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Gambling losses could be capped at £100 a month to combat addiction
Gambling losses could be capped at £100 a month to combat addiction
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Replies: 231
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and more importantly, sfbtw, they couldn't care less about them.
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Yes. And net winners aren't exactly going to have the bookmakers going in to bat for them either.
Betfair's attitude will be interesting. Net winners are the long-term bane of exchanges. It's the losers who pay the commission*, and net winners take away that source of money. ______ *£100 is matched at 2.0. The loser pays Betfair £100. Betfair give the winner £98. It's the loser from whom Betfair pocket the £2 commission. Not the winner. The winner never sees it. Hence Betfair need long-term losers. They don't want long-term winners emptying the losers' pockets instead. That's Betfair's job. |
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If anyone followed the saga of amaya/pstars would know that they have effectively waged a war against winning players for years - that same amaya merged with flutter (betfair) earlier this year.
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Screaming that wrong.
Forget the middle man for a second. You have a bet at evens with a friend on who can jump furthest. You bet 100 pounds each The winner gets the losers 100 pounds In the came of the exchange the middle man takes the 2 pounds off the winner since the agreed matched bet between 2 parties is at evens Otherwise the trading standards would be involved since the matched bet was agreed at a price between 2 people and they didnt get what they agreed on |
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If, (and I don't believe it would ever happen) that law was ever passed the next logical thing would be to limit the amount spent on Food,Energy,Cars etc. so where would it stop?
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Dusty: that may be the legal interpretation. But from the point of view of Betfair's profits and cashflow, the commission comes from the loser. The winner never sees that £2. He's not the one who hands it over. The loser does. Without the loser, there's no profit for Betfair.
And with a small number of consistent winners cleaning out a large number of consistent losers, Betfair eventually ends up with no one to pay that commission. |
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big aitch • November 6, 2020 2:26 PM GMT
If, (and I don't believe it would ever happen) that law was ever passed the next logical thing would be to limit the amount spent on Food,Energy,Cars etc. so where would it stop? Although I agree with your sentiment, a law isn't necessary, the GC simply says that it has to be done. |
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Yes its the way BF say it happens, it isnt the case though.
Its another contrivance just like PC just to artificially create an argument that justifies their position With regard winners. Without winners bf wouldnt take 40-60% of their profit. Theyd take a poxy 2% over ages because bf leverage nothing in the markets and all youd have would be loser v loser with viable wins passing between the two. Not to mention the fact bets would go unmatched as the eco system would reduce meaning fewer and fewer people to match all differing opinions of outcomes. Losers could take the place of winners, but they'd be 1 less person betting, Its a scenario I dont believe BF either hadnt thought of or cared about given the sort termist approach taking maximum profit incase the exchange didnt last much longer. The effect is that 'new money' costs increasingly more to attract as more has to be spent to convince new entrants to have a go, when the rules that kill asperation are clear for all to see. Therefore the longer PC is around the more cynical the user becomes and decides not to bother. |
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Now i have no idea how much it costa the average player to play bingo both in bingo halls or local members clubs but the winners / those in profit are rarer than rocking horse dung and limiting members loses and their capacity to play would surely be the end of both
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A punter on 2% commission per market pays Betfair way more than a PC payer on 60% of profits on all markets.
A punter betting £10,000 a week who breaks even on his bets will pay an average of £100 a week in commission, and end up £100 down in his p&l. That's £5,200 paid in commission in a year, despite not making a penny profit. |
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^ While this is correct, there is a specific value from certain liquidity providers to betfair - if the markets close in on 100% that is a value advantage for losing punters compared to competitors. Unfortunately, betfair don't seem to market this USP, so you have to wonder whether they actually understand their business.
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But if someone has bet 520k in a year and has paid 5.2k commission that sounds like good value to me. In the bookies tax days if you had paid tax-on you would have done 52k in tax.
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^That couldn't be more irrelevant
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Immaterial isnt it, since PC takes almost half of all profits of a PC payer irrespective of the amount of churn they make themselves.
PC is a captial grab at it's most efficient. Money doesn't have to swill around from loser to loser, it all gets gathered up by the % winners and betfair take it away. |
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As a rule, as a matter of interest, I never get communications from Betfair. I've always been left to my own devices. The days of chatting to account managers stopped many years ago.
However, I've lost in excess of 10k in the last fortnight. Out of the blue I've just received an email from Betfair concerned about my recent activity and explaining the functions available within Betfair to protect me from my own worst inclinations. |
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I got one of those last year - I was running super hot till the end of may - then a complete shocker for the next three months - if only they'd sent me an email in june - "you've done well, cash out and take a break"
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I thought it must be a new device, given the current concerns re limits.
I cant believe I haven't done my bollox sufficiently to merit one before!!! |
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The superior exchange would be checked for back doors
   before it got off the ground and would willingly be subjected to regular independent audits(no way). You wouldn't be storing your bankroll in btc, so you would not be affected by market volatility.(yes you wud.unless you withdrew \cashed out every hr\day.)I'm guessing you havnt heard of all the sites that's too taught they were secure. 100millions puff\gone. Too many to count. Add in the exit scams. As someone who knows this space well. You would need to TOTALLY INSANE to trust the dark web\gambling . anyways it's a non runner . Go try gamble there now ,there's loads of places,,see what happens lol. |
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Forgot to add there's no other payment method on the dark web ,bar coins.
Hence u wud be subject to swings\on coins. What ur suggesting is madness, and will never happen lawfully,cannot be regulated. |
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to understand the scale of darknet gambling, consider that police in China shut down a $1.5 billion gambling ring during the 2018 World Cup. That’s an insane amount of money, by anyone’s standards. Authorities claim this was a scam, so it’s probably a good thing that the police found it and shut it down.
