Betfair's Problems (article link)

[bookie]

A little info on what's going on with BF's management.

Betfair, the embattled betting exchange, has been rocked by a fresh crisis following a wave of middle-management departures. The defections come as the company digests the results of a private poll of staff revealing that employees believe their company lacks direction.

http://www.guardian.co.uk/business/2011/may/22/betfair-crisis-directors-quit-shares-slump

[barcelonafc]

betfairs problem is fukkin greed,

[dealer wins]

betfairs problem is fukkin greed,

Spot on. They keep increasing commission rates and even introduced a "premium charge" which quite frankly stinks. But for me the worst thing they do is cream off the markets with the cross-matching. That one thing epitimises the thinking of Betfair's management. Rotten, greedy, arrogant and frankly dishonest. I cant wait for the day a decent company with fair charges starts to take Betfairs market share, and they go down like a lead balloon.

[Monte]

Indeed, Justin7's Video about BetFair Casino stealing already proofed it.
And the argument of some of the betfair fanboys, Casino has nothing to do with the sportsbook, is lameass weak - it's the same freakin' company..

[the sink]

Spot on. They keep increasing commission rates and even introduced a "premium charge" which quite frankly stinks. But for me the worst thing they do is cream off the markets with the cross-matching. That one thing epitimises the thinking of Betfair's management. Rotten, greedy, arrogant and frankly dishonest. I cant wait for the day a decent company with fair charges starts to take Betfairs market share, and they go down like a lead balloon.

What is cross-matching?

[roanildinho]

they are greedn\y but they wont limit and they will pay u

[barcelonafc]

if live exchange betting was ever allowed in the states i think it would be the end of betfair as someone could setup an exchange and piss on betfair. hope it happens. for me betfair doesnt have the appeal it used to have.

[barcelonafc]

betfair will increase commision rates again soon, i can see it happening.

there attitude is if you dont like it fukk off.

they know the liquidity cant be matched anywere else.

[roanildinho]

it wont go over 5percent man

[barcelonafc]

there was talk of uk punters having to pay tax also just like a job, so it would be commision + tax + the premium charge if you pay it.

the uk government are broke so there was talk of them investigating all winning betfair accounts.

[DitKent]

the "premium charge" is pretty much the equivalent of tax, its basically 20% of your weekly winnings, so everytime i win im not even sure how much i've won, if ive won $100 i automatically look at it that I've won $80 just so it mentally prepares me for the day that they take out their share for the week

[Dr.Gonzo]

I can't work out Betdaq.

They really should drop their commission level and eat into the betfair market.

[barcelonafc]

hopefully matchbook takes off, there tennis markets were very close to betfairs so it's a good idea to punt on matchbook.

i payed premium tax for 1 year before i stopped using betfair. the time my commision and premium tax was taken off i could have made more betting at another book.

[the_situation]

Spot on. They keep increasing commission rates and even introduced a "premium charge" which quite frankly stinks. But for me the worst thing they do is cream off the markets with the cross-matching. That one thing epitimises the thinking of Betfair's management. Rotten, greedy, arrogant and frankly dishonest. I cant wait for the day a decent company with fair charges starts to take Betfairs market share, and they go down like a lead balloon.

Matchbook

[Hareeba!]

the "premium charge" is pretty much the equivalent of tax, its basically 20% of your weekly winnings, so everytime i win im not even sure how much i've won, if ive won $100 i automatically look at it that I've won $80 just so it mentally prepares me for the day that they take out their share for the week

Are you actually subject to the PC ?
I doubt it as what you have posted is grossly misleading as are almost all posts which I've seen on this forum in regard to the PC.
I'm not subject to it, yet I've been paying in excess of 20% commission on my profits for years and despite that Betair's net odds remain more than competitive.

[Sawyer]

Can't imagine a life without Betfair. In-play NBA, Scalping Tennis, Laying Horses..It's offering lots of opportunities which you can't do in a sportsbook. In addition, %2-5 comission is fair in my opinion.

About Premium Charge, if you're a smart trader, you can find "clever" ways to avoid PC.

BF is a must for a serious trader/bettor..specially for a bettor who likes scalping.

[barcelonafc]

i payed the pc by betting not trading, and if id been putting my wagers on say matchbook id have made a fair bit more. not huge wagers so i know i can get matched on matchbook.

its paradise for traders but for straight punters who win its not great.

id rather bet at pinny and matchy myself.

just hope matchy take off as it has the potential to be great,

if it can get prices on all sports the same as tennis and baseball then itll be the dogs doo dahs!!!!

