Did ITV once mention the exchanges ?

It is hardly surprising as even the dedicated channels give very little mention. I know many bookmaker punters who have no idea what a betting exchange is.
Only the other week I heard Chapman on ATR mention a horse that was a few points bigger on here than the books and all he could say was that you might only get a few pounds on and that was just 5 minutes before the off with about 3k to back.

if they did, it would be re. Sportsbook before the Exchange!

You say all the channels don't mention the exchanges but does not one of the channels show both bookie and exchange prices next to each other, I am thinking it is ATR or RacingUK, perhaps the users of these channels could confirm ?.

Thanks Sage, I thought one of them did. Its scandalous that they do not show exchange prices. How would you all feel if during the coverage of Chester races they only showed ChesterBet prices

Punters either lost more money than they should have or won less than they should have by not being made aware of the exchanges by ITV and yet many on here are patting their backs over the coverage

Hardly surprising considering ITV Racing is sponsored by W*ll*am H*ll.

That's it hulk with Chapman as I mentioned earlier. To be fair I don't think Chapman knows anything about exchange betting and I'm sure he once said he never even had a betfair account. A proper bookies man.

I'm sure an ITV punter who has backed a 20/1 winner might like to know he could have got another 50% extra on here. But better to be on the safe side and pretend that you can only bet with bookmakers.

They could possibly do a piece on the influence that exchanges have on the betting markets, but a running commentary on the betfair exchange sp of outsiders that win wouldn't be helpful in my view. The concessions of the trads in the bigger meetings more than make up for the enhanced price of backing a rare winning outsider on the exchange.

Best prices are not 120, and obviously betfair is not 101 with commission. The vast majority of casuals watching on ITV are a) not all that interested in betting percentages, and b) not backing 25/1 shots. They just want a winner usually. 99.9% of people who are price conscious will already be aware of betting exchanges. This is the domain (or should be) of the specialist channels. They don't discuss the Tote either on ITV, as guess what most casuals are not interested or bothered.

Chapman is much younger than Mac and ought to know about the exchanges. A younger McCririck would have been far more on the ball.

Be in no doubt,Chapman is fully conversant with the exchanges.
He often quotes the unfair criticism he gets from us forumites.

I must have missed any mention of the Exchanges on ITV Racing if so. Harbour Law returned 33/1 when at the off he was showing 70 here.

That's why in their adverts they say "we have the best prices in the high street",and show comparisons with the other robbing bars tads.
Never mentioning of course,that Betfair aren't on the high streets,so in theory not lying just not showing the whole truth.

anybody who isnt aware of betfair is hardly the type to suddenly start tackling the idiosyncracies of it on the prompting of matt chapman

I think the complexities of exchange pricing would be difficult to get across in the ITV format. eg where would they find a sufficient slot in their schedule to explain the following?


Premium Charges

The Premium Charge only applies in respect of bets placed on the Betfair Exchange and it does not apply to any bets placed on other Betfair products.

In addition to the other charges detailed above, a small number (less than 0.5%) of our most successful customers will incur Premium Charges.

Any customer affected by the Premium Charge will be notified in advance.
Calculating Potential Charges

Each week Betfair will calculate your ‘gross profits’* made, and your ‘total charges’** generated over the lifetime of your account. The details of these calculations are explained below.

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.

The vast majority of customers, and even the majority of those whose betting on Betfair is profitable since they joined, do not meet both these conditions and will not incur the Premium Charge.

While those conditions accurately describe our most successful customers, they might also apply to new customers who have only bet in a few markets, or those whose accounts are in profit because of a significant big win. To ensure that those accounts are not inadvertently charged, we’ve added two further conditions: any single win that constitutes more than 50% of lifetime gross profits will be excluded from the calculation, and customers will only be considered for the Premium Charge after they have bet in more than 250 markets.

Each customer will also have a £1,000 allowance against the Premium Charge. This means that every customer considered for the Premium Charge will be exempted from the first £1,000 of the charge incurred.

Please note that for the purposes of calculating the charge we will assume that the charge has been in place since Betfair launched in June 2000. This means that we will consider all customers to have generated charges equal to at least 20%† of lifetime gross profits as of the 12th October 2009. However, this also means that for some customers, some or all of the £1,000 allowance against the charge will have been used prior to 12th October 2009 in order to offset hypothetical charges paid. Assuming hypothetical charges had been paid prior to introduction of the charge has the effect of reducing the amount that customers would typically incur.

Each week the customers who meet all the conditions set out above will be charged the lesser of:

    The difference between 20%† of the previous week’s gross profits and the total charges generated during the week; and
    The difference between 20%† of gross profits and the total charges generated during the lifetime of the account.

This means that you will not be faced with a Premium Charge that is more than 20%† of your gross profits for the previous week. Please note this figure applies exclusively to the maximum amount of Premium Charge payable. It is possible for the total amount of Premium Charges and commission paid to exceed 20%†.

Please note that the second of the two calculations set out above can only ever reduce the Premium Charge and will apply on the rare occasion that the difference between 20%† of gross profits and the total charges generated during the lifetime of the account is less than the same calculation for the previous week.

Premium Charges will be deducted from customer accounts weekly (on Wednesdays) in relation to the previous week’s activity (Monday to Sunday).

Accounts that relate to one person, entity, API subscription or a Master Account with related Sub- accounts (Trading version only) are treated as one customer for the purposes of calculating Premium Charges. Note that no Betfair points will accrue for Premium Charges.

