Betfair Premium Charge

[napshnap]

Great! We should now hire an accountant to check regularly if your account balance is ok.
Will bf cover the expenses?

[jamesedwards]

I had never checked my Premium Charge calculation until 6 weeks ago, when I had a really big error on my account. I have since been checking each week, and two of my subsequent statements have had errors.

The first error was caused by a market resettlement. I had a significant loss in the market that was resettled, but that loss did not count towards my weekly gross profit / loss. The response I got from Betfair was:

"This is a rare instance where a resettlement has impacted this process. This is because the market resettled after the weekly data for the premium charge week in question was collated. We do not see this often and all resettlements should otherwise be factored into the calculation. In the rare instance that this does occur, we address any under or over charges as has been done in this case."

For information, the market initially settled at 15:59 on a Sunday, and was resettled at 16:46 on the same day.

I had no problem with Betfair refunding the incorrect Premium Charge amount, although they did this as a manual adjustment to my account. This meant my gross profit / loss and commission generated in my Premium Charge statement has remained incorrect. This has had an adverse effect on the ratio of commission generated to gross profit / loss across the lifetime of my account.

I had this problem with a market fix back in September traversing two PC weeks. It was a big enough for me to notice and when I queried it they credited my account within 48 hours to cover the extra PC I paid (no fix of the PC totals). However I went back through my records and found another big market fix that also traversed PC weeks and I've been asking BF for two months now to review it and they don't ever get back to me.

[Stats101]

That's what I've always assumed but it never adds up. eg last week midnight to midnight there was a three-figure difference between the gross P&L listed on my PC page, and the net P&L plus actual commission paid according to my P&L page.

Generally, when mistakes haven't been made, I have managed to get mine to match. What source are you using for your actual commission paid?

Profit from profitable markets * 1.02040816326531. All my markets were standard 2% commission.

Ah, I am not sure then. I did wonder if you had not factored in non 2% markets, but clearly you have considered that. It is all a bit of a mystery.

I am pretty sure that the correct time period for the calculation is 01:00 BST to 01:00 BST (or 00:00 GMT to 00:00 GMT) as I am an active better on PGA and NFL markets, which are sometimes settled just before or just after these times on a Sunday.

[ShaunWhite]

I can't remember the last time I looked at Betfair points, I actually thought they had been abolished? I can't actually see anything on my account, or am I being a dimwit?

Yeah, they were abolised, but you can still see them using this link:

https://myaccount.betfair.com/rewards/p ... d-holidays

The discounts still apply to Aus racing.

[Euler]

I've seen stuff on PGA cross over the cut off at times. Maybe they should have a proper premium charge statement?

[jamesedwards]

Maybe they should have a proper premium charge statement?

Hear hear to that! I mean it's only thousands of pounds per week. Who cares if they don't actually justify the calculation?

[Derek27]

The discount rate has only been abolished (outside of Australasia) if you've opted into a Betfair Rewards package, so they have to keep adding the points.

I still enter each market into a database manually. My gross profit on the PC page is always precise to the exact penny but my generated commission can be 10-20 pence out. I'm still trying to figure out which way they round.

Given the amount of transactional data you can download from Betfair it really shouldn't be difficult to have a simple Market, Profit, Loss, Commission Paid/Generated statement with totals that you can compare to your PC summary.

[BFDon]

Does anyone know if they are told about issues, like this week, do they recalculate everyones or only those that notice and complain?

I stupidly have never checked mine as I just trusted they got it right as I thought it was just a thing they ran automatically each week and nothing changes in the calculation and therefore nothing should go wrong.

Suspect they will recalculate them all. I started tracking mine a few years ago after they offered a pc discount on some tennis markets. I was charged full rate so called them up on it and got it refunded. Otherwise the figures have been accurate albeit a few pence out here and there on my commission generated.

Not sure how they deal with a resettlement the following week, it really should be recalculated and recharged accordingly

[PDC]

The only thing I have noticed is that most weeks the amount taken from the account is usually a few pence different to what is stated on the statement but as its always worked in my favour and its only a few pence I never thought to mention it before. I guess it just comes down to rounding in the calculations given how small the differences.

[Naffman]

My PC statement for the week has updated to what it should've been, I didn't inquire either so I presume it'll have updated for everyone.

[Stats101]

Yep, mine is back to what it should be. Thanks for everyone's input regarding this. It has been interesting to hear of other people's experiences with regards to Premium Charge.

[Euler]

Mine has also been updated.

[jamesedwards]

Mine too. Gross profit +4.5%, Implied Com +20.6%, PC owed -1.1%. A strange combination of adjustments.

[rik]

Not adjusted for me, more than double than what it should be.

[PDC]

Mine has adjusted and they took the newly adjusted figure from my account earlier. Annoyingly it worked against me as my PC bill went up from what it was originally.