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Premium Charge Increased to 40% - confirmed by Betfair
Premium Charge Increased to 40% - confirmed by Betfair
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Replies: 276
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Maybe Betfair feel that the full-time big hitters on here will simply set off the Betfair charges against their taxable profits when these full-time punters fill in their annual tax return
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if betfair are trying to pull back a profits short fall they are really in the brown stuff.tokill there big hitters is corporate madness and suggests panic.
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Looks like some will either have to move,or try a different tact.Maybe try and pick a winner before the race starts
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Big smell of POOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOO
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BETFAIR are to increase the charges on their most successful users to as much as 60 per cent of gross win next month in a move the betting exchange claim will protect smaller players using the site.
FromJuly 18, Betfair will crank up the controversial premium charges faced by big hitters whose lifetime net profits exceed £250,000, who bet in over 1,000 markets, and whose commission generated is less than 40 per cent of their lifetime gross profit. Betfair introduced the premium charge in September 2008 at 20 per cent, claiming it would cover costs incurred in providing the most successful punters with the platform to profit - the majority of which comes through trading and in-running punting. At the present level, Betfair, who believe only around 500 of their 3.8 million registered users will be affected by the new charges, claim to break even on the highly profitable users, but state that profits from elsewhere are ploughed into improving the site to meet levels of trading from big punters and advertising to attract new customers to maintain liquidity in the markets. A spokesman said: “Betfair believes that the implementation of the adjusted charge will provide the business with fair compensation for the service it provides to those impacted customers, who currently pay a rate of commissions and charges that does not reflect the benefit they gain from the Betfair ecosystem. “We have evolved our pricing model to ensure we have a fair pricing structure for all of our customers, over 99.9% of whom are not affected by this adjustment. “Since inception we have provided customers with a unique and innovative product that has consistently offered them, on average, the best value on the market. This is still very much the case and we’re committed to ensuring that it remains the case for years to come.” Betfair shares closed on Tuesday at 771.5p, an increase on Monday's final price of 726.5p. Betfair’s preliminary results for the year ended April 30 will be published on Wednesday. Thats the Racing posts take on it |
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Pete thanks. Just going to suggest to my best mate that he opens an account but hes only at home for a month this summer
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A few years ago Betfair was the dream.... 'good guys' who took only a small commission in the middle from person to person bets..not like greedy bookies..
Whats 3 0r 4 % comm. when prices are 20% better.. Should have knocked internet & phone bookies for 6 and and looking at maybe 40% of that market.. Poor marketing... yep yep yep... and now lost the instinctive support of the clever punter... Strange but true... |
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Can someone tell me please if I am paying the PC and my brother opened a BF account using the computer in our house, would he be liable to pay the PC straightaway?
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I probable will be leaving Betfair soon lads.I have been there since the beginning and
I will be in the 40-60% charge so will be moving over to spread betting (not tradefair) I cannot see how any winning punters can make it pay. With the in running courtsiders making it even more difficult . Turn the lights off please. |
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 99% unaffected ? Liquidity already ify - were doomed !doomed i tell ye !!! |
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just change your internet provider as they will be doing it on ip address i would guess?? [;)]
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Off the topic but greece is on fire as we speak.
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yep, they'd link the account to yours very quickly.
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That's not greece it's Betfair Towers!!!!
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Unfortunately all good things come to an end. Bit like death I suppose except this is a particularly slow strangulation. RIP. Something new will come up with a bit of luck and we can all jump ship and the BF investors will need bicycle clips.
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I seriously think BF is on its last legs due to the shocking share fiasco and this.
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pmbets = been on mushrooms
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I think it is disgusting the way gamblers are treated in this country.If you are a loser you are welcomed with open arms but show the least ability to beat the market you are fecked off.
I thought all this would change with the advent of Betfair but oh no. The worst thing is they try and justify it with the cost of this and the deveopment of that. I just hope that this does not lead to the eventual complete degredation of this site |
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warrac****= definite losing punter.
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Why a standard PC rate on everything? They could (say) go up to 90% on in-running as they seem to be targetting this one down to nothing on virtuals, games, casino etc. They could keep before-the-off events to he rate they are now.
(It would surely appeal to them to try to encourage people onto the nil rates ones) |
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They are not so bright to be thinking like that. They just think hello some people are not bacing many losers. We dont like that we couldnt do it stop them .
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pr disaster ffs dont they make you laugh
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will 100 percent going purple july18th am having worst ever year on betfair struggling to make it pay on 2.3 commission have been told ill be paying 40percent working from home with slow pictures you couldnt make it up.
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it does seem that the company is in some sort of crisis at the moment. when you start chasing certain customers to squeeze more revenue something is desperately wrong. betfair is clearly overspending on salaries and infrastructure relative to what it receives. the sensible answer in such situations, and the cheapest cut (which all good gamblers would appreciate) is to address the costs first and make the company more efficient.
it seems that the initial premium charge was the thin end of the wedge. it was dressed up in sensible ideas; a gross profits tax to pay for incentives to new customers. but all it has done is made betfair lazy, and it is behaving like any bad monopoly would. it has become bloated by success and instead of cutting back and streamlining it has gone back to the well in search of what it thinks of as easy money. and its money that won't be going to those that lose on the site, its profit for shareholders and pay for an overstaffed office. the general betfair user will see no benefit from it, whatsoever. |
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credit to anyone playing on atr/ruk who are effected by this..didnt think it was possible tbh.
