General Betting
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I'm stopping betting on betfair sports for time being as I've only just discovered my discount rate was capped at 20% as i havent completed Betfair's Know Your Customer check requirements. I'm pretty annoyed with this and becoming more disillusioned with BF
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Replies: 26
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 whats the problem, just do the KYC |
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I think you will find it's a government requirement for anyone
moving money about. money laundering and all that !!! so, you're not going to win by cutting off your nose to spite your face. be pragmatic |
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what discount?
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from 5% commission.
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why would they let you off commission completely?
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ok so capped at 20%?? whats that mean?
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Means you can't take it lower than 4% until you've completed the KYC form.
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4% lowest
20% means what? |
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20% discount on commission.
Let's say you have won £1. 5% commission is 5p. With a 20% discount rate, your commission is now 4p. (80% of 5p) |
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oh ok thanks so it's capped at 20% discount of the standard 5%
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Forget 20% discount...how do you avoid 20% commission?
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No one is ever charged 20% commission. Even those on premium charge are not charged 20% commission.
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^^lol^^
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avi: THat's not true at all
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LEt's say you back 2 different shots at evens and 1 comes in.
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AT 5% commission you pay 10p commission. At 20% commission you pay 40p commission. With premium charge you'd pay 0p premium charge. If you backed 3 shots and 2 come in. then with 5% you pay 20p on £2 gross profit. At 20% you'd pay 80p on £2 gross profit. With prem charge you'd pay your 20p commission then you'd be topped up to 20% on the £2 gross. But you've already paid 10% through the 5% comission, so you'd pay another 20p. In total that's 40p on £2, effectively the same as 10% commission in this example.
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Premium charge isn't commission and it works nothing like commission
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Premium charge isn't commission and it works nothing like commission
This is correct. Premium Charge is working more like an income tax, only worse as it's based on weekly income rather than yearly. |
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so it's capped at 20% discount of the standard 5%?
this right? |
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i.e. 20% of 5% = 1% of total?
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basic starting commission rate: 5%
minimum commission rate without KYC: 4% (20% discount) minimum commission rate possible: 2% (60% discount) |
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It always amazes me why people can't understand that 20% premium charge is not the same as 20% commission and does not mean 20% worse odds.
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It amazes me why people are amazed that people can't understand that 20% premium charge is not the same as 20% commission and does not mean 20% worse odds. What's even more amazing is that most of them seem to be ex-city boys who work for betfair. What's even more amazing than that is that they would build a site where you need a degree in computing programme just to get a decent sized fkng bet on. All of it in the name of catering for mugging crews and middlemen who contribute practically nothing in the way of real liquidity.
On the racecourse they get bookmakers who are paying the standard e/w terms to attach a gold flag to their pitch. If betfair were on course they'd have to get them to attach a lawyer to theirs. |
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thanks viva
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Back to the original post.....do the KYC. Simple.
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