General Betting
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I checked my PC charge statement to see if I had slipped into that category after 8 years of not paying any and I noticed this bizarre thing where only half the commission that I paid showed up on the statement. There was "1%" in brackets after the amount even though it was deducted at the 2% rate. (I only bet on one race and I won.) I looked up the rules and found this: "We divide by 2 because otherwise we’d be counting each pound of commission twice." (WTF, they have only counted half of my commission)
It is like a line from a sitcom like "The Office" for example.
Because of this nonsense I am edging closer to the Premium Charge again and I am not happy.
It is like a line from a sitcom like "The Office" for example.
Because of this nonsense I am edging closer to the Premium Charge again and I am not happy.
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I thpought they divided the commission by two because they also counted implied commission on losses? So on your winning bets someone else claims half your commission and on your losing bets you claim half of theirs?
This from their Rs&Rs: "9.4.12 **By ‘total charges’ we mean all commission generated by Betfair as a result of your betting plus any Premium Charges you’ve incurred. ‘Commission generated’ includes half the commission paid on winnings, but also half the commission that Betfair makes from the other customers who win in markets in which you’ve lost, which we call ‘implied commission’. When you win, Betfair collects commission at your rate of commission, but when you lose, the commission collected by Betfair from the winners is at their rate. So we’ll determine the commission generated by your betting activity to be: Commission generated = (Commission + Implied Commission) ÷ 2 where Implied Commission = market losses x 3% We divide by 2 because otherwise we’d be counting each pound of commission twice." I take it you are unhappy because you have few markets in which you lose to collect implied commission from others? |
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I understand what you are saying but I will be punished for having no losing markets in each week in which I have had only one or two winning markets. This implied commission will just keep adding up until I have to pay the Premium Charge. As regards to tax in general, I know that you can be charged capital gains tax on each bullion trade, even though you make a net loss over the year and that it is potentially worse than this. But CGT is easier to avoid than PC.
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When you are due a big win, just lay it all off on another exchange.
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The 3% implied commission on losses is absolutely great for the customer Complaining about it is idiotic imo as for anyone other than a greening up nit, it means that they move further away from the premium charge rather than nearer.
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I don't think anything about the Premium Charge is "absolutely great for the customer". However, when I do have a losing week, I will look into how this implied commission works out. As I hadn't looked at my PC statement for about 8 years up until last week (due to being nowhere near to having to pay it) and I don't know exactly how it works.
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