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There is a very very solution to this issues...... LEAVE and take your money to the other site and then we will all follow because liquidity would be low on here.
But knowing you people, 90% will just stay and continue to bitch about it. IT'S ABOUT TIME PEOPLE POWER SHOW THESE GREEDY GRABBERS THAT WITHOUT OUR MONEY THEY'RE NOBODIES. |
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There is the point that if you had won £250k over 10 years with Laddies,Billies,Baldfred etc would you still be able to bet with them at all.
I suspect the other thing,which I accept BF have largely brought on themselves,is the use of bots ( whether you could stop them I have no idea ). I do know a few people who are vaguely interested in betting and will go into a bookies from time to time,who are not interested in BF because of a perception that pros mop up your money by taking an unfair advantage with techno gizmos. |
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I'll be joining Betfred...........but not the Gibraltar one.........that makes me wonder, if you bet from Gibraltar, can you welch if Betfair want your premium charge 'winnings'?
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What are your views on how this will affect horse racing liquidity here and on purple? For early, pre-race and in running?
Personally I think this will make no difference as people will open new accs etc. The bigger prob IMO is BF has expanded to far, too fast and cannot keep up with cost of expansion as the cost of acquisition of new players is higher and higher. It has got away from the low cost alternative that sold itself and frankly if it continues on this route will merely be another over marketed sportsbook that is not unique. Real shame - maybe one day someone will set up and stay as what BF used to be. |
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ive just checked my records.as i suspected this premium rate will not apply to me
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how is it possible to win paying 40 percent or bigger if like me you have losing weeks,be interesting to hear reactions from track players cant believe they never have a losing week.
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As a 'track player' you do have losing weeks..
By my understanding these will not now be offset as the the PC basis is now 40%(or 50% in my case) not 20% My rate is set at 50% so here is an example of a month on new structure eg wk1 Gross win(after comm) £2,000 PC £1000 costs £800 net win £200 wk2 Gross win (after comm) £4,000 PC £2000 costs £800 net win £1,200 wk3 Gross loss(after comm) -£2,000 PC nil costs £800 net loss£2,000 wk4 Gross win (after comm) £4,000 PC £2000 costs £800 net win £1,200 The costs above are estimated as £600 box hire and £200 travel per week, which is not an overstatement. Thus, in this example somebody grossing 8k per 4 weeks - c 100k per annum now nets £600 in 4 weeks.. £150 per week for his efforts... That assumes that there is now no remission on PC for losing weeks am I correct in this ? |
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Online betting exchange Betfair has reported a big rise in annual profits, but admitted that it's revenue growth 'could have been higher'.
It's pre-tax profit for the 12 months to 30 April totalled £26.6m, up 50% from £17.8m a year earlier. It's revenues rose 85 to £368.6m. --- What exactly is wrong with these figures that make any increase in charges justifiable? Is this what happens when you float a company? You shaft your customers. |
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I am not affected by the PC because I had a very bad losing year early on in proceedings but it is not inconceivable that one day I may be.
When they first introduced it they hid behind the statement that they were really after bot users who were not paying their fair share. If a few other non-bot users were affected this was just bad luck but collateral damage. Where has that argument gone now? They just seem to want to shaft ANYBODY who wins. 40-60% is ridiculous and will definitely force people to seek other avenues to make money. What are Betfair playing at? I can absolutely guarantee that if the returned to their original commission structure which was more than fair and ONLY charge, if they wished, bot users extra (and how can they not know who they are?), nobody would complain about that and their revenues would skyrocket. It's not difficult - it's all about pricing and basic maths and economics. This company used to be the perfect model but seems to be run now by a bunch of half-wits. I despair. Once you price people out of a market that's it - game over. |
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thanks againsthecrowd i knew that must be the case most people assume its one way traffic working the track.
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It's not even as if they need the money.
. http://www.bbc.co.uk/news/business-13954708 "Online betting exchange Betfair has reported a big rise in annual profits, but admitted that its revenue growth "could have been higher". Its pre-tax profit for the 12 months to 30 April totalled £26.6m, up 50% from £17.8m a year earlier. Its revenues rose 8% to £368.6m." |
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Ian_S - can't you read - I posted that 10 minutes ago. This is meant o be a conversation.
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why doesnt everyone go to the purple site ?
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bilbobaggins 29 Jun 11 08:31
Ian_S - can't you read - I posted that 10 minutes ago. This is meant o be a conversation. Your post wasn't there when I caught up with the thread. Presumably you posted at the same time as I was busy copying and pasting. Simples! |
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nothing in this game lasts forever.
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