General Betting
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30 Jun 11
14:31
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Date Joined:
10 Jul 01
" This is an amendment to the present pricing structure, focusing on a small number of individuals who have betting and trading patterns that have been getting around the existing premium charge...."
You can almost smell his contempt.
" Getting around" indeed...what a sad reflection of the board that runs this company today.....making winning clients feel like criminals.
Don`t fret Mr. Morana...there won`t be many even attempting to get around anything in the near future...try explaining THAT to your precious shareholders next year.
You can almost smell his contempt.
" Getting around" indeed...what a sad reflection of the board that runs this company today.....making winning clients feel like criminals.
Don`t fret Mr. Morana...there won`t be many even attempting to get around anything in the near future...try explaining THAT to your precious shareholders next year.
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Replies: 689
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It seems a blatant lie also. Almost everyone I know has just bitten the bullet and paid up. What a bunch of disingenuous ***** run this company.
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What nonsense
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Once again, you guys should really listen to the webcast of the results announced yesterday..some real gems in there....
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i. how have people been "getting around" it?
i was under the impression that anyone who did "get around" it had their account suspended. ii. how does the new pricing structure stop people "getting around" it. total bs. |
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you got a link to the webcast dashero?
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http://www.axisto.com/webcasting/investis/betfair/prelims-2011/register.htm
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I believe it's on the corporate section too.
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Yes I listened to it on the corporate section...
. http://corporate.betfair.com/investor-relations/results-and-presentations/res-pre-2011.aspx |
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Nothing to with the system being overcomplicated, unclear, inequitable and poorly implemented then.
How dare they try and lose money on the exchange to reduce their PC bill. BF just scoring one own goal after another at the mo. Shame really as they did have a great product. |
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David Yu's comments about customer loyalty were interesting!!
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cheers
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What is the guy's point? Is he saying some people have been getting around it so they've taken these measures to give them even more reason to get around it and so that the extra they get off those who don't get around it will make up for those who do?
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lol Feck
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It does make you wonder whether the senior mgt. of BF actually understands the PC themselves, or whether they have just delegated all this " operational stuff " to lesser minions.
An absolutely ridiculously worded public statement tbh. |
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in the webcast both David Yu and Stephen Morana dodge the question when asked for further details on the upcoming "pricing adjustment"...
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They didn't get as much as they expected when they first introduced it, because in some respects they are clueless (clueless as a clued up gambler could have told them what would happen). Some people proved their rationale and logic for the charge was flawed, that's all. i.e. they didnt win as fast as they should have done.
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Gerald Ratner was right to turn Betfair down for this job.
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A gambling website run by techo geeks & financial nerds, who think a Lucky 15 is something that a hooker
in Amsterdam offers to stag parties. |
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Seems a bizarre thing to say : it's a higher levy on people who are already paying it, not avoiding it, is it not?
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How exactly do you get around something you don't qualify for
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someone with an average win of £8, another with £10 complied to the rules and paid the 20% premium charge in full. Now they are both expected to pay 60%. What are these punters going to do? The answer may well lie here: http://www.betangel.com/blog_wp/
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"focusing on a small number of individuals who have betting and trading patterns that have been getting around the existing premium charge...."
Let`s translate that. "Those punters who have not been frightened off as yet...let`s see how they take this...and while we are at it, let`s bring in a new group of clients who continue to win despite these deterrents. 20% was obviously not swingeing enough to get rid of them, this surely will do the trick..." I regard `getting around` to mean nothing other than `we will eliminate all consistent winners from this site.` Mark Davies stated that only 1.7% of us make it pay...that clearly is not to be tolerated. Even the firms would be embarrassed to treat loyal clients like this and that`s saying something. But will it halt Betfair ? No way, as self interest rules and 98.3% remain unaffected and therefore largely disinterested. |
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Why did he chose races from the 17th June?
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Probably because they were his best results, due to the meeting and the high volume of money in the markets, and he needs to keep hopes high for future subscribers to his software.
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Well I interpret the comment as some people were playing in more markets that they were previously in order to reduce their win percentage and therefore "paying their way" and not paying premium charges and this amounts to "getting around" it.
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Still had the nerve to use the old catchphrase "Winners Welcome" though. Some people have no shame.
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Clydebank..you could be right and this spin gives the impression that it is only those that they are targeting...ie the guys that have been affected by the PC so far.
Conveniently ignored seemingly is the fact that this PC change affects a completely new group immediately and an even larger group in the near future and in years to come. Shameless behaviour. |
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betangle blog is right...teach othere or bet at b@tdaq...i can lay a even money shot (on betfair) at 2.04 on b@tdaq and still make the same profit as with betfair
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What I dont understand is that if they are paying their way under their definition why should they be "getting around" it?
Was it ever about their definition of paying their way or was it simply that they wanted to squeeze more money out of a limited number of successful gamblers without damaging liquidity. I've always said from day one that the paying their way nonsense was just a smokescreen. |
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Paying their way was always nonsense. If they wanted to charge people in relation to how much it costs to operate their account, then site usage would have been charged, or a charge per withdrawl etc.
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The irony is, yes I WAS getting around it...by pumping lots of liquidity into markets like football with very little return. Once the new charge comes in, it is a complete disincentive to do this; much better to just focus on the high-margin low-variance stuff and give them 40%, rather than risk a bad sequence and be up nearer 100%.
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why are some people paying 60% yet others 40%. That proves its nothing to do with "paying there way". Its a punitive charge aimed at closing down clients they dislike.
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spot on hazel
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they dont want o close anyone down , they just greedily demmand a bigger share of winners profits.
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It seems to me that they're happy with people betting at the events with little or no risk. They just want a bigger cut of their profit.
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60% is not a cut of the profits
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Would it be more accurate if BF said that well over 99% of their customers are either net losers or very small winners who pay well over 40% of their gross profit in charges, actual and implied.
The establishment of the exchange was predicated on the revenues from that core of customers being sufficient to run and grow the site. This has not proved to be the case, thus we are being forced to find ways to " super tax" the profits of those few who manage to win large amounts of money on BF. We regret this decision, but unless these winners voluntarily offer us a way to fairly share in the profits that our highly expensive platform enables them to earn, we see no other option. |
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Under 99% frog.
I thought I read that 1.7% now pay the PC |
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what is 'large amounts of money" your talking about 31k over 8 years at a win rate of 53% at even money
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