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Youcannotbeserious
25 Aug 11 23:14
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Date Joined: 28 Dec 08
| Topic/replies: 423 | Blogger: Youcannotbeserious's blog
can anyone tell me what is meant by net profit...???? do betfair deduct commission generated figures and premuim charge(1) charges from your gross profit....

also do they deduct your "other charges as well "
Pause Switch to Standard View pc2 question regarding the £250k Net...
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Report Bellamy Road August 25, 2011 11:35 PM BST
they just work it on your actual profit after normal commision, PC doesnt come into it, the dont deduct other charges either
Report Youcannotbeserious August 25, 2011 11:45 PM BST
thanks for that..i am not too sure...
i have just read the small print of the terms and conditions...

†Premium Charges at higher rates
Higher rates of Premium Charge will apply to the very small number of customers (less than 0.1%) that satisfy the following conditions over the lifetime of their account:
    * Lifetime net profits*** exceed £250,000
    * Commission generated less than 40% of lifetime gross profits
    * Bet in more than 1,000 markets

***By ‘net profits’ we mean the amounts won less the amounts lost, on all Betfair markets, less all commission paid and Premium Charges debited. Please note: the Premium Charge only applies in respect of bets placed on the Betfair betting exchange and it does not apply to any bets placed on other Betfair products.


seems they deduct your commission paid and pc1 paid..... no mention of your "other charges"

does anyknow know if "other charges" are deducted as well...???
Report TheInvestor2 August 26, 2011 12:22 AM BST
Has anyone been hit by this after it was introduced: people who were close to £250k when it was implemented, but hit it 1 or more weeks later for the first time?

They should be able to tell you. Or perhaps someone from Betfair can answer on this thread.
Report Eddie the eagle August 26, 2011 6:36 AM BST
Other charges are not deducted for calculation of your net profit.
  They will however when you reach this 250 k threshold calculate all your life time activity as if PC2 had always been there.
  This means there is a possibility of you getting "credited" for paying more than 40 % total charges and give you a buffer before you actually have to start paying PC2.
  If this calculation don't take you above 40 % total charges, they will just top you up to exactly 40 % and you will be liable for PC2 from that day.
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