I looked at my Premium Charge statement this week, and noticed that my gross profit and loss for the week was almost double what I was expecting, resulting in a Premium Charge of three times the expected amount. Betfair have resolved the issue by crediting my account (which is isn't ideal, as it doesn't help my ratio of Premium Charge to commission paid) but haven't given any further information on why this mistake was made. It has made me wonder how many times this has happened over the past 10 years? Thought I would mention it hear in case anyone else has been affected.
Rather naively, I have never intrinsically checked my Premium Charge - I just give it a quick look each week to see if it is roughly right. Normally, my winnings are spread over hundreds of markets, so generally, no one market contributes more than 10% of my weekly profits.
This week, one market on a football match contributed approximately 50% of my weekly profit. The market was initially settled, but then was resettled about an hour after the match completed. In my instance, Betfair has included both settlements of the market in my weekly gross profit calculation, but did not include the loss from the intial market correction.
Since the introduction of VAR, there have been an increased number resettled markets, so I am guessing I have been affected for smaller amounts in previous weeks, but have no way of checking previous weeks' Premium Charge statements.
Incorrect Premium Charge
In this instance, they have included the profit from that market twice (due to resettlement), and but have not included the loss from the resettlement, so it does appear to be a loophole.
I didn't have any other markets resettle in the past week, and haven't saved any previous Premium Charge statements, so have no way of checking whether this is a one off. But thought I would mention it in case it affected other people.
I am trying to find out more informaiton regarding why this happened, and whether it happens with all resettled markets.
I didn't have any other markets resettle in the past week, and haven't saved any previous Premium Charge statements, so have no way of checking whether this is a one off. But thought I would mention it in case it affected other people.
I am trying to find out more informaiton regarding why this happened, and whether it happens with all resettled markets.