07.01.2007 (11:28 PM CST)
TradeSports (SBR rating C+) now telling players the new 4% profit tax fee will be applied retroactively. Multiple players have complained that they priced events based on the previous fee structure and to change the fee on established contracts would essentially change their wager after it was placed. Tradesports users complained about similar actions by the exchange in November of last year.
Player: It keeps getting worse. First they were saying that the new fees would apply to newly listed contracts after the effective date. Then they said that trading out of a previous position at a profit would incur the new fees, but that letting an old position expire would only incur the fee in effect at the time the position was taken.
Now they are saying that all expirations and closing trades, no matter when the position was taken, will incur the 4% fee. Even the slimiest of sportsbooks out there tend not to change rules, fees and payouts retroactively. Can you please try to reason with TradeSports to stop this insanity? Their fee change could be a good thing, but casually reducing the value of existing positions is outright theft.
TradeSports (SBR rating C+) now telling players the new 4% profit tax fee will be applied retroactively. Multiple players have complained that they priced events based on the previous fee structure and to change the fee on established contracts would essentially change their wager after it was placed. Tradesports users complained about similar actions by the exchange in November of last year.
Player: It keeps getting worse. First they were saying that the new fees would apply to newly listed contracts after the effective date. Then they said that trading out of a previous position at a profit would incur the new fees, but that letting an old position expire would only incur the fee in effect at the time the position was taken.
Now they are saying that all expirations and closing trades, no matter when the position was taken, will incur the 4% fee. Even the slimiest of sportsbooks out there tend not to change rules, fees and payouts retroactively. Can you please try to reason with TradeSports to stop this insanity? Their fee change could be a good thing, but casually reducing the value of existing positions is outright theft.
Just reporting that TS has modified this:
Thursday, Jul 5, 2007
Members who held positions in a Market when our new fee structure was introduced on July 27th, 2007, will have their expiry fees reviewed once the Market has been fully expired.
If the fee due under the new 4% commission fee structure exceeds the fee that would have been charged under the old system of trading and expiry fees then a refund of the difference will be provided.
This applies only to positions held at the time the new fee structure was introduced.
A refund will be provided only for fees levied on the expiry profit from a position. If you trade in and out of a position for a profit before expiry you will be charged the 4% commission on that profit and will not be eligible for a refund.
The fees will be reviewed once all contracts in the Market have been expired. For example, fees charged on positions for the winner of the Super Bowl will be reviewed once the final two contracts in this group have been expired after the Super Bowl has been played.
If you have any questions regarding this please contact the Exchange at help@tradesports.com.
Members who held positions in a Market when our new fee structure was introduced on July 27th, 2007, will have their expiry fees reviewed once the Market has been fully expired.
If the fee due under the new 4% commission fee structure exceeds the fee that would have been charged under the old system of trading and expiry fees then a refund of the difference will be provided.
This applies only to positions held at the time the new fee structure was introduced.
A refund will be provided only for fees levied on the expiry profit from a position. If you trade in and out of a position for a profit before expiry you will be charged the 4% commission on that profit and will not be eligible for a refund.
The fees will be reviewed once all contracts in the Market have been expired. For example, fees charged on positions for the winner of the Super Bowl will be reviewed once the final two contracts in this group have been expired after the Super Bowl has been played.
If you have any questions regarding this please contact the Exchange at help@tradesports.com.
