Does anyone know if there is some kind of formula they use for setting a 'budget' ?
They limited my deposits to £5k a day, so for big events that I intended to trade, I would deposit over consecutive days to get my bank up to my exposure limit. After the event, I would withdraw a chunk.
Now they tell me they have applied a 'budget' to my account, effectively limiting my deposits to £1k a month. Just in time for Ascot.
On the Player Protection page it says,
Your Budget
This is a budget applied by us for all our customers. Budgets are based on your net deposit position. This means that depositing will reduce your budget, and withdrawing will increase it. To change your budget, you'll need to get in touch and provide some information.
Betfair Budgets
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Grinderman
- Posts: 94
- Joined: Sun Mar 08, 2015 2:44 pm
It seems we all have one. Once you hit it, you won't be able to deposit unless you contact them and 'provide further information' - see below.
It's the start of the 'prove your income' drive that we knew was going to come.
What is an NDL?
An NDL is a Net Deposit Limit. Our app settings now include a default monthly budget for all customers. These budgets are based on your Net Deposits. This means that deposits reduce your budget, and withdrawals increase it.
How does this affect my account?
All customers will have a default Budget applied to their accounts. If you reach the limits of this Budget, you may be unable to deposit for a certain period of time.
Why have Betfair started this initiative?
At Betfair, we want to ensure that our customers always enjoy their experience when playing with us. Our aim is to implement an element of fun with our products and services, that’s why we ask you to bet responsibly. Betting can be great entertainment, provided you stay in control. We will always endeavour to help you if you find yourself in difficulty.
What can I do if I’m not happy with my budget?
To change your deposit, you’ll need to get in touch with us and provide some additional information.
It's the start of the 'prove your income' drive that we knew was going to come.
What is an NDL?
An NDL is a Net Deposit Limit. Our app settings now include a default monthly budget for all customers. These budgets are based on your Net Deposits. This means that deposits reduce your budget, and withdrawals increase it.
How does this affect my account?
All customers will have a default Budget applied to their accounts. If you reach the limits of this Budget, you may be unable to deposit for a certain period of time.
Why have Betfair started this initiative?
At Betfair, we want to ensure that our customers always enjoy their experience when playing with us. Our aim is to implement an element of fun with our products and services, that’s why we ask you to bet responsibly. Betting can be great entertainment, provided you stay in control. We will always endeavour to help you if you find yourself in difficulty.
What can I do if I’m not happy with my budget?
To change your deposit, you’ll need to get in touch with us and provide some additional information.
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Grinderman
- Posts: 94
- Joined: Sun Mar 08, 2015 2:44 pm
A recap and an update.
Our accounts have a Budget Limit facility. Something that Betfair set and we can't touch. Also, a Deposit Limit, which you can change and has a 7 day 'cooling off' period if you increase it.
I made a withdrawal from my account and it alerted their responsible gambling people. Why a large withdrawal would flag up a problem gambler is beyond me, but they decided to put a Budget Limit on my account. This meant I could only deposit £1,000 a month. Not good when you want to play with a £20k+ bank.
Anyway, we went through their online chat routine and they decided they would remove the Budget Limit.
A few months passed and everything was ok. I traded Goodwood and knew that I wouldn't be doing much until the Ebor meeting, so I withdrew 75% of my bank. Up popped the responsible gambling people again. We went through the thing and I get a £1,000 budget limit again. For good measure, they also set my Deposit Limit to £1,000.
There is no appeal process. I have a large turnover, been on there for years and my account is well in profit, but if they say you are a problem gambler, you're screwed.
Fortunately, a couple of our members PM'd me and gave me a couple of names and email addresses - thanks again guys. I'm not mentioning any names, but you know who you are and I am eternally grateful.
A few days passed and I was contacted by the Betfair complaints people. A huge and extremely overworked department no doubt. We agreed that the Budget Limit and Deposit Limit could be removed. Unfortunately, I still can't make a deposit until the 7-day cooling off period is up. No way round that, even though it was them that changed it, responsible gambling protocol.
Extremely frustrating trying to trade a big meeting with just 25% of my bank, but at least I'm up and running and can get the money in for the next big meeting. Don't think I will be making any big withdrawals for a while though.
Our accounts have a Budget Limit facility. Something that Betfair set and we can't touch. Also, a Deposit Limit, which you can change and has a 7 day 'cooling off' period if you increase it.
I made a withdrawal from my account and it alerted their responsible gambling people. Why a large withdrawal would flag up a problem gambler is beyond me, but they decided to put a Budget Limit on my account. This meant I could only deposit £1,000 a month. Not good when you want to play with a £20k+ bank.