[Monte]

..specially for a bettor who likes scalping.

exactly, and that's the only reason why they get so much love.
Arbers ofc don't care about any other circumstances, but i'd rather make a few less bucks and see this pest go under.
Which might happen, and i would cheer.

[Dr.Gonzo]

You should have heard Betfair cry when NSW racing tried to raise the turnover tax on corporate bookies. I don't support the move but the hypocrisy coming out of the Betfair ministry for propaganda was laughable.

[leon]

I do not think so that bfair will increase commision.I never heard something.

[noyb]

ffs the hypocrisy on this thread is what's laughable

despite all of its flaws (and there are many) betfair offers much much better odds on most, not all, things than any other bookmaker combined. you shouldn't care about anything else, apart from how safe your money is (and it is).
it's roland garros tennis now, only pinnacle comes remotely close to what betfair is offering. did i hear matchbook? they're obv trying by seeding everything themselves (which has nothing to do with being an exchange at all) but prices are simply not as good. other books: good luck getting screwed over on the juice. bf is in a league of their own here.

the PC charge. idiotic tax, but fact is only the very few ever pay it and you have to be extremely profitable to qualify. yet a majority of posters in betfair threads claim they pay it, while not showing any kind of (betting) iq in all of their other threads. to summarize: a lot of them are lying.

all that talk of "one day a competitor will come and blow them away" is the same talk i've been hearing for 5 years now. that's all it is, talk. if you don't like betfair, leave. any serious punter can't afford though. and if they are still that good that you have to use them, don't bitch and whine so much.

[Monte]

It's not whining, not everyone feels like praising a bunch of bastards you know?
Not Betfair is offering, the players are...unless they seed themselves, which you claim MB does. And the MB guy already said they don't.

We don't talk about "why should you use Betfair". Everyone knows that getting the best price is the key to winning (or arbing).
This discussion is about the integrity of Betfair, not your little arb empire.

[noyb]

ok, matchbook doesn't seed themselves: they have contracts with market-makers that do it. either way, one party puts up (automated) prices and you're free to take it or leave it (or theoretically: make an offer yourself which will never be matched unless the price moves). obviously this isn't the concept of a betting exchange.

and about betfair's integrity. so they don't have any, then what?

[Dr.Gonzo]

If you steer away from favorites and shop for each way value at a minimum one good run on the ponies and you can find yourself stuck with the PC. It's pretty easy to qualify for unless you are trying to avoid it by aiming at a low POT.

[noyb]

if you say so, yet we both know the number of punters that actually turn a profit after comm at betfair at all is minimal, the number of punters that have to pay the PC is only a fraction of those. to an average or even moderately sharp punter the PC will never be an issue, yet every joe on every message board is claiming to pay it which is bs.

[Dr.Gonzo]

You don't even need to be sharp to hit the PC. If you bet horses you can hit the PC figure through sheer luck before you dump your whole bankroll next year.

[Dr.Gonzo]

also if the amount of winners on betfair is so minimal there is no need for a PC is there.

[noyb]

a lucky streak? that's quite a lucky streak you would need. also it would need to happen exactly at the beginning of your betfair career, else it would be absorbed by past losses.

also if the amount of winners on betfair is so minimal there is no need for a PC is there.

ofcourse this argument makes little sense. to analyze the reasons behind the pc not the number of users that pay it is relevant, but the amount they are winning. regardless, i agree the PC is a big mistake. but it's a mistake that only affects a few, yet everybody bitching about bf can't get over its existence even though it's completely irrelevant to them.

i get your point about the PC. it's just on the grand scale of things it doesn't deserve this much of attention.

[Hareeba!]

it's roland garros tennis now, only pinnacle comes remotely close to what betfair is offering. did i hear matchbook? they're obv trying by seeding everything themselves (which has nothing to do with being an exchange at all) but prices are simply not as good. other books: good luck getting screwed over on the juice. bf is in a league of their own here..

NONSENSE
I've been getting better prices (zero comm.) at Matchbook than at Betfair
Placed only one FO bet so far at Betfair so far because Matchbook's prices are better

and they don't seed the markets themselves

[jairocon]

I need to learn what "scalping tennis" is

Anyway, couldn't imagine a day without betfair. Commission is fair - of course would have been nicer if it was lower... but for the value this exchange provides I don't mind paying it. I keep getting 2.5% commission at betdaq extended for almost a year now but the problem is liquidity. Where there is no offer/demand - there can't be any trades made. Of course I would have better profits there - but there are no takers... so I stick with betfair. And they make a killing