How Gambling On the Dark Web Is Done Like most financial transactions on the dark web, gambling there is done using cryptocurrencies like Bitcoin, Bitcoin Cash, Ethereum, and Litecoin. As many people on the dark web are concerned with privacy, many people also transact in privacy-coins like Monero and Verge. The idea here is similar to many other cryptocurrency casinos – players buy the cryptocurrency at an exchange and send it to either to the wallet address of the gambling site or their own wallet address within the site, depending on how things are set up. After the accounts have been funded, dark web gambling sites operate just like any other. Bettors can wager on slots, roulette, blackjack, sports events, and play in poker tournaments, just like they would at a regular gambling site. Except for one problem… Most Dark Web Gambling Sites Are Scams Fixed Match As the story linked to above should highlight, there are massive scams going on all over the dark web. Unfortunately, gambling scams are included, and many players have fallen victim to them. Here are some of the most common: Ponzi Schemes – Sites use the deposits of new players to pay out older players. These sites eventually collapse when too many people try to cash out at once or when the owners decide to run with the money. Deposit Scams – These sites don’t even bother to pay out. They bank on getting a few dozen players to make sizable deposits through incentives such as larger than life deposit match offers. Of course, the bonuses never materialize, and players find their account locked after depositing. Fixed Games – These games are impossible to win. It’s obvious that no legit casino software provider is going to work with a darknet gambling site. You won’t find Playtech or NetEnt providing games at these sites, and any claims to the contrary are lies. If you do see these games on the darknet, they’re likely pirated and will be ****. Fake Syndicates – Humans love easy money, and scammers know that. There are lots of fake syndicates claiming to have fixed bet tips and insider knowledge. You’ll have to pay to find out, though. It’s almost a certainty you’re going to lose money this way. As you can see, the gambling scams on the dark web are similar to the ones on the regular internet. It’s just so much easier for scammers to get away with it on the dark web because it’s difficult to track transactions, there’s no regulated process for starting a dark web site such as a central domain registrar, and sites move from server to server to avoid detection. These scam sites also reveal the dark side of cryptocurrencies. While it’s awesome to be able to gamble online anonymously, cryptos can be a double-edged sword in this regard. After all, if you deposit crypto at a scam site on the dark web, you can’t exactly call the cops. They might wonder what you were doing on the dark web in the first place, and they likely won’t be able to do much to help you unless the scam is big enough to get the attention of national authorities. Scam Insight – The Insider Tips Scam There’s a clever trick which dark web gambling scammers often employ to gain your confidence and lure you into fake syndicates and these ‘insider tip’ scams. They’ll ask you to sign up with your e-mail address, and when 100 or so people have signed up, they’ll e-mail 50 with one result and 50 with another. They’ll then discard the e-mail addresses which received the losing bets and divide the other 50 again. They’ll e-mail 25 with one result and 25 with another. They might even do this a third time, by which stage the dozen or so remaining addresses which have received three winning tips in a row for free and are super excited and are convinced the tipster has inside information on fixed matches. This is when the money request comes in. To continue receiving the insider tips, you’ll have to pay 1 BTC or sometimes even more. If they get even half of those people to pay up, they’re in the money. You can just imagine how big these scams can get where they start with 1,000 or more e-mail addresses! My Verdict On Dark Web Gambling – Curiosity Killed the Cat Humans are curious creatures, and there’s just nothing we can do about that. In fact, that’s why so many of us are fascinated with things like the dark web. We can’t help but be interested in the ‘forbidden’ and ‘secret’ things in life. Yet, when it comes to gambling on the deep web, my advice is the opposite of what Nike say: Just don’t do it! The chances of you getting burned here are sky high. The darknet is jam-packed full of criminals and scammers of every persuasion. Even if a gambling site does offer real services, you’re taking unnecessary risks when there are so many legit online gambling sites on the ‘surface’ web. If you’re trying to avoid pesky regulations, consider sites which accept players from restricted countries like the USA. If you’re trying to play from a country where gambling is outright illegal, you’re exactly the kind of person scammers want to rip off – they know you can’t report them when you were doing something illegal. My advice is simple – do not gamble on the dark web under any circumstances There are so many reasons not to, and I can’t think of a single reason to do so. That’s my two cents, though. I’ve poked around on the dark web enough to know that there’s nothing good down there. It’s OK to take a look if curiosity gets the better of you (provided it’s not illegal in your country), but be extremely careful and whatever you do, don’t bite any red apples you come across no matter how shiny – because they’re likely loaded with poison. |
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Interesting shiny
Any dumb rules like this will create a thriving black market which will fund criminals, terrorists and people smugglers |
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So some report states they know what people's disposable income is. And gamblers are spending all of it, and a ' stop ' will be placed on it.
Utter, unworkable nonsense. |
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It's akin to walking into a pub and being told, sorry you can only afford one pint..
Or being refused a packet of cigarettes, because it's a waste of money. How about Sky packages, the mobile phone you've got, the branded trainers ( are they necessary ) , what car are you driving, and is the house too big for your needs ? Utter bullshit. |
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I once had about £40,000 coming if my team won the league so laid off on here how would that work out ?
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If it got off the ground, an exit scam would be akin to killing the golden goose.
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Hundreds if not thousands of not millions of geese DEAD.I
They're killed on a daily basis.lol. Bite the SHINY apple, ull soon be poisioned. You have been warned. |
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On a brighter note Bitcoin up 6k.
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Leading people to this richie is akin to mugging old folk,scamming them out of there lives saving.
We take no prisoners We give no mercy We are wrath. |
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That put a stop too your ballox.
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