General Betting
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Im getting bit uncertain. Im doing 500-1k p/w. Are the setting this manualy or it depends how much charges I paid in a past?
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I have Commission Generated £ 9,860.85. But does it mean that all premium charges(30k) that Im paying doesnt count for my comission generated? If it doesnt that will be huge encourage for me to quit or go to university. I wont ruin my life having no colleagues and sitting and home paying it.
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Call the helpdesk and ask to speak to the premium charge team. There's also a premium charge link on the site feedback forum. It mught be useful to you.
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Where it says total charges on your PC invoice.Pretty sure that will get made up to the 60%.Im only on 20% just now so cant say for sure.
So for example your lifetime total charges is below 60% and your weekly charge was say 10%.They take another 50% to make it up to 60%. SSame applies if your on 40% and 20%.As long as your total lifetime charges is below the amount your on then they make your weekly charges up to that amount if you are below it.It is un viable in my case to go to 60%.Im a possition taker and my lifetime charges hover around the 20% mark but if i have a very good week i get stung hard but if i was on 40% or 60% it just isnt viable. |
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I think I understand it perfect. Up to today I thought that all premium charges(money!) Im paying(!) for the service will count for my future calculation when reaching 250k(net 170-180k) But i doesnt count. Commision genareted counts(I will have around 11k).
Simple calclualtion: 11k commsion Genareted/250(gross!!!!!)= 0,044 % Which means that Im going to Uni. And saying goodbye betfair. |
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I would like to notice that Im creating a huge liquidity for markets which doesnt count for them.
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Ive never thought that its betteer to have bigger Commison Generated then Premium Charges paid. Im screwed.
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Sounds like it.
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And now I know why the bots are here.
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Your Super Premium Charge % when reaching 250 k will depend on how much your commission generated is compared to your Gross Profit.
If it's more than 10 % you will be put on 40 % Premium Charge If it's between 5 - 10 % you will be put on 50 % Premium Charge If it's less than 5 % you will be put on 60 % Premium Charge. From one of your posts it looks like your Commission Generated is roughly 4,4 % of your Gross Profit. If this is the case you will be put on 60 % Premium Charge. If you "manage" to up your Commission Generated to above the 5 % threshold you will be put on "only" 50 Premium Charge. |
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60% PC when earning £25k - £50k p.a. is a great example of what's wrong with the higher rate PC.
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I still can not believe on it. I can assure guys that I'm casual user. I've never been courtsider and Im eligible to pay 60% - ridiculous. Something ist right here.
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There is clear message sending to me. Im(creating a rollover) not welcome here
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siwaadupa, you should write to Betfair and explain your circumstances. They are aware it's an issue for many who I honestly believe they don't want to lose. Those who earn £millions will stay, but those who earn c.£50k will be forced to leave.
I'm in a similar position, I'm not some courtsider ripping off casual users, or a bot waiting to pounce on any typos, just someone who adds liquidity, yet I fall into their 50% category. |
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Do you really believe Templeton Peck that I will be an exception and thay will give me new extra rules? I don't. I Cant believe on in that Im on the same boat with bots maker and tennnis courtsiders.
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TP, i think you must be seriously deluded if you think Betfair will let anyone matching the criteria for PC, be exempt from paying it
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And the new question appearing in my life guys is" [b]how to create a Commision Generated Charge?[/b](for newbies: not a premium charge. Premium charge is A different charge. Which is making me laughing ironicaly because im paying more premium charge which is obvious to all of you as well. Have you ever thought that commission generated charge will be very important in a future? Why (around 40k!) premium charge beacame useless during calculation of a new charge? Not only bots, cross matching and for sure fixed odds is creating the markets for them so why casual traders(operating with tv at home) becomed unwelcomed here?
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siwaadupa (and Eddie), no, I don't think you'll be exempt!
Betfair are aware their PC needs tweaking, so if you write to them then they can take you (and the many like you) into consideration should they be nice and make the PC less draconian. Communication, people. Don't just assume Betfair have got it in for us and their doing whatever they can to make our lives a misery. henok, I have no idea what anyone earns but I've always taken it for granted some earn £millions. I expect they have better things to do than hang out on the forum though! |
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Templeto Peck I will let myself to quote your post to point that everything has advantages and disadvantages:
Yep, I made it clear to them that whilst my income may look good, there are the following issues that many of us face: - no pension provided by Betfair - anti-social working hours/days (weekend work and evenings) - work way more than 235 days a year (normal person working days) - no idea how many years will be able to earn a living (may lose edge, liquidity may seep away, etc). As time passes, tougher to re-enter workforce - no colleagues. Sat at home alone. - and so on. When you take these sort of things into account, being hit with a 40-60% charge will make many walk away. It's not a case of seeing someone earn an above average salary that's tax-free. Plus I expect most who are successful on here could be/were quite successful in the real world. I've said it before but a weekly/monthly personal allowance on PC makes a lot of sense. |
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siwaad - if you are making 500-1k a week on here then you are far from a casual user and also very talented to have found such a good edge in such a short term.
