Betfair customers brace themselves for new 60% premium charge!

[scratchtrader]

Just read that, now i am along way of hitting the £250,000 or indeed exceeding, but the lad don't recall his name who had the blog "£1000 to £300000" in a year or what ever it was, who reached and surpassed that figure within 10 months would have been stung..if it was infact true..

In the "announcement" it states
"We hope the information provided will outline why we are making these changes and how they will be implemented in practice"

Yeah your a bunch of greedy Fu$$ers

" Bet in more than 1,000 markets"
So if you do 600 races a year, 100 soccer, 100 tennis, 199 dogs this is 999 you will miss out paying upto 60% PC??

On twitter there is a tweet calling for the boycott of Betfair on the 18th July, i have no plans that day so it may be a watch, look and learn one, think its a monday so will be at work

I'm sure its says you have to satisfy all three requirements and I haven't made my first £1/4 million yet so should be ok for a while

[pesi]

I remember the scenes in the BF forum some years ago when Betfair created the original PC. A lot of so called "respected" forum members predicted that Betfair would collapses soon because all the big hitters who provide liquidity and are the soul of Betfair will go to Betdaq and Betfair will quickly die. Then many people watched carefully the liquidity of Betfair and Betdaq markets to prove the prediction.

We all know how the story has ended. All these respected forum members were rendered as complete idiots who do not understand the business of Betfair. The PC has nothing changed and Betdaq was never a serious threat to Betfair.

I do not see the relevance oft he new PC for the majority of users. People who complain and do not qualify wasting simply their time and should use it to improve their betting. 250.000 will be a dream for almost every user and then you have still see how the PC is calculated. In the old system you could avoid to pay 20%.

[ron]

I'm sure its says you have to satisfy all three requirements and I haven't made my first £1/4 million yet so should be ok for a while

Just re read your right, however the goalposts are easily moved when it suits them.

[ron]

Just read this on the Betfair forum, lots of stuff on there but this caught my eye as we all Dream the Dream or did when we Joined Betfair.. sorry obviously the guys Caps locks button is broken/stuck Tis not me !

"YOU PROMISED ME IF I BET WITH YOU ,YOU WOULD TAKE A 5% COMISSION FROM MY BET AGAINST ANOTHER LIKE MINDED PUNTER,YOU ALSO SAID THE MORE I BET THE LESS COMISSION I WOULD PAY ,I HAVE ALWAYS BEEN A DREAMER AND THOUGHT ONE DAY IF I TRIED AND TRIED AND TRIED ONE DAY I MIGHT BECOME A LARGE WINNER ,YOU THEN TOLD ME A FEW YEARS LATER IF I WAS A BIG WINNER YOU WOULD TAKE 20 % OFF ME ,I WAS STILL LOOSEING,NOW YOU SAY IF I WANT TO BE A BIG WINNER YOU WILL TAKE 40 -60 % OFF ME AND IM STILL LOOSEING

YOUVE NOT EVEN LET ME WIN BEFORE YOU THREATEN TO TAX ME 40 -60 % IF I DO BECOME A BIG WINNER"

I THOUGHT YOU WAS MY FRIEND ,AND I DONT THINK YOU ARE ,

[Caan Berry]

What a bloody joke... going FT next month.... looks like its gonna be shorter term thing than i was hoping.

[gosusager]

Mr geek... have u ever thought of making a geek toy that works in betdaq? i think its a good time to start making more competition in this business.. betfair monopoly must have a limit u could make the diference with a software that worked there on betdaq

[trinityman]

I don't make steady profits yet and whe I do I will be surprised if they reach these figures, that said thi destroys the dream and takes away the motivation to persist in trying.

First the came for the premium charge payer,
And I didn't speak out because I wasn't a premium charge payer........

[raqueta]

Just opened today an account in betdaq and... 400k was matched in a tennis match. And in the others, enough money to trade without problems and same odds (and sometimes better) than betfair... Maybe is because is Wimbledon, but looked pretty good

[Charles49]

Storm in a teacup imho. Will only affect one in a thousand betfairians and as I didnt get the BF letter its business as usual for me and I suspect 99.99% of others on here.
Still I dont understand fully the rationale of why they have introduced what I see is a Super Profits tax as it would appear to be counter productive to their business.
Perhaps there are Corporate Bookies out there and in the case of Australia TABs that are laying at reduced odds and then backing back the overload on BF at a higher price to ensure a trading profit...... something akin to arbitrage.

