U.S. Horse Racing
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A few more weeks and I wont be around any longer after receiving this today.
Dear Rob,
From 18th July 2011 Betfair will be making some changes to the Premium Charge which may affect you directly.
Full details of the changes can now be found on the Betfair Charges page under the About Us section of the website but the changes can be summarised as follows:
Customers will be subject to Premium Charges at higher rates if they satisfy all of the following conditions:
Lifetime net profits (gross profits less commission paid and Premium charges debited) exceed £250,000
Lifetime commission generated less than 40% of lifetime gross profits
Bet in more than 1,000 markets
As of 20th June 2011 your exchange betting activity satisfies the criteria set out above. In order to view the Premium Charge rate that will apply to your future betting as well as the calculation that determines your rate and the date from which the rate becomes effective, we have developed a secure online portal. The portal can be accessed at terms.betfair.com by logging in with your Betfair username and password.
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 is now set at 40%, we will assume that you have always paid Premium Charges at 40%. This will ensure that you are considered to have generated total charges equal to at least 40% of lifetime gross profits at the point that the new rate becomes effective.
For more information, please visit an FAQ section on our forum. We hope the information provided will outline why we are making these changes and how they will be implemented in practice.
Alternatively, if you have any additional questions about the changes we are making that are not covered in the FAQs then please contact your account manager or email premiumcharge@betfair.com.
Yours sincerely,
Betfair Pricing
Dear Rob,
From 18th July 2011 Betfair will be making some changes to the Premium Charge which may affect you directly.
Full details of the changes can now be found on the Betfair Charges page under the About Us section of the website but the changes can be summarised as follows:
Customers will be subject to Premium Charges at higher rates if they satisfy all of the following conditions:
Lifetime net profits (gross profits less commission paid and Premium charges debited) exceed £250,000
Lifetime commission generated less than 40% of lifetime gross profits
Bet in more than 1,000 markets
As of 20th June 2011 your exchange betting activity satisfies the criteria set out above. In order to view the Premium Charge rate that will apply to your future betting as well as the calculation that determines your rate and the date from which the rate becomes effective, we have developed a secure online portal. The portal can be accessed at terms.betfair.com by logging in with your Betfair username and password.
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 is now set at 40%, we will assume that you have always paid Premium Charges at 40%. This will ensure that you are considered to have generated total charges equal to at least 40% of lifetime gross profits at the point that the new rate becomes effective.
For more information, please visit an FAQ section on our forum. We hope the information provided will outline why we are making these changes and how they will be implemented in practice.
Alternatively, if you have any additional questions about the changes we are making that are not covered in the FAQs then please contact your account manager or email premiumcharge@betfair.com.
Yours sincerely,
Betfair Pricing
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Replies: 95
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20% is a bit irritating, but 40% to 60% is going to be pretty much unworkable. Personally I've got a bit of time before I reach the £250K mark... However, this doesn't bode well for long term trading. If you have ambitions to do well on exchange betting, Betfair doesn't want your business. Great!
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And God only knows what's going to happen to the liquidity around here if a few of the higher rollers jack it in. It was poor enough on US Horse Racing already. Sadly, BetDuck don't even do the US stuff.
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What a terrible way to start the day , this really is taking the p1ss
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Anyone who bets and is on this new PC would be much better off betting on tote. It remains to be seen what will this do to the liquidity on US reacing.
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*racing
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anyone smart enough on here to have been able to accumulate profits of over £250,000 but NOT smart enough to figure out a way to get around paying the extra charges deserve what they get
I'm not suggesting anything, strictly hypothetical of course... ******* gives the finger to the BF police ******** |
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that is the big piss it sad i know MAYDAY
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LIKE BETTING FROMTIME TO TIME BIG UH AND IT 40 TO 60 FUC K OFF
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someone winning that much will end up making their own web site and taking everyone else with them .........for example, purple doing a good job and it wont be long till betfair will have to charge 100% to stay afloat!
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Someone winning £250k over 11-12 years isnt much above minimum wage when you take out expenses so its unlikely they'd be setting up a rival exchange.
I think some people have a misconception when it comes to amounts won and think that someone who has over £250k lifetime profits has that amount under their mattress or something. If people do this for a living, you still have to live and pay bills just like anyone else. Ive enjoyed it while it lasted but nothing lasts forever as they say so time to move on. |
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BLUENOSE IS RIGHT
HOW can we bet on the footy on even money they have lost it asking for 40 to 60 cut it all i cant think at all |
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Time to sharpen up the Tote skills again fella's. I made a go of it for years on there.
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it no brainer like i say ONLY 0.71 MAKE 15K a year in 2003 to 04 wtf they playing at
GREED I AM HAPPY with 5% for all |
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This 250k lifetime is a joke. As Rob states over a 10 yr period that aint much to live on. 250k should be capped yearly but not over a lifetime. They need to change their rules.
the canadian - also makes a good point. There is ways around this. |
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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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I still don't get all the moaning on here about the new PC
this is not too unlike price distortions due to runners left in the market TAKE ADVANTAGE, don't complain because NO ONE CARES same with this THERE ARE WAYS AROUND THIS, protect your money, don't hand it over it's not about being crooked or dishonest or not wanting to abide by the rules IT'S ABOUT SURVIVAL |
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it is hard on 24%ish let along on 40 to 60
it getting more like watching wallpaper dry out a bit more and those penny bots killing the markets the end is high  |
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bullsh1t
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I'm starting to warm to you TC the more I read.
How we react to change is ultimately serves us. When b/f was floated this was always coming. |
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ultimately what serves ^^^
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well said Dave
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thecanadian, so you are saying the only way around this charge is by cheating. I always knew you were a childish moron but now i know you are a dishonest childish moron. One can only hope you get caught & get the lifetime ban from BF you deserve.
