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Betfair Premium Charge
Has anyone been charge by Betfair yet?
Ive just paid over £500. No warning about it coming out of my account. I dont have the details about it in My Account. I still dont understand where they come to this figure even though ive got the details and figures in front of me.
Looking at it, it seems they will be taking just under £2,000 out of my account next week. I just simply cant afford to keep paying it with the credit crunch.
Ouch. I didn't get charged but when Betfair announced the implementation of their Premium Charge, I moved straight over to Betdaq for any laying I wanted to do and they gave me 2% commission which is half the commission I was on at Betfair after over a year's usage.
As an aside, I've hardly used Betfair since apart from 2 offers they sent me, one for a no-loss £25 play on some game and another £10 no-loss bet on their exchange. The first £25 they refunded when I lost, but they are now refusing to refund the £10 because even though the funds used for these promotions came solely from debit card payment method, I have previously funded my account with Moneybookers and apparently that means I'm ineligible for any offers they've sent me... why send them specifically for my account then and refund me on previous offers?!
Small issue but not the kind of thing which makes me want to go back to them although I appreciate for heavy users Betdaq may not offer the kinds of liquiidty etc that one may be used to.
By the way, they were meant to contact people who were about to receive the charge, weren't they? Not very good behaviour IMO.
Thanks for your reply.
I think thats what i will have to do. I dont use Betdaq much which is why my commission is still 5%
Its just a kick in the teeth to people who help support them over the years. They claim to have brought in this charge because 0.5% of customers are costing them money. The reason why they are losing money is because they seed the markets themselves but they will never admit that.
In the past 2 years they have:
Got rid of the Asian Handicap 1% commission
Increased the commission for everyone by changing the points to percentage group.
And now they bring this in.
How much more will they screw people before it effects Betfair with people starting to moving away.
If you e-mail notaxes @ betdaq.com with your username then you'll get 2% commission on your account til Dec 31st. Just say you're a disgruntled Betfair customer! Hope that helps.
I asked them several times if they do Proprietary? (in german "Eigenhandel")Originally Posted by citlec
they denied or don´t anwer this.
I´m sure betfair do this. You can see it every day.
Which also means betfair took every surebet into their own pocket.
What a great business.
I guess they earn more money with this than with their commission rate.
I hate them for this very unfair buisiness
they have promised to contact every user personally before a charge is applied, if i were you i would complain.
If you're a trader, can't you think of a system that wins at Betdaq and loses at Betfair?
There's enough liquidity on Betdaq with big soccer matches and Betdaq have changed their tennis rules to one set completed, just like Betfair.
A few big 'losses' a week should help to bring the premium charge down.
I did receive a email from them a few months back saying that i may be one of the 0.5% of people to be charged but ive not had any warning about them taking the funds from my account. They also say that its listed under Betfair Charges in My Account but Betfair Charges is not in there.
Im not going to use them for a few months and ive also cancelled my 2 booked holidays i had with them when i go away so that my commission goes up to a higher percentage.
Betdaq have spoken to me and they have done what you said headgames. They have been very helpful and it seems that alot of people have moved over and putting more money on the site.
Lets hope all the 0.5% customers who are paying this charge move then they will have to think of other ways to make more money from their customers.
Lets hope you don't believe the Betfair propaganda that it's really only 0,5%...
if I would be capable of thinking of a system that wins at Betdaq and loses at Betfair, I for one wouldn't be betting at Betfair at all but that could be me...
I know that everyone and i say everyone that has positive account must comply with the 20% commission of the last 60 weeks or the 20% commission of the last week (if the last is positive).
They say that only 0.5% will have the Premium Charges NOW. The other users is possible to have Premium Charges at the future if they will win at some markets. They only want the money to circle and nobody to win (and take money out of the circle) in order to have the max commission.
Yup - if you win at a decent rate, you'll get premiumed at some point. I think the figure is around 10% RoI in any single week, then you get hit. The higher above that, the more you get clobbered.
They wanted approx $1k from me the other week, on top of the regular commission. I invited them to go **** themselves, and now use betdaq instead.
Question is: what are they trying to achieve with the premium charge? Traders will have consistent RoI of a few % in any single week, and ditto high volume value betters. Those who make a smaller number of bets, and thus have much higher variance, get screwed.
Last edited by HeeeHAWWWW; 12-21-08 at 05:03 PM.
as i can understand, they only want to have all of the accounts at minimum 20% Commission Generated, so that long term they will have the max commission.
either you have losses or win a big amount they level their commission to min 20%...
their customers that do not win a lot or have losses already have 20%+ commission.
the others that win big only had lower then 10%-12% and that's the reason why they announced the Premium Charge and that's the reason they keep saying that '' only 0,5% of the accounts affected "
Last edited by papadsp; 12-21-08 at 05:18 PM.
Driving people away won't help their profits much
Yes, traders will stay, because they won't be hit. Anyone value betting will now look elsewhere as soon as they get hit by the PC, because it destroys the value. Also means you've no idea what price you're betting at in the first place.
ps incidentally it's not 20%, it's 22.5% because of the way they calculate it.
imagine a bookie that took a bet at the odds of 2.00 lets say 200 euro, to tell you after your bet has won that here is your 160 euro return because you also won yesterday!!! or even tell you that you owe me 1200 euro because you won some bets last month!!! what will happen? that's why they keep saying that only 0.5% of the accounts affected. keep sleeping!!!
thats why i wrote 20% Commission Generated, and not 20% commission paied... it's might be and over 22.5%...
It is called thievery. I asked the question over at Therx in the betfair thread and the post was erased and I was banned. So much for these forums helping the players.
Absolutely terrible, being in the US Im not even able to play at that site but I play on a similar site called matchbook and if they are chargin 22.5% commission on wins that is simply highway robbery, I support multiple accounts or w/e you guys gotta do to get around that BS, sounds like betfair is run by a bunch of cocksukers
Basically they are giving themselves a 20% free roll. How anyone would still use them with this charge is amazing to me.
If you are a middler/scalper and happen to have all your winning wagers end up in betfair you could quite possible end up losing all your hard work and profits by getting charged this premium charge.
If someone can explain and take betfairs side on this charge I would love to hear it explained.
Last edited by JELLYBEAN; 12-21-08 at 08:19 PM.
Doesn't even make any sense isn't the whole idea of using exchanges to get a better price than the bookie hell bookies dont charge but a 9% fee on winnings (-110 = 91% of winnings), how can an exchange justify clippin ppl for over 20% of their winnings
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