[The Geek]

I think history tells us why this is a smidegn more than a storm in a teacup.

http://www.geekstoy.com/forum/showpost.php?p=58158&postcount=13

[NeroXX]

Surely once 250K hit just close it, set up a new account in your spouse/mum/dad/brother/sister/friends name and continue until you've run out of people?!

[Insibibious]

Geek, you need to spearhead a revolution by making your toy compatible with Daq. For those potential PC payers who move over from betunfair, you can insist on considerable contributions to charity on a weekly basis!

[Leonthefixer]

Storm in a teacup imho. Will only affect one in a thousand betfairians and as I didnt get the BF letter its business as usual for me and I suspect 99.99% of others on here.

As I posted on another forum:

It will not only affect big hitters I believe.

You don't have to be making a fortune to be caught by this charge, say you have made £100,000 so far and make £50,000 a year net, you have 3 years left then you best find something else to do.

So if you make £50,000 which is decent money but far from being a big hitter and not exactly crazy money in the grand scheme of things you would have to think. Do I carry this on for 3 more years and then stop or do I go and get a job now that pays say £30,000.

The job has no risk to your own money, social benefits, regular income etc and a future.

Or do you carry on making your £50,000 and be yet more unemployable in three years.

Or what about the guy starting out who wanted to trade for a living, £250,000 is hardly a lifetimes income so why even bother starting unless you want to do it as a hobby or as a supplement to your regular income.

Giving £100,000 a year would have been acceptable, but not £250,000 a lifetime, that is less than £25,000 a year for how long Betfair have been around which is very little given the risks people have taken.

Take a big hitter who can make £1,000,000 a year on Betfair, they now get to keep £400,000 which is very nice still but is it worth their efforts they can possibly make the equivalent elsewhere with less effort one might assume. Or may not even be worth their time now.

Now take the more realistic/achievable guy who make £100,000 a year, they now get to keep £40,000. Is that worth it, no not at all, there are much easier ways of making £40,000 a year.

So how many people do we have on here who was up until today looking to make trading their future who now thinks the charge doesn't affect them.

I know I wouldn't have put in all the effort I have with a carrot of £250,000 and then 40% of what I make each year there after dangling in front of me.

Unless I figure something out it is pastures new for me as I am nearer the £100,000 guy than the £1,000,000 guy - perhaps it will turn out great and I will be thanking Betfair

[Leonthefixer]

Also there is this point I made:

Secondly don't assume liquidity will drop, have we seen anywhere that Betfair have stated that they will not move in to replace these people, mainly traders. They have constantly said they do not actively trade their markets bar the multiples but have always made sure as to never rule out such a move - there is a about to be a very profitable path being opened up over the next few years as such players depart for pastures new and Betfair are in a great position to capitalise on this if they so wished as they haven't priced themselves out of the market just others. Who is for another bite of the cake?

And then where does this end..... to quote an edited phrase if it looks like a traditional bookmaker, quacks like a traditional bookmaker it probably is a traditional bookmaker.

[Rondetto]

Am I reading this right?

2000 pts at 2.5 or 6/4 = 3000 pts profit less 60% = 1200 pts net

So your 2.5 becomes 1.6?

Are they stone bonking mad?

I thought the idea of Betfair was to get away from the High Street bookies of the world who will close your account the second you start making decent profits?

And the other 2 points of the criteria are a joke? 1000 markets? Anyone who lays horses dailly would do that in 2 months.

Isn't Commision generated bound to be less than 40% of your gross profit if you make 250,000 quid within a year or two ?

Although it is most likely not the case it comes across to a layman like myself that Betfair don't want winning punters anymore than their rivals on the high street, but I suspect this is aimed at bookies abusing the exchanges and if you are just a normal punter who happens to do exceptionally well then you are going to get caught up in the crossfire.

I hope it happens to me and I'm forced to move to Betdaq