General Betting
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Even down to the way it manifests in terms of does it deduct an amount from your bank each week?
what if you withdraw all your money before your PC day??
what if you withdraw all your money before your PC day??
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If it's a lot Betfair will take all the withdrawal back
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how can they once it's in your bank account?
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If you ever put any money back into your betfair account Betfair will immediately take any needed to make up any premium charges. But if you never fund your betfair account again they don't take anything (or demand you pay anything).
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so you total available could be say £1000 on Tuesday night, and then you log in on Wednesday and PC has deducted and it's now £950 or whatever?
is that literally how it happens? |
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Yes.
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And just to clearify. Neither of my posts on this thread are meant to be a "signing in"
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wow. thanks. and how much do they deduct from your bank each week? is it percentage based?
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It's got nothing to do with your bank size.
It's based on last weeks profit and could be anything ranging from a penny to 59% of last weeks net profit. The amount/percentage they take in PC is based on Your win/loss ratio from that week and on what % PC you are on. Minimum PC % is 20 and maximum is 60. |
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"If you ever put any money back into your betfair account Betfair will immediately take any needed to make up any premium charges. But if you never fund your betfair account again they don't take anything (or demand you pay anything)."
That is not true They can and will take any premium charges due from your bank account if they want to EVEN IF you don't have the money in your bank account! |
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they can't take money from a bank account. no company can without your "agreement"
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What I mean is they can reverse the withdrawal even if you have subsequently withdrawn that withdrawal from your bank. In practice I'd imagine there is a time frame where if they go beyond it they are not able to do it.
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not true 3setpoints
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so my bank will allow anyone to take money from my account without my "agreement" ? and that isn't fraudulent?
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Of course not. What I said was that Betfair have an agreement in place whereby they can reverse payments they make to you if those payments turn out to be made in error. What the parameters are for that agreement I have no idea other than it is still in force for a period after they have appeared as cleared funds.
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Are you sure about that? Do you remember the problem Betfair had with their poker tournaments a few years back... A group of users realised they could work together to make the system pay out too much prize money. They repeatedly exploited this and withdrew their money. As a result of this, Betfair introduced an extra delay to payments, presumably so that they could halt withdrawals if they spotted these kind of exploits. If Betfair could just reverse any withdrawal, they wouldn't have needed to do this.
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This is what happens if you withdraw before they manage to take their cut.
Dear XXXXXXX, I am writing to inform you that due to recent premium charge and transaction charge deductions, your account, XXXXXXX, has gone into a negative balance of £-330.24. We kindly ask that you deposit the above amount into you account to bring the balance back to zero as soon as possible. Thank you for your co-operation in this matter. Kind regards Jack Peachey Premium Account Executive vip@betfair.com http://www.betfair.com VIP Helpdesk - 0844 209 0000 VIP Fax 0207 074 7326 Ireland 1-800 944 000 Australia 1300 238 324 Canada Toll Free Tel: 1-866-381-7119 Free Fax (Australia) 1- 800 507 774 International 0044 203 059 8888 Betfair PO Box 34467 London W6 9WS For info on all our current promotions, click here: http://www.betfair.com/promotions |
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JML you get that letter if the premium charge due is £300. But if it is £30,000 they will just take it back.
I know this because this is exactly what happened to my closest acquaintance on here, who because he paid 60% in charges was forced to quit. He got a very different letter. |
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If he owed £30K, and that money was taken by Betfair,it means he cleared £20K for himself that week.
Why exactly did he quit? |
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I Guess 20 k a week isn't what it used to be ?
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JML if you bet like he did you might win nothing for several months. His whole year would depend on 2 or 3 results. Impossible with a premium charge of 60% on top of basic commission, that doesn't get refunded if you subsequently lose, and even if it was refunded with liquidity falling, it getting more difficult, and Betfair taking 60% + off everything he earned he had no option but to quit.
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i cant even be bothered wasting valuable life trying to work it out so i just moved on and use another exchange simples
i only use BF for the forum these days lol |
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I'd say it's impossible for anyone to break even for months and still be on 60 % PC.
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Clydebank was he essentially just trying to pick winners and chasing with large amounts then?
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Eddie someone buying and selling properties may buy 5 properties in a year. On 3 of them he makes 30k and 2 of them he loses 15k. During that time he also does a few delivery jobs but they are for peanuts and have no meaningful effect on his overall earnings. He's on 60% Comprendez?
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3setpoints there would be no chasing. Just someone who has a lot of self confidence and is prepared to bet big on the very few occasions where he has strong convictions. Clearly on some of those occasions he will lose.
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was he a millionaire?
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Far from it. Started gambling on here with next to nothing like most I reckon. Comparing 2002/3 to 2012/13 is like comparing Kensington and Chelsea with Jaywick though.
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Comparing 2002/3 to 2012/13 is like comparing Kensington and Chelsea with Jaywick though.
sorry, how do you mean |
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CLYDEBANK, of course in theory anything is possible, but I still say that in real life it's impossible to be on 60 % PC and be an outright gambler on sports/horse racing.
Unless of course we are talking about someone who knows results before they happen..... |
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It was much easier to win then.
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Far from it. Started gambling on here with next to nothing like most I reckon.
And this statement from you doesn't really describe an outright gambler that will be on less than 5 % commission generated after a decade on here. |
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Well it would be very difficult in 2013 Eddie but PC is based on your lifetime pre 2011 earnings.
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Eddie, I respect your opinion as much as anyone on here, but please give it a rest with this one. It's like I'm a banker going in front of The Parliamentary Select Committee. It's got nothing to do with the point I was making that Betfair can reverse payments even after the funds have cleared. Everything I've said is true.
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Think the US Presedential or UK General Election for example. I am quite sure he didn't know the result beforehand
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It's certainly a sobering topic. I'm currently on 22.47% so not yet a PC payer but it must be said if I ever did reach it I would be sorely tempted to join a rival exchange. I might still do some of my betting on here however due to the fact it has some markets that the others don't bother with.
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Well if you want to bet on the US or UK Elections, for example, you have to do it on here (especially since InTrade went belly up thanks to the US govt).
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have you made a lifetime profit or loss overall cdog?
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not looking forward to black Wednesday this week... gonna be a bad one when I log in. Traded a market all year, had my biggest ever win settled saturday, paid 600 quid com and probably close to 3k's gonna simply disappear in pc
 Complete piss take. |
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but you're in lifetime profit overall?
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