Anyway, we went through their online chat routine and they decided they would remove the Budget Limit.
A few months passed and everything was ok. I traded Goodwood and knew that I wouldn't be doing much until the Ebor meeting, so I withdrew 75% of my bank. Up popped the responsible gambling people again. We went through the thing and I get a £1,000 budget limit again. For good measure, they also set my Deposit Limit to £1,000.
There is no appeal process. I have a large turnover, been on there for years and my account is well in profit, but if they say you are a problem gambler, you're screwed.
Fortunately, a couple of our members PM'd me and gave me a couple of names and email addresses - thanks again guys. I'm not mentioning any names, but you know who you are and I am eternally grateful.
A few days passed and I was contacted by the Betfair complaints people. A huge and extremely overworked department no doubt. We agreed that the Budget Limit and Deposit Limit could be removed. Unfortunately, I still can't make a deposit until the 7-day cooling off period is up. No way round that, even though it was them that changed it, responsible gambling protocol.
Extremely frustrating trying to trade a big meeting with just 25% of my bank, but at least I'm up and running and can get the money in for the next big meeting. Don't think I will be making any big withdrawals for a while though.
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ShaunWhite
- Posts: 9731
- Joined: Sat Sep 03, 2016 3:42 am
This probably isn't your situation by the sounds of it, but for a catch-all policy it comes down to their view on how much you need the money. Someone who regularly has 20k in their account isn't the sort of person to whom 20k is significant and you'd be assumed to not 'need' that money elsewhere. You obviously should be entitled to keep your money wherever you please but shifting money around is always seen as ify whether it's Betfair of Banks. Since all this kicked off I just keep my working capital at Betfair and drawdown the profit, it's not like you can earn much with it elsewhere anyway and it avoids the risk of being short when you need it.Grinderman wrote: ↑Fri Aug 20, 2021 5:42 pmWhy a large withdrawal would flag up a problem gambler is beyond me
I saw I was capped at 100 quid a day .. its just mind boggling given I have won 4m off them.
Have lost all patience and now going elsewhere.
Have lost all patience and now going elsewhere.
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Crazyskier
- Posts: 1177
- Joined: Sat Feb 06, 2016 6:36 pm
Yes - avoiding big deposits and withdrawals seems to be the way forwards, just syphoning off profits and retaining bank at all times helps fly under the radar.Grinderman wrote: ↑Fri Aug 20, 2021 5:42 pmA recap and an update.
Our accounts have a Budget Limit facility. Something that Betfair set and we can't touch. Also, a Deposit Limit, which you can change and has a 7 day 'cooling off' period if you increase it.
I made a withdrawal from my account and it alerted their responsible gambling people. Why a large withdrawal would flag up a problem gambler is beyond me, but they decided to put a Budget Limit on my account. This meant I could only deposit £1,000 a month. Not good when you want to play with a £20k+ bank.
Anyway, we went through their online chat routine and they decided they would remove the Budget Limit.
A few months passed and everything was ok. I traded Goodwood and knew that I wouldn't be doing much until the Ebor meeting, so I withdrew 75% of my bank. Up popped the responsible gambling people again. We went through the thing and I get a £1,000 budget limit again. For good measure, they also set my Deposit Limit to £1,000.
There is no appeal process. I have a large turnover, been on there for years and my account is well in profit, but if they say you are a problem gambler, you're screwed.
Fortunately, a couple of our members PM'd me and gave me a couple of names and email addresses - thanks again guys. I'm not mentioning any names, but you know who you are and I am eternally grateful.
A few days passed and I was contacted by the Betfair complaints people. A huge and extremely overworked department no doubt. We agreed that the Budget Limit and Deposit Limit could be removed. Unfortunately, I still can't make a deposit until the 7-day cooling off period is up. No way round that, even though it was them that changed it, responsible gambling protocol.
Extremely frustrating trying to trade a big meeting with just 25% of my bank, but at least I'm up and running and can get the money in for the next big meeting. Don't think I will be making any big withdrawals for a while though.
CS
I think under the present woke culture and money laundering rules, this is going to be the norm from now on, and money will need to be left in the Betfair accounts.
I fully expect to hear a lot of stories from traders who suffer losses and cannot deposit sufficient funds to carry on with their trading method to recoup those losses. It is becoming a nightmare.
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trad1ngbull
- Posts: 35
- Joined: Thu Dec 06, 2018 5:55 pm