Betfair Premium Charges?

[storm70]

Very Confused about BetFair Premium Charges, so just like to know will we be inform before hand by Betfair whether we want to accept being charge the premium charges or cancelled account with Betfair??? Or they will just charge you when you fall into their Premium charges area????Tks

[Stumpage]

Storm, I believe they just go ahead and hit you with the charge. As you probably know, there is a $1,000 Pound buffer zone so that you are not charged on that amount, even if you are in Premium Charge territory. I'm halfway through that grace amount, and rapidly using up the rest, at which point I guess I'm paying 20%. Guess it could be avoided by closing the account, but that's not an option in my case.

[Dunder]

If you are liable for Premium Charge, you will be advised by email and it will be deducted fom your account on a Wednesday.
You can also see how whether you are going to have to pay here (when logged into betfair)

https://account.betfair.com/regpay-myaccount/premiumcharge/summary.html

If you have exhausted the GBP 1000 allowance and it is the first time that you are liable to pay this charge, they will normally waive it as a one-off.

[storm70]

Tks, Stumpage, Dunder
Do we have to monitor ourselve or any other way ? Because it difficult to monitor the commission

[Stumpage]

Good info Dunder. Nice to know.....

[Dunder]

Tks, Stumpage, Dunder
Do we have to monitor ourselve or any other way ? Because it difficult to monitor the commission

I am afraid you have to monitor yourself but in the absence of of anything more technical you will become liable to pay it if the "Total Charges" drops below 20%.

[Jaug]

Have betfair ever considered making commision 2% and getting some kind of VIP system that actually gives benifits? I can promise you that betfair won't have any customers in 10 years time with their current 5% commission.

[Dunder]

Have betfair ever considered making commision 2% and getting some kind of VIP system that actually gives benifits? I can promise you that betfair won't have any customers in 10 years time with their current 5% commission.

You can get down to 2 percent, Jaug but you have to do huge volumes to do so.
Most of the traders that I communicate with fall into the 2-3pct bracket and they are matching GBP 5-10 million per month.

For a regular bettor betting say GBP 10k per month, they would have a points balance of around 35,000 meaning a commission rate of 3.4%.

[Toit]

Have betfair ever considered making commision 2% and getting some kind of VIP system that actually gives benifits? I can promise you that betfair won't have any customers in 10 years time with their current 5% commission.

Betdaq offered 2% for a while and still do on Asian Handicaps.
(You can still get it for about 3 months if you ask nicely).

I can't see any exchange wiping out Betfair, unless they think of more draconian rules to alienate their winning customers.

[phans3]

You can get down to 2 percent, Jaug but you have to do huge volumes to do so.
Most of the traders that I communicate with fall into the 2-3pct bracket and they are matching GBP 5-10 million per month.

For a regular bettor betting say GBP 10k per month, they would have a points balance of around 35,000 meaning a commission rate of 3.4%.

sorry that i bump this thread but just a question for u dunder...
the people u know which are matching about 5-10 million every month... are they just laying a lot and make the profit via the reduced commission or own they all there own sportsbooks and just arb via betfair?