General Betting
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For all the pro's on here...
For all the pro's on here...
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Replies: 148
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Don't worry ''Sweetie'' no danger of you ever
paying the Premium Charge. |
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great thread, great discussions keep it going lads
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more profitable to have an operation to get on at books
you mean getting bets on without restriction from bookies? surely selection of winners is hard enough  |
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Can somebody kindly tell me what triggers the premium charge? How much do you need to be in profit etc?
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i think you'll be fine sheppy
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There must be some peoples who are needing to pay this tax but are finding way to not pay. Always peoples are finding way to do fiddling. What if peoples who have to pay tax are using good friends or family peoples betfair account. How would betfair peoples be knowing? I am not telling peoples to do this thing. If you are catched it would be illegal thing and you would be having big problem. But how would they be catching peoples doing this thing?
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sheppy:
Premium Charge Summary You will only be considered for the Premium Charge if, over the lifetime of your account, you satisfy the following criteria: Your account is in profit; Your total charges generated are less than 20%† of gross profits; and You bet in more than 250 markets. Two further conditions reduce the likelihood that you will be required to pay the Premium Charge: Any single win that constitutes more than 50% of your gross profits over the lifetime of your account will be excluded from the calculation; and Each customer will have a lifetime allowance of £1,000 against the Premium Charge. |
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viva why did you feel the need to indirectly call me an imbecile on the Football thread?
are you often so unfriendly to people for no reason? |
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seriously though viva, very few laymen/newbies would be able to get their heads round that..i think they deliberately make it ambiguous
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Those who understand it, don't find it ambiguous, or that it may
be ambiguous to others. |
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you gonna stop with the endless inane questions at any point 3SP?
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oh okay sorry is that what made you agree with the imbecile tag?
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Thanks viva, that was much appreciated!
So my £300 quid I'm gonna get when Flipkins wins Wimbledon won't matter! Phew! That's a relief! Cmon Flipkins!!! Haha it was £600 yesterday - made a few adjustments! Another worry I've got is when I get £2000 from Faldo winning the Open Championship! |
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sheppy
 tell me you havent backed faldo for the open? he only plays the odd round for leisure these days, he should be a million to one |
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1000 faldo is a perfect example of why 1000 is the second most interesting price on betfair. it has to cover every level of probability from 0.1% down to 0.
you're way more likely to end up in PC territory laying 1000s than backing them. |
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Sorry scom, after all that you've taught me I've let you down badly! You can read what I've put on the golf forum.
I think it was the excitement of seeing him play again. I couldn't resist it! |
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oh okay sorry viva is that what made you agree with the imbecile tag?
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viva - Please don't think badly of me for being stupid but what is the 1st most interesting price on Betfair?
I'll guess at 1.01??? |
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correct, sheppy - for the same reason.
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viva is that what made you agree with the imbecile tag?
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In a way I'm glad that 1000 is the highest price on Betfair cos if it was higher it could really do some financial damage.
Call me a mug but if I took £2000 of somebody I'd feel like giving some of it back to them! So I'll need the address of the person who layed me the Faldo bet! |
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if you find him ask for your 2 quid back
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correct, sheppy - for the same reason.
why does viva label me an imbecile for asking a question yet happily answers Sheppy? |
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ffs. you are that paul/bob idiot aren't you?
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what!?
i'm simply asking why you are unfriendly to me for now reason, yet when others ask you stuff it's fine? |
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fine, you say you aren't and I think you are. we'll let other forumites form their own opinions.
...except, oh, you didn't say you aren't did you? |
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I have no idea what you're on about viva.
i'm simply asking why you are unfriendly to me for now reason, yet when others ask you stuff it's fine? how is that fair? |
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scom - haha I won't need to ask for my £2 back cos he won't be having it!
You see the way it works is like this... Things happen for a reason and Faldo will win to make up for all the other crap that's been going on with my life! It's payback time for Sheppy!!! |
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GL Sheppy!!
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Thanks 3sp!
When Verdasco was winning 2-0 I wish someone hadn't told him that I'd bet on him!!! |
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Oh my god, it's Bob!!
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Listen guys! I think you're all getting mixed up! It's Faldo, the 6 times major champion! Not Falco, the Amadeus guy!!!
"Amadeus Amadeus!" |
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Paul/Bob back
 what kept him? .... if it quacks like duck etc. |
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Faldo for the Open?
he'd have more chance of success at the Flushing Meadow's one in August. |
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spot on No Moves!
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another difference is a punter trys to pick a winner and lets it run
whereas a trader make a back bet and then lays hopefully at lower price. but how many tick lower will they trade out at?? also once they've done one full back/lay trade, do they go in again and back/lay once more?? how many times in one market/match? |
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Reply to the OP. If it's been covered then so be it ......... not much of a reader.
Firstly I'd say you need 12-24 months of successful punting with a good number of bets (1000+). You need to figure out your % edge, ie: your profit to turnover. To be confident your edge is a secure one to overcome bad runs you'd want to be high as possible. The actual number will depend on what sport(s) you specalise in. For 2/3 outcome sports you'd be doing really well to be above 5% but for horses its easily possible to be well over 10 or even 15%. Next you you need to have a decent enough bank to earn what you need to survive at your projected profit to turnover. Now in year one this is not always possible but you need to figure out a way to increase your bank to the level you can as your living expenses cannot erode your betting bank year to year. The idea is it gradually increases. Maybe a loan from friend or bet for someone with their bank also share profits. Next you need to plan for future. Successful betting/trading means new bookie accounts and/or premium charge. Can you betting method sustain that? Do you have the network/know how to get get around that? Lastly remember having an edge and keeping an edge are two seperate things so you will always need to develop on your successful strategies. Good Luck! |
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You should ask your friends for a loan so you can bet on here?
 Now there's some prudent advice if I've ever head any. |
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To turn Pro I think you need to have no mortgage, ideally pay no rent either, no girlfriend, definitely no wife and no kids. Also there is a limited timespan to being a pro, maybe 15-20 years max. Need to factor in pension.
Worth bearing in mind if you have the skills to be a highly successful pro gambler you probably also have the skills to command a senior position in private industry or public sector. Good Thread. |
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i'm not sure it's possible due to losing bets and inevitable chasing/martingaling
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