Premium charge reduction thread

[Squirtle]

Any smart ideas on how to reduce the premium charge each week?

I guess if you can generate comission without any real cost that is the objective as this will reduce your overall charge. Any body had any success? I thought of arbing between Betdaq and Betfair was a good idea?

[Useless]

Hi

I opened an account in the Mrs name and that did the trick, betfair where a little suspicius and phoned her up to check. But no problems after that...

[afropunk]

Arbing between Betfair and Betdaq would work, only problem is if you hit a winning run on Betfair you would need to keep topping up Betdaq until you win on that account. Have not tried it yet but would be intereseted in hearing if anyone else has done something like this. In regards to markets I would of thought Horseracing is the easiest and quickest to lose a back bet on. Plenty of opportunities!

[TheRiddler]

All of us supporting BETDAQ and not just betfair would help to eventually lower betfairs charges because at the moment there is only one direction they will be heading and your trading balance will have a permanent case of swine flu.

BETDAQ BETDAQ BETDAQ BETDAQ BETDAQ BETDAQ BETDAQ BETDAQ BETDAQ BETDAQ BETDAQ BETDAQ BETDAQ BETDAQ

[PeterLe]

Hi..
Considering getting my daughter to create a username...
What is the potential saving by adding a second account?? Arent you only entitled to make £1000/90 days anyway?? So would the saving be (£1000 less commission = £950 then 20% of that?? ie £190/Quarter??)
Thanks
Peter

[afropunk]

The only problem I can see doing this with 2 Betfair accounts is that they will eventually premium charge both accounts. The one big win rule would suffice for a while however if you are profitable everyday and do this everyday then it will not be one big win anymore, but a daily/weekly win and therefore be applicable to the premium charge.

Unless I am missing something here, if I am please somebody let me know as that is my current understanding of the premium charge. Call me cynical but I have a pretty strong feeling Betfair will find a way to charge you eventually.

This is why I think using another exchange would be the way forward. Market efficency between exchanges is pretty good so you are likely to arb pretty easily as long as the market rules are the same and the money is there. Also it would in its own small way move money onto other exchanges which I am sure TheRiddler would be happy to hear!

[TheRiddler]

Thankgod someone realises the importance of competition. Well done Afropunk, I think we should form an army of two.

If BETDAQ gives up then it will not be long before traders realise an opportunity was wasted big-time.

Good luck trading both exchanges everybody.

[Bet Angel]

You may be interested to know that Peter has found somebody that is successfully offsetting the premium charge against their tax bill. OK it's only a bookmaker but it's an interesting precedent.

[andyfuller]

Surely as trading income is non declareable we can not do the same against other earnings?

[fuzzer54]

Yes, difficult to see how we could possibly claim against tax we aren't paying! Doh!

[Bet Angel]

The point being a bookmaker has offset the premium charge. If anything become taxable, then the fact the charge has been offset, is a positive.

[gutuami]

a way to reduce premium

[sweetybt]

I have managed to avoid the PC so far this year.

This is by generating commission, I won't say how but I put a lot of thought into it and in fact the strategy has made about 4k on top of the PC reduction.

Think of avoiding the PC as a way to develop new strategies rather than simply just accepting it.

sweets

[PeterLe]

There is nothing like starting the day noticing that a chunk of money has gone out of your account due to the PC, like I did this morning..it is hard starting from a negative..

I know there is no real easy way of reducing the PC. I dont see arbing on Betdaq as a long term solution due to the commission...nor via the bookies (as they seem to close down accounts according to some on here).
Even across two accounts (not linked, sep ip addresses etc), but this wont work long term either as they will both ultimately incur the PC.

..so perhaps the only ways to increase the implied commission?? An auto low laying strategy perhaps?

Would be keen to hear any suggestions from those that have found the holy grail (and I'll buy you a pint at the betangel bash when we have it! )

regards
Peter
PS For those of you who haven't incurred the charge yet and wondered how far off you are..you can log into your account as normal (via a browser) and then navigate to :-

https://premiumcharge.betfair.com/PremiumPortal/portal

..and it will show you how far off you from working for betfair..

[LeTiss]

PS For those of you who haven't incurred the charge yet and wondered how far off you are..you can log into your account as normal (via a browser) and then navigate to :-

https://premiumcharge.betfair.com/PremiumPortal/portal

..and it will show you how far off you from working for betfair..

That link doesn't seem to work Peter