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Has he mentioned cheating and dishonesty as such??
Besides, I'm not sure cheating or dishonesty would be out of place after the shabby way in which BF have been treating their customers of late - they've even been bragging to the shareholders that the new strategy for Betfair will involve taking a much larger share of the money away from its customers. Many of the people **** about to get trounced by the new rules are the same ones who pumped up the liquidity in the first place. Without their help, Betfair would have found it very hard to thrive. Now that Betfair apparently no longer needs those people (their judgement may be lacking there), they feel they can shaft them with an eye-wateringly high price increase. Betfair are only doing this because they think the customers can't go anywhere else or do anything to avoid the charges. The former may well be true, but the latter bit is more questionable. If people start cheating in order to get round the new charges, it'll be a situation of Betfair's own making. Perhaps you need to grow up yourself Kye, because whatever side Betfair are on, it definitely isn't going to be yours. |
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The charges will affect everyone eventually no matter what you think now as ultimately when the bigger players/market makers no longer play betfair will have their wish to act as bookmaker. On the US racing when you now see 105% to back with little liquidity, down the line you will be looking at 120% with even less.
As LordBobbin says if you've been around a long time and helped the site thrive you are going to get fcuked harder than someone whos been here 5 minutes. I will try bet daq for a few weeks and then give up if that dont work out. |
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Kye, I am wondering, is posting epic rubbish on these forums an Australian malady, or is it hopefully contained to a few simpletons like yourself and MrBean?
The Canadian went out of his way to say "I'm not suggesting you cheat" but also emphasized that this is about "survival". So the ad hominem insults and you wishful thinking wet dream of a lifetime ban expose your true intentions. The Canadian as usual is right but again as usual he ends up getting abuse over it. There are ways, all within the bounds of fair play and working within Betfair's terms and conditions, of fulfilling PC status requirements without actually paying the surcharge. Those who continue to deny it, or remain ignorant of the options, or can't figure out how to do that on their own are either punters who consistently lose and don't care about PC charges or too stupid. Kye, I have a good sense you belong in both of those groups. |
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Off topic but I think relevant to the discussion.
At the height of the financial crisis (fall 2008) I decided to convert my most liquid asset (that's money for the not so financial matters inclined) into property. I understood the BoE's efforts to prop up zombie UK banks would end up debasing the pound through QE. As a result, I bought a second home in the Loire, about 10 minutes from Amboise. It was something we had been thinking about for a while and I thought, given the circumstances, the time had come. We ended with a modest three bdrm place but it offered everything we were looking for, a pool for the hot summers and some great bike trails nearby for my two young daughters to enjoy. You may or may not know this but France is considered "off-shore" for UK residents. Since I found myself spending more time in France than usual, and conducting business in my trips over there, I requested that part of my salary be paid in euros and transferred directly into a Paribas account, commensurate with the time I was spending conducting business over there. My firm obliged. Is this considered cheating on your taxes, or being smart in maximizing the money you get to keep from your paycheck? No laws were broken, it is all legitimate and can withstand scrutiny from audit. How is trying to find ways, within the exchange rules, to minimize what comes out of your account on here any different? It's not. |
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oh melanus you get the fantasing turkey of the year award.
Now you have a house in france???? right?/ How did you do that on a burger flippers wages? You profess to be so smart.You just proved your the biggest dummy of all time. You converted most of your liqid assets into property at the height of the financial AND MISSED THE OVER 50% RISE IN EQUITIES?????? even though your the owner/ceo/head nerd of a " boutique london investment firm" and you endlessly lecture all and sundry on the stockmarket? gives us all a break you pretender. |
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i seems to think the bots are harder and wiser trying to pay the 20%meltdown will have to work even harder now soon be 40% to 60
which push them down and out and that where the betfair bots( 0% free maybe betfair bots) while the rest of us mugs yes 99% loser get stuck in making round and round and v betfair bots all ends up at that mo it 72% WILL EASY GO TO 90% we are gone mayday it makes a good idea to bet some wheres why do we bet on even money to win 2/5 that a shock then again 0.9% wins get hit by 20ish to 26% and that was oh 2 years ago by that time noted a drop in markets and forum chats forum chat was easy 800 to 1000 a day now days it lucky to make 200 oh dear the end is near i will not go back to work 10 years of this maybe overthere will grow i am sad cos i was very loyal and love betfair to my grave i cant work in a job while folks walk over me and cos of my illness |
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all i am saying thank u betfair for changing my life
it sad to think that u got greedy just like ebay |
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They just made it easier for the one guy who is responsible for most of the liquidity on the US racing to make even more money.
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I DONT DO BOTS I DONT DO INRUNING
I LOOK AT FORM AND I WORK HARD AND AM I A HIGN ROLLER NO WAY JUST A BETFAIR SLAVE WHO TRYING TO PAY THE BILLS |
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not at u mate
just at UNFAIR GREED 60% on footy bet my a ss |
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betfair bots at work( 0% free maybe betfair bots) that the game plan 0% v 60% no match
cant speak any more |
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@ MrBean
Thanks for making my point. Have you figured out how money gets created yet? @ chrisblues Your long "vertical" post is almost indecipherable and most certainly....WRONG! |
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noted more when making bets it get cut out not sure who did that happen to u guys
it seems to happen few time s when u want to take |
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What the hell is this guy going on about???
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calm down
this my last post knowing will there attack me ok i win one market it that means i am a winner at footy 2/5 no way dont u get it Menelaus forget it telling me to what all i am saying i am over there betting at 2.5% on footy and betfair have lost out cos they asking for 60% |
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it no brainer
just not betting any more |