the casino
That part isn't true tbf. Casinos used to add a shed load of money to tournaments in the 90s to encourage punters to player poker - they knew that a large chunk of the money ended up down the roulette table slot. |
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load of rubbish. can you do that P+L without aftertiming?
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mr celebrity your best bet may be to teach a group of other people how to make a profit
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first he'll have to prove himself without aftertiming
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Ive had this account since 2003...i have payed 150k in Commission and pc changers...now betfair saying i would have to pay another 290k more (440k) the odds for me at betfair for a even (2.00) matched bet is 1.92...this means i can offer 2.04 at **** and still be better of the on betfair...
Betfair is f-cked as a company...they have raised pc 2 times now...why will they not do it again...why not make me pay 1.88 for a 2.00 matched bet |
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betfair are no longer amd exchange
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how much do you make a year on here nairda?
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i have no idea...as i bet in USD...and only seen what it said in pounds....but who to say i will win next year, it a big risk....the fact are, you only have to win at a rate of 53% on a even (2.00) at (5% comm rate) at you will be paying this pc...
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why should he answer you? you didn't believe the last guy.
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viva - i certainly didnt. only one person on this forum has genuinely won over £100 in one day on the horses. and that is hbk
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mrcelebrity, I guess you back many of the horses in a race? If so your returns can take on 'trader like' characteristics even if you don't consider yourself a trader.
If this isn't the case it's hard to see how those kind of results are possible without some kind of 'unfair' advantage. |
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And why do you only back? Seems very odd to me.
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exactly. this OP speaks a load of old tosh
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Premium Charge for week commencing 20 Jun 11 - CC605 - ADJ52 - - - (5,179.53)
Premium Charge for week commencing 13 Jun 11 - CC605 - ADJ52 - - - (6,647.68) Premium Charge for week commencing 06 Jun 11 - CC605 - ADJ52 - - - (4,865.37) Premium Charge for week commencing 30 May 11 - CC605 - ADJ52 - - - (5,902.54) How far back should I go? Not looking for praise, sympathy or insults. Just after some help. Was hoping to find other people affected by this pc rise(the representative on the phone said there were 2600 worldwide) especially those in Australia where we pay the premium charge in gb pounds. I have to transfer this money over to my main wallet each week or they suspend my account. Sort of hard to swallow that the money I pay supposedly to help advertise new business is instead going straight out of the country. |
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fwiw this has the whiff of truth to me.
not sure why anyone would bother faking all that. |
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Bottom line Mr Celebrity is that if your numbers are correct then you are the perfect target for the PC, and well done BF.
That's not being jealous or envious. It is simply stating the obvious fact that you are benefitting from BF's platform for extremely low cost to yourself, that is without the PC. Also you're clearly not benefitting other punters as you are obviously not trading in lots of markets at very low margins providing much needed liquidity. Congrats of your successes. May they long continue. Your net profit after all charges is still outstandingly good and more than enough for anyone. |
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Go and see one of the Mokbel brothers, still making the horses pay in Oz. . . .
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Btw if this isn't a wind up, then the poster certainly the right chatname.
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fwiw Mr Celebrity may be an exception to the norm. you don't need to be big winner to pay 60% premium charge. one example is £10.27 per market, others have made even less profit. Over time, all successful punters on betfair will be paying at least 40% in charges.
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Its not worth putting in 10-12 hours per day every day if I'm giving 60% to betfair. Ideally, i'd like to reduce my betting and just bet one day a week. But even if i do this and win say $1000 I would have to give $600 of that to betfair. If I win $100 then they'd get $60. $1 win, 60c to them. I guess this kind of proves your point hazel, shows you don't have to be a big winner to pay 60% pc.
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Mr Celeb
Aren't you currently putting in 10-12 hrs a day to earn well over $ 4,000 a day, which is now going to be be reduced to ONLY $2,000 a day. Do you have skills that can be transferred in other areas of toil that will bring you as much as either of these two amounts ? If so, then no problem. Just quit and do another thing not related to gambling. If not, then I'm afraid you'll just have to cut back on your living expenses. Incidentally I would love to hear from some HR experts as to whether what Mr C is claiming to do, that is earn over $ 1 mill a year and only pay less than 5% in normal charges is feasible and believable. I suspend judgement on that basic claim as I have never bet on a HR in my life. |
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fafh perky tonight. presumably been repotted recently.
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