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tsango
30 Jan 17 17:54
Joined:
Date Joined: 16 Jul 04
| Topic/replies: 2,086 | Blogger: tsango's blog
A premium charge option has suddenly appeared on betting account activity. I don't know if this means I will be soon be in premium charge territory or not.
But looking through the figures, I don't think I should be considered for paying premium charge for some time if I understand the rules correctly.

This is what it says in my premium charge summary.

Lifetime summary Applies across 14,059 Exchange markets
Gross profit & loss
£13,437.55
Commission
Total charges (46.19%)
£6,206.39

Am I right in thinking that as one of the conditions is

"You’ll only be considered for the Premium Charge if your account is in profit and only if the total charges generated since joining Betfair are less than 20%† of your gross profits"

then I won't be liable for premium charge until that total charges percentage is less than 20% whereas now it's at 46.19%?

In other words my gross profit would have to be over £30,000, even at current total charges paid, to be in the premium charge category?
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Report Andriy January 30, 2017 9:49 PM GMT
If you keep the %age figure above 40%, you won't even need to worry about paying PC when you hit the next band (kicks in at 250k net lifetime profit, so you're safe for a very long time yet).
Also note that even if you do go down to 20%, you won't pay it straight away, but have a 1k allowance.
Report tsango January 30, 2017 11:12 PM GMT
Thanks guys, good to know that i'm safe for a while yet. Was just a bit worried when the option appeared on my tab!

Guess it was because i had a good month and got the total charges below 50%.
Report Barton Bank February 1, 2017 9:21 PM GMT
Always fun to have a look at how much you have paid Betfair in premium charges and commission.
Report Andriy February 1, 2017 9:51 PM GMT
It's a bit sneaky though not letting you know the real charges made : the commission on the summary page is the commission generated, the actual commission paid will be much higher and isn't shown.
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