Betfair Rewards Plan - 2% commission!!

[ShaunWhite]

I wouldn't want to burden newbies who already have to get to grips with trading, with PC avoidance.

It takes 5 mins to explain and they get to see the value in the breakeven strategies they all dismiss on the way to profitable ones.
Seems like a win win.

It needs to be rebranded as "3 Simple Steps to Profit Maximisation". "Avoidance" is such a negative, boring, safe word that doesn't sell the fun fun fun of trading.

[Naffman]

I wouldn't want to burden newbies who already have to get to grips with trading, with PC avoidance.

It takes 5 mins to explain and they get to see the value in the breakeven strategies they all dismiss on the way to profitable ones.
Seems like a win win.

It needs to be rebranded as "3 Simple Steps to Profit Maximisation". "Avoidance" is such a negative, boring, safe word that doesn't sell the fun fun fun of trading.

Good luck finding breakeven strategies on 5%

And a lot of these strategies would require automation, a lot of newbies even profitable ones wouldn't know the first thing

[Trading96]

Has any PC payer requested that Betfair delete their personal information

https://ec.europa.eu/info/law/law-topic ... al-data_en

Then create a new account, rinse and repeat?

[ShaunWhite]

Good luck finding breakeven strategies on 5%

And a lot of these strategies would require automation, a lot of newbies even profitable ones wouldn't know the first thing

Who said trading was easy?
Look none of this stuff is essential obviously but if I try something I give it 100% or don't bother, that's just me.
I hate looking back and thinking coulda, woulda, shoulda.

[Derek27]

Has any PC payer requested that Betfair delete their personal information

https://ec.europa.eu/info/law/law-topic ... al-data_en

Then create a new account, rinse and repeat?

I'd guess they would argue that the data is needed. Otherwise I'd rather max out a credit card, ask the bank to delete my data and apply for another card.

[LinusP]

what i'm *wondering* is whether my wifes account (cough) which is used purely for outright betting will attract any further significant commission if i (i mean SHE) moves it to 2% basic. i'm assuming as there are no offset bets getting placed on this account, that all commission required is being paid. in short, should it breach the £250k threshold, will it attract PC, even tho purely dealing in outright bets... as i said *my wifes* account purely deals in outright betting!!

Be careful, I had a 50k bill recently because of something similar.

whao - that must have been a bit of an early xmas (for BF). how exactly did that creep up -and yes, potentially this account could be a similar scenario!! concerned to keep things *straight* but at the same time, minimize surprises further down the line (be it this year, or next)

So you only need to worry if it’s in profit / paying PC regularly, they don’t care until this happens. Also don’t underestimate the amount of data they have when it comes to accounts and logins, in my example they wanted to know why my account / wife’s account had 100+ shared device logins over the past few years

I was lazy, pushed it a bit too far and paid the price.

[Jukebox]

.... don’t underestimate the amount of data they have when it comes to accounts and logins, in my example they wanted to know why my account / wife’s account had 100+ shared device logins over the past few years

LOL If only the gambling industry could turn their abilities onto terrorist organisations.

I heard that BF had a cave in Afganistan and a Mansion in Pakistan linked as a joint account in 2009

[ShaunWhite]

LOL If only the gambling industry could turn their abilities onto terrorist organisations.

I heard that BF had a cave in Afganistan and a Mansion in Pakistan linked as a joint account in 2009

It's not so far feteched, the money laudering regs (partly in place to quell terrorism) do require BF and the rest to report that kind of thing. GCHQ had the idea before you did

[Leeds1919]

Hello to the forum!

I've had a Betfair account for several years now and over its lifetime (on the exchange) I've got gross losses of -5k and total charges of just under 20k so by my understanding I'd have to generate profits of around 100k before being eligible for premium charge.

I've used the account exclusively for straight betting but over the last few months have gotten into trading and while nowhere near the finished article I'm making slow and steady profits week on week so I could envisage a day where I'd have to consider PC.

My question is for someone in my position is the 2% rewards plan the best and should I be trying to generate more commission even at this extremely early stage? And lastly the best way of generating commission I'm assuming is to straight back or lay into really efficient markets and aim for a breakeven (or slightly better) return?

Ty

[Derek27]

Hello to the forum!

I've had a Betfair account for several years now and over its lifetime (on the exchange) I've got gross losses of -5k and total charges of just under 20k so by my understanding I'd have to generate profits of around 100k before being eligible for premium charge.

I've used the account exclusively for straight betting but over the last few months have gotten into trading and while nowhere near the finished article I'm making slow and steady profits week on week so I could envisage a day where I'd have to consider PC.

My question is for someone in my position is the 2% rewards plan the best and should I be trying to generate more commission even at this extremely early stage? And lastly the best way of generating commission I'm assuming is to straight back or lay into really efficient markets and aim for a breakeven (or slightly better) return?

Ty

Hi Leeds, welcome to the forum. If you won a straight £100K without losing anything (worst case scenario), your overall position on 5% would be: £95K gross profit and £44.5K total charges. Still over 50% charges.

On 2% it would be £95K gross profit and £41K charges, still over double the 20% you need to fall below before being subject to PC. I would go for 2% but obviously you would need to keep an eye on your position frequently and consider whether you're still on the right strategy.

[Derek27]

I received an email from Betfair telling me that my rewards will be changing from next month but when I looked at the reward page nothing appears to have changed. Anyone else received that email?

[Naffman]

I received an email from Betfair telling me that my rewards will be changing from next month but when I looked at the reward page nothing appears to have changed. Anyone else received that email?

I haven't but I know a lot of people have, be interesting to see if it's a small change or a big one

[TraderFred]

I received an email from Betfair telling me that my rewards will be changing from next month but when I looked at the reward page nothing appears to have changed. Anyone else received that email?

Yeah I got that email too, contacted customer services yesterday, apparently the email was sent out in mistake and I was told to ignore it.

[Derek27]

I received an email from Betfair telling me that my rewards will be changing from next month but when I looked at the reward page nothing appears to have changed. Anyone else received that email?

Yeah I got that email too, contacted customer services yesterday, apparently the email was sent out in mistake and I was told to ignore it.

Thanks, I thought it might be, just like the error cash race winning emails.

What worried me is due to you're recent activity we've changed your rewards. I was beginning to worry about what I've done!

[Derek27]

Got it! They've removed the suspend monkey from his post and he's now organising the dispatch of emails.