Tradesports (SBR rating C+) again changes fee schedule

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Tradesports (SBR rating C+) again changes fee schedule and agrees not to apply the 4% fee to contracts that were in place as of July 27th, when the new fees were instituted. Tradesports states it will issue refunds for the amount that exceeds the would-be cost of the previous price format. Some bettors who planned to trade out of their position are still upset that they are facing increased pricing and believe they should be grandfathered until the event is concluded. However, TradeSports warns players that fees may change and advises "only trade a contract if you are willing to hold that position until expiry."



7/1/2007 11:28 PM
tradesports (SBR rating C+) now telling players the new 4% profit tax fee will be applied retroactively. Multiple players have complained that they priced events based on the previous fee structure and to change the fee on established contracts would essentially change their wager after it was placed. tradesports users complained about similar actions by the exchange in November of last year.
 
Player: It keeps getting worse. First they were saying that the new fees would apply to newly listed contracts after the effective date. Then they said that trading out of a previous position at a profit would incur the new fees, but that letting an old position expire would only incur the fee in effect at the time the position was taken.
Now they are saying that all expirations and closing trades, no matter when the position was taken, will incur the 4% fee. Even the slimiest of sportsbooks out there tend not to change rules, fees and payouts retroactively. Can you please try to reason with tradesports to stop this insanity? Their fee change could be a good thing, but casually reducing the value of existing positions is outright theft.

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