Account suspended for premium charge avoidance

[LeTiss]

rush 1980.
in short,

you attended a course or received tuition of some sort (i presume paid for).

now betunfair are linking accounts of people who attended the same/similar courses and the instructors/teachers account?

That sounds about right to75ne

This is why I mentioned BetAngel. Surely, anybody who has attended Peter Webb's course could come under similar banners?

[enzabella2009]

Be innocent does not mean being stupid. Why an account that is NOT used for more than three months have 30.000 euros still available on it?. Probably in those 3 months of absence he was using another account. I agree that Betfair is a dishonest company, but they are not stupid enough to ban traders with these gains. If there are 10 people who have a miraculous inveted the perfect trading strategy and give 60% of their earnings to Betfair why would Betfair close or suspend these miraculous accounts? Why not work for them though? Who have said that betfair team gain more then 60% profit so they want eliminate the competetion? 60% without risking a penny is already a good deal for them why would they want get rid of it?...
Just questions..

[andyfuller]

It is starting to look like that isn't - what about those who attend one of Betfair's own courses! It can't go on like that though or soon we will all be just classed as the one account at this rate!

[to75ne]

i agree latiss.

it seems any common denominator no matter how "weak", seems to be enough for them to get suspicous.

courses etc, would link numerous people together, over quite long periods of time, all perfectly innocently and more to the point all above board and 100% legal.

they seem to be paranoid that everyone is out con them.

[private_better]

Sorry to hear your story rush1980. At least I didn't pay for the strategy I'm using. You really invested a lot money and time to become trader.
I contacted betfair again and they still refuse to give me any information. So I don't know how long the investigations will go on.
Soon I will develop a Software that will ask them every day by itself so that I don't have to waste my time.

[to75ne]

It is starting to look like that isn't - what about those who attend one of Betfair's own courses! It can't go on like that though or soon we will all be just classed as the one account at this rate!

ultimately there will "things" that i do, that no doubt you do, no doubt someone else who does not post here, or use ba, does.

sooner or later there are "things/methods" that you stumble upon so to speak. that probably vary slightly depending on individual style etc, from other traders. therefore they could link accounts over coincidental similarities that probably occur.

or even people who post on the same forums, they must be up to something kinda of paranoia thinking.

[LeTiss]

Yes, and traders will stop posting on forums.

Nobody will want to give each other advice anymore, in case their accounts become linked

Ultimately, this has become an absolute farce. I truly have no idea what on earth BF are thinking. Whoever's driving this at HO are making a catastrophic misjudgement

[Zenyatta]

Yeah there's only a finite number of general strategies the rest are probably just slight variations. You can Back,Lay,Book,Dutch or combined Book&Dutch, and you can trade or punt, and there's a few different time zones you can participate in (ranging from hours beforehand to In-Play). That's it, basically.

[enzabella2009]

If there are 10 accounts playing the same strategy but, all 10 accounts pay 60% PC Betfair will never suspend these accounts because linked each other with the same strategy. They will investigate if 3 accounts are used for 4 months then nothing for 8 months but, other 3 accounts started to be active using the same strategy for 4 months then nothing for 4 months. As the last account finishes it last actvity, an other 3 accounts starts the active using the same strategy for the rest of the 4 months. Why would you stop a winning strategy after only 4 months? why? you died perhaps? how many betfair users are dying these days or got ill? If I am ill in bed and found the GOD strategy I will probably still trading in bed and perhaps I would not care much of paying 60%-70% charges..The 1st question to be asnweared is if these storys are true or not..You should not be worried if your account is linked to many others that are using your same strategy as long you PAY the 60% PC. If you are winner so did the rest of the group so you should all pay that 60% pc, or take your money elsewhere.....

[Ethanol]

If he had opened another account to avoid paying the PC (bearing in mind this was only 20% at the time), then wouldn't he have withdrawn his money and deposited it in said new account?

His story seems pretty genuine to me.

[andyfuller]

What I am not getting is that if he was already paying the 20% Premium Charge I can't see what Betfair are saying he was avoiding.

Back then you could make as much money as you wanted which is different to the other cases people have posted about such as Peter Webb as now you can only make £250,000. So before if Peter was to have used his wife's account in the same way he uses his account (not saying he was doing this obviously!) He wouldn't have been avoiding anything as his wife would still have been paying 20% which is all Betfair wanted back in November 2010. Now if you use someone elses account you can take advantage of the £250,000 lifetime allowance which did not exist in November 2010.

Maybe it is all getting lost in translation but this new case is very different to the likes of Peter Webb et al.

[private_better]

Why would you stop a winning strategy after only 4 months? why? you died perhaps? how many betfair users are dying these days or got ill

I would have no problem to pay this 60% unless I'm not winning enough anymore. As soon as I won this 250.000 they can charge me. I got blocked far away from this amount.
Honestly I would unterstand traders that where winning good but not much money. Let's say 5000 Euros per month that is with 20% premium charge 4000 but with 60% it is 2000 Euros (hope I calculated correct) because than you can take another job and get same money with less stress.
In my country betfair would lose traders that are around this 5000 Euros per month. The big guys will be angry but they can still live pretty nice with 60%.

[private_better]

Back then you could make as much money as you wanted which is different to the other cases people have posted about such as Peter Webb as now you can only make £250,000. So before if Peter was to have used his wife's account in the same way he uses his account (not saying he was doing this obviously!) He wouldn't have been avoiding anything as his wife would still have been paying 20% which is all Betfair wanted back in November 2010. Now if you use someone elses account you can take advantage of the £250,000 lifetime allowance which did not exist in November 2010.

Maybe it is all getting lost in translation but this new case is very different to the likes of Peter Webb et al.

Ups, now I recognized this. Maybe that's why betfair is in chaos now and put people much easier und investigation.

[Euler]

If I earn £250 I can only earn £100 net. If somebody else earns £250 they will earn £200, double my best possible result. It suddenly becomes a big incentive for people to offer advice to others when the learner can earn double what the teacher does. That's not avoidance it's common sense.

[Rush1980]

Be innocent does not mean being stupid. Why an account that is NOT used for more than three months have 30.000 euros still available on it?. Probably in those 3 months of absence he was using another account. I agree that Betfair is a dishonest company, but they are not stupid enough to ban traders with these gains. If there are 10 people who have a miraculous inveted the perfect trading strategy and give 60% of their earnings to Betfair why would Betfair close or suspend these miraculous accounts? Why not work for them though? Who have said that betfair team gain more then 60% profit so they want eliminate the competetion? 60% without risking a penny is already a good deal for them why would they want get rid of it?...
Just questions..

probably you did not read well.
Betfair has only confiscated my money!
From what little I have informed me that I could understand the other accounts (which he mistakenly associated Betfair) had balance equal to 0.
I have never used any other account!