Betfair Monthly Limit Email Received Today

[The Silk Run]

I made a deposit 2 weeks ago of £500 via my debit card. That’s all that’s in the account. Haven’t done any trading or transactions during that time.

I doubt they going to limit Peter, that would be suicide for them.

I haven't made a deposit since I was given a new account almost two years ago. Looks like it's out of the question now, it may be the trigger.

Basically the Gambling Commission are forcing players to maintain an unhealthily high balance in gambling accounts in order to get around restrictions. Encouraging punters who may have a problem to never withdraw any winnings, plus increasing the amount of balances sitting in a business that might one day collapse. If Betfair go under I might sue the GC.

Does that mean the employment market and public funds will be overwhelmed with sports traders. And who will Shaun be able to play with

[ShaunWhite]

And who will Shaun be able to play with

I'm not sure why I got singled out but, we all know good things rarely last forever and all this has been well signposted. Losing gambling as an income would be absolute cr*p but if you make your living working out risk then you don't have the whole farm on gambling as a long term income right now.

[xtrader16]

For most people who are not profitable traders this is effectively the end of their Betfair accounts. Telling people what they can and cannot spend their money on is the beginning of a Dictatorship. What is next, you've bought to much Budweiser this month you need to wait until next month before you can repurchase or you've been to the Cinema twice already this month, we think you'd be better spending your time doing something else.

This is complete insanity. Unfortunately the only way to learn to trade, unless somebody tells you exactly how it is done, is the hard way. By trial and error. This is the beginning of the end for Betfair, these Politicians make me sick. All this because 5 or 6 mentally ill people kill themselves after losing all their money gambling. If they spend more money on helping these few people it wouldn't be an issue. They don't seem to care about the 20,000 who die from alcohol related deaths or heroin addicts. The Government is over reaching here and nobody seems willing to stop them. British people have become so subservient it unbelievable, the Covid restrictions proved that on a national scale.

[ShaunWhite]

For most people who are not profitable traders this is effectively......

There's no restrictions in continential Europe, if people wanted laws made in Westminster then maybe they should of thought about what those might be.

[xtrader16]

For most people who are not profitable traders this is effectively......

There's no restrictions in continential Europe, if people wanted laws made in Westminster then maybe they should of thought about what those might be.

I think you are missing the point. Its not within ANY Governments remit to control what you spend your money on. EVER.

[Trader Pat]

For most people who are not profitable traders this is effectively......

There's no restrictions in continential Europe, if people wanted laws made in Westminster then maybe they should of thought about what those might be.

I think you are missing the point. Its not within ANY Governments remit to control what you spend your money on. EVER.

The government is overreacting granted but they're overreacting to a problem that was 100% created by the bookies. The bookmakers have always known who the problem gamblers are and could have done something about it but they didn't because they're greedy bastards.

[Euler]

That's more or less my view. If they hadn't deliberately targeted heavy losers, this problem wouldn't exist.

But it's the same in a lot of industries they go for that short-term fix whatever the long-term consequences.

[ShaunWhite]

I think you are missing the point. Its not within ANY Governments remit to control what you spend your money on. EVER.

I'm agreeing with you. I preferred governance by an authoritiy that respected personal freedom and had that enshrined in their constitution, rather than choosing to be governed by a someone known to act as nanny state. We already had what you and I wanted, but it was voted away.

[Crazyskier]

...So having caught up with the many comments and updates on the thread (thanks guys n gals), it appears that as suspected, the £1,000 monthly limit is indeed a deposit limit and not as feared an exposure or wagering limit.

I generally bot many horse races to around £100 liability on any given race, and ALL of the dog races daily with around £25 liability on each, and have had no issues continuing to do this after my £1,000 monthly limit was given. I haven't contacted BF CS as I see no need to do so at least to date.

My advice therefore, for any others with the limit applied, is simply to avoid depositing any more than the limit in any one calendar month. It seems as though you can play to your heart's content with available funds, just deposit lower than your limit each month. In fact it might be worth depositing 90% of the limit each month for a few months even if not needed immediately, just to give more wiggle room should you have ever a bad month where you may otherwise have needed to deposit higher-than-limit funds. A bit of breathing space, if you will. You can always 'park it' as Peter does, offering odds of 1.01 for Spurs to win the Premier League

CS

[LeTiss]

The issue that concerns me with deposit limits, is when we're going on holiday for a couple of weeks and decide for security reasons to withdraw our trading banks......but then Betfair stop us from depositing the same bank levels back afterwards

[Crazyskier]

The issue that concerns me with deposit limits, is when we're going on holiday for a couple of weeks and decide for security reasons to withdraw our trading banks......but then Betfair stop us from depositing the same bank levels back afterwards

Agreed, I'll just leave the funds in as personally I only usually withdraw when the total reaches a certain incremental level. Going forwards I think we all need to try to avoid any deposits as much as possible, as a general rule.

CS

[wearthefoxhat]

There's no restrictions in continential Europe, if people wanted laws made in Westminster then maybe they should of thought about what those might be.

I think you are missing the point. Its not within ANY Governments remit to control what you spend your money on. EVER.

The government is overreacting granted but they're overreacting to a problem that was 100% created by the bookies. The bookmakers have always known who the problem gamblers are and could have done something about it but they didn't because they're greedy bastards.

+1

In Germany, the greedy bastards could be getting their collars felt.

https://www.theguardian.com/world/2022/ ... llegations

[ShaunWhite]

My advice therefore, for any others with the limit applied.....

That's been the advice on here for months, most who depend on continued exchange access have been building their balance for quite some time. But that's a trader's mentality, calculate the odds of an unexpected situation wiping you out, and hedge against it.

[Realrocknrolla]

You can always 'park it' as Peter does, offering odds of 1.01 for Spurs to win the Premier League

BRILLIANT!

[ANGELS15]

For most people who are not profitable traders this is effectively the end of their Betfair accounts. Telling people what they can and cannot spend their money on is the beginning of a Dictatorship. What is next, you've bought to much Budweiser this month you need to wait until next month before you can repurchase or you've been to the Cinema twice already this month, we think you'd be better spending your time doing something else.

This is complete insanity. Unfortunately the only way to learn to trade, unless somebody tells you exactly how it is done, is the hard way. By trial and error. This is the beginning of the end for Betfair, these Politicians make me sick. All this because 5 or 6 mentally ill people kill themselves after losing all their money gambling. If they spend more money on helping these few people it wouldn't be an issue. They don't seem to care about the 20,000 who die from alcohol related deaths or heroin addicts. The Government is over reaching here and nobody seems willing to stop them. British people have become so subservient it unbelievable, the Covid restrictions proved that on a national scale.

I totally agree with your very well made points Lord knows what will happen to liquidity on the exchange. Bookies must be rubbing their hands at the prospect of being able to control them more than ever. You can forget about getting value prices because there won't be enough cash to support them. Also in-running liquidity will take a further hit.