If any of you guys Stateside use BetFair - be aware that they have increased
their premium charge from 20% on your profit upto at least 40% and upto 60% !
Betfair's share price has been dropping like a stone and this could cause the ass
dropping out of Betfair - as Betdaq - it's main competitor - does not have to do anything as Betdaq charge just 2.5% on your profit !
Problem is the money on markets on Betdaq is about 1/5th to 1/10th smaller than
Betfair - but if more punters migrate - turnover and market liquidity will naturally increase.
This is going to be an interesting economics case study on the perils of the gambling
industry and thinking because people are winning on your web-site - they will be loyal
to you - no matter how hard you f**k them in the ass !
Anyhow, the generic rule is - if you win over £250,000 - you will be charged 40% commission - so if your sisters, brothers, aunties and uncles have separate addresses,
ask them to open a Betfair account - after you are stung once by Betfair - use a new relatives account from zero balance - until betfair stings you again
and then just keep your relatives opening up new accounts and just give them 10%
commission until betfair f**k you in the ass for 40%.
Or just move to Betdaq and hope the liqudity improves due to Betfair's greedy
attitude of killing the golden goose that laid them the egg !
Another in a long list of greedy moves made by incompetent management. They really deserve to fail. The sooner people move to Betdaq the better. Problem is liquidity begets liquidity. Maybe if Betdaq offered liquidity rebates as they do on some financial exchanges that might motivate people (getting paid to offer odds).
Everything combined - if you win £250,000 in your lifetime and yes - these bar stewards are back-dating your success - to LIFETIME - you will have to pay Bet-unfair "taxes" you 40% and a maximum of 60%.
Everyone is jumping ship and going purple to Betdaq.com
Their commission is 2.5% until 30th Sept and not 5% on betfair and they have no commission charge.
if you have betfair shares - SELL, SELL, SELL !
They started at £13 a share and they are now £6.82 a share and they are rated to be worth
£4.50 a share !
Holy crap - Monday morning in London - Stock Market opens and Betfair drop 3.98% of their share price straight off the bat !
These arrogant wankers are getting spanked by their consumers as we are not going to take a 60% tax - so how are they now going to earn money - when they have f'd off everyone !
All aboard the Betfair titantic - they are going down !
are their really that many people that have made so much money, but i agree punishing the big players is wrong, they are the ones also providing liquidity to the market
I'm nowhere near worryiing about earning $250K -- but I'm opening up a Betdaq account in the hopes of maintaing some legitimate competition. Who knows, one day I may need to worry.
Also, if Betfair can get away with this under their near monoply position what else will they try (7% commisions?!?). Competition is always good.
Seems to me that Betfair is killing the goose that lays the golden egg. If anything they should cutting commisions for big winners as they add the most liquidity to their markets. Nothing attracts a crowd like a crowd.
Bet-unfair's new Premium Charge comes into effect on 18th July.
What is unfair, as they are pandering to their City of London shareholders that demand more profit and growth - is that if they said "OK, we agree these charges are steep - so as from 18th July - as an introduction - everyone starts on zero and then when you win 250k Sterling from 18th July - you will then be "taxed" 60% !"
But to go back in history and say - oh, we are now going to punish you for past success and you have no appeal, as we have to lick the City of London's fat cat's asses - that does not breed goodwill with the big punters.
That is why bet-unfair is being shagged roughly in the ass - as we are not going to stand for it.
Simple economics, why be taxed 60% of your profit that just goes back to fat cat shareholders - when Betdaq will only tax you 2.5% until 30th Sept.
So everyone is jumping to Betdaq and on 1st october - i will review my personal situation and just take my money where I want.
At the moment - it is DEATH TO BETFAIR and I hope all the shareholders get royally f'd on the stock market and their share portfolios get f'd as well !
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Betfair increase premium charge upto 60%
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