Betfair introduces 20% tax on winning players
their new "Premium Charge" policy... details here.
Quote:
In other words, Betfair is of the opinion that 20% of your winnings rightfully belong to them. If your account shows profit over the last year, and the total commission you have paid is less than 20% of those winnings, Betfair will steal money from your account to make up for the difference.
Every week that your account turns a profit, Betfair will deduct 20% from your winnings until charges paid equals or exceeds 20% of your net winnings over the last 60 weeks.
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Premium Charge Summary
You will only be considered for the Premium Charge if, over the previous 60 weeks, you satisfy the following criteria:
Your account is in profit;
Your total charges paid are less than 20% of gross profits; and
You bet in more than 250 markets.
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 week’s gross profits and the total charges paid during the week; and
The difference between 20% of the previous 60 weeks’ gross profits and the total charges paid during that period.
You will only be considered for the Premium Charge if, over the previous 60 weeks, you satisfy the following criteria:
Your account is in profit;
Your total charges paid are less than 20% of gross profits; and
You bet in more than 250 markets.
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 week’s gross profits and the total charges paid during the week; and
The difference between 20% of the previous 60 weeks’ gross profits and the total charges paid during that period.
In other words, Betfair is of the opinion that 20% of your winnings rightfully belong to them. If your account shows profit over the last year, and the total commission you have paid is less than 20% of those winnings, Betfair will steal money from your account to make up for the difference.
Every week that your account turns a profit, Betfair will deduct 20% from your winnings until charges paid equals or exceeds 20% of your net winnings over the last 60 weeks.