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I wasnt enough talented to find out that they are going to charge me 60 per cent. I always had a thinking like "60 per cent? That is definetly not for me... It must be for those who sitting on a football, and tennis stadiums, very close to the venue" I was wrong. Its very likely that i wont do it anymore. Not as full time for sure. Today(20%) to have a net profit of 1000 Pounds i Need to win 1250. Soon i will have to do 2500 to have a same 1000 net here.
And for 1000 Im not able to live in London. I need at least 2000 Pounds per month. So I need to win 5000 here. So If I will have clear choice: -Having of 2000 sitting here and trying to win 5000 per month or -go to find a job for 1500 and have a clear incomes. I will choose second option. Betfair are not growing up in my opinion. So i wont have more then I have right now. Im of this types of person that if I have to work for somebody and they are not respecting my work I rather to do nothing. But its very likely that I will choose uni. And one more thing: because of looking in my screen for sometimes 14h per day I have visited eye hospital twice. |
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you have to blink
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Can you point me the market where you going to be in play Northbuy? I will show you how to blink
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maybe this is one of the many reasons why we have seen lack of liquidity in many markets recently , along with Bfair having its many international regions restricted ... Laddies today merged with purple , which don't bode 2 well with this momentum for them ... some might say Bfair cut open the proverbial golden goose by introducing the PC at all . will be interesting to see how the betting exchange market pans out from here
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siwaadupa you should be so lucky. I am aiming to win £40 in a good week, and paying 60% PC
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Hazel, How do you reach the 250k threshold on £40 a week. Do you arb a lot? I know that ended up costing me dear, as most of my big wins were on here.
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1.01 layer, i won most of the money in the early days of betfair by greening up. hence 60% now.
ps i do win more from time to time, £300 this year to date. |
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I'm probably 12 - 18 months away from being a PC2 payer
Until reading this post i'd always thought that the premium charge could be counted as commission generated I was expecting to be on the 40 % charge it now turns out I will go straight onto the 60 % charge as my commission generate works out at 3.5 % anything below 5 % will be charged 60 %  |
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Whoever thought greening up for all those years would come back to bite us. They actually market the cashout feature now, like it's in our interests
Hopefully things are gettig a bit of a shake up and BF will realise how lucky they are to have all these sharp minds on here. |
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Siwaadupa
I understand your situation I'm already thinking about getting a proper job and just trading on here as a part time hobby once the 60 % kicks in Being a Villa fan I didn't think this week could get much worse  |
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siwaadupa 24 Jan 13 13:47 Joined: 16 Feb 12 | Topic/replies: 106 | Blogger: siwaadupa's blog
I think I understand it perfect. Up to today I thought that all premium charges(money!) Im paying(!) for the service will count for my future calculation when reaching 250k(net 170-180k) But i doesnt count. Commision genareted counts(I will have around 11k). Siwa, you become eligible when you get to £250k net profit, not gross. (At least that's what I thought) |
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^that was my understanding too IL.
whilst i have some sympathies with the OP, it's hard to accept that he's a "casual user". |
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Thank you Insanity Later. PC1 is counted on gross profits, PC2 is on net profits. But Unfortunately that doesn't change the way how the premium charge is calculated. I will still be eligible to pay same 60% but just few months later. All I have to do right now is think how to generate more commission.
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Anyone who is paying less than 5% of gross winnings in commission is doing well. Must be winning on most markets given commission is 2-5% on every winning market.
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TP: Communication, people. Don't just assume Betfair have got it in for us and their doing whatever they can to make our lives a misery.
------------- have you seen beta? |
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Insider, just a small point, PC is not based on commission paid, it is based on commission generated, which can be almost as much as half your commission paid. So for someone on 5% commission who never loses, Betfair could say you only paid 2.5% for PC purposes. It is a little more complicated than that because they look at other charges too. So, the 60% band could apply to people who have paid more than 5% in commission.
But not wishing to get bogged down in figures, most of those on 60% have probably been those that greened up (or "cashed out") routinely in the past. |
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I sniff some bullshit on this thread, not by the OP but by others, greening up is not in itself a profitable strategy, as always it depends on the odds versus true chance of occurrence.
Hazel, you seriously aim to win 40 quid per week?! |
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Trevh, I greened up for the majority of my time on here. I know it's not a good strategy but circumstances meant I had to. You can still do well by greening up, you're just not maximising your return.
viva, yes I have. I've started a pretty lengthy thread on it. I think that's down to a mix of incompetence and making the site more user-friendly for £2 punters, not intentionally trying to aggravate more serious users. |
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Trevh. Yes I currently aim to clear 40 per week on betfair. I won't this week because no weekend premiership matches.
And again no bullshit I am on 60%. And it is down to a high win rate, which I achieved by greening up. |