Originally Posted by
Justin7
Yes. Basically, if you are a winning player and don't pay "enough" in commissions, they want you to pay more.
From Betfair, here are the requirements for a premium charge assessment:
Premium Charge Summary
You will only be considered for the Premium Charge if, over the lifetime of your account, you satisfy the following criteria:
Your account is in profit;
Your total charges generated are less than 20% of gross profits; and
You bet in more than 250 markets.
Two further conditions reduce the likelihood that you will be required to pay the Premium Charge:
Any single win that constitutes more than 50% of your gross profits over the lifetime of your account will be excluded from the calculation; and
Each customer will have a lifetime allowance of Ģ1,000 against the Premium Charge.
Each week the customers who meet all the conditions set out above will be charged the lesser of:
The difference between 20% of the previous weeks gross profits and the total charges generated during the week; and
The difference between 20% of gross profits and the total charges generated during the lifetime of the account.
All the players I know paying these premium charges are punters, not traders.
Hareeba, in your lifetime, how much have you won from Betfair? And how much have you paid in commissions?