In circumstances where Betfair considers, in its absolute discretion, that multiple accounts have been used by one person or group of persons in order to avoid or reduce liability for the Premium Charge, Betfair shall be entitled to treat those accounts as if they relate to one person for the purposes of calculating Premium Charges. In such circumstances Betfair shall link those accounts and the linked accounts shall be jointly and severally liable for any unpaid Premium Charge. The Premium Charge will be debited from any such account(s) where applicable.

*By ‘gross profits’ we mean the amounts won, excluding total charges, less the amounts lost, on all Betfair markets.

**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.

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.

Each week the customers who meet all the conditions set out above will be charged the lesser of:

    The difference between 20%† of the previous week’s gross profits and the total charges generated during the week; and
    The difference between 20%† of gross profits and the total charges generated during the lifetime of the account.

Examples

    Example 1
    You have won gross profits of £10,000 since joining Betfair having bet in 800 markets.
    You have paid total charges of £980; all of which has been paid through commission generated.
    You have not been charged any Premium Charges to date although you have fully used up your allowance of £1,000.
    During the previous week you won £500 and paid total charges of £80.
    You are therefore charged £20 in Premium Charges ((£500 x 20%) - £80 = £20).

    Example 2 - Charge Allowance
    You have won gross profits of £10,000 since joining Betfair having bet in 320 markets.
    You have generated £1,050 in commission and paid no Premium Charge to date.
    During the previous week you won £500 and paid total charges of £50.
    In the absence of a charge allowance you would have been charged Premium Charges of £50 ((£500 x 20%) - £50 = £50).
    However, the £50 is offset against the £1,000 charge allowance meaning that no additional Premium Charge is paid.
    You then carry over the balance of your charge allowance (£950) to offset against potential future Premium Charges.

    Example 3 – Excluding ‘big’ wins
    You have won gross profits of £8,000 since joining Betfair having bet in 500 markets.
    You have paid total charges of £1,025, all of which has been paid through commission generated.
    During the previous week you won £5,000 from a single market and paid total charges of £125.
    As the win constitutes more than 50% of your total gross profits since joining Betfair, it is excluded for the purposes of calculating the Premium Charge.
    However, the commission generated on the win does contribute towards total charges paid.
    After the win is removed you have gross profits of £3,000 and total charges of £1,025 and therefore incur no additional Premium Charge.

†Premium Charges at higher rates

Higher rates of Premium Charge will apply to the very small number of customers (less than 0.1%) that satisfy the following conditions over the lifetime of their account:

    Lifetime net profits*** exceed £250,000
    Commission generated less than 40% of lifetime gross profits
    Bet in more than 1,000 markets

The Premium Charge rate applied to each customer that satisfies these conditions is dependent on their lifetime commission generated to gross profits ratio. The exact rate will be determined by the following table:
Lifetime commission generated to gross profits ratio     Applicable Premium Charge Rate
< 5%     60%
5% - 10%     50%
10%+     40%

Please note that any single market win that constitutes more than 50% of your lifetime gross profits will be excluded from all calculations.

If you satisfy the conditions set out above on 20th June 2011, your lifetime commission generated to gross profits ratio on that date will be used to determine the Premium Charge rate that will be applied to your betting thereafter. If you first satisfy the conditions above after 20th June 2011, your Premium Charge rate will be determined based on your lifetime commission generated to gross profits ratio at that time.

The amount of Premium Charge incurred by each customer will be calculated in exactly the same way as the standard Premium Charge with the exception that the standard 20% rate will be replaced with increased rate applicable to the individual in each case.

For the purposes of introducing a change to the Premium Charge rate that applies to your betting, we will assume that you have always incurred the Premium Charge at the prevailing rate. For example, if the Premium Charge rate applicable to your betting increases from 20% to 40%, we will assume that you have always paid Premium Charges at 40%. However, as explained in the “Calculating Potential Charges” section above, this also means that for some customers, some or all of the £1,000 allowance against the charge will have been used in order to offset hypothetical charges paid. Assuming hypothetical charges had been paid prior to introduction of the charge has the effect of reducing the amount that customers would typically incur.

It is possible that your lifetime commission generated to gross profits ratio will change to the extent that your applicable Premium Charge rate will require adjustment. Should your rate change, we will recalculate as if you had always incurred the Premium Charge at the new rate. If your rate has decreased (eg if your lifetime commission generated to gross profits ratio increases from 4.9% to 5.1% - moving you from a 60% rate to 50% rate), the Premium Charges you ‘overpaid’ when being charged the higher rate previously will be used to offset future Premium Charges. If your rate has increased, Betfair will notify you directly and give you at least two weeks’ notice before the increased rate takes effect. You are entitled to seek review of your Premium Charge rate at any time.

***By ‘net profits’ we mean the amounts won less the amounts lost, on all Betfair markets, less all commission paid and Premium Charges debited.

who wants to wait a week to get his winnings in his bank account

So these ITV viewers are just as successful as the people on this thread whereby they would all pay the Premium Charge.

Mouse,nobody who bets outside Betfair will need to know about Premium Charges,totally irrelevant to Micky-mouse punters,no need for an explanation.
Even on here,unlikely it affects 1% of us.

The key message ITV should be getting across then is:

YOU ARE NOT ALLOWED TO WIN