Account suspended for premium charge avoidance

[Iron]

Freddy -

I think you've hit the nail on the head...

It's almost as if Betfair want there to be just one consistent winner - Betfair itself. When the deck is stacked so that the house is pretty much the only long-term winner, it's not that different to a Ponzi scheme...

Jeff

I would imagine, that anyone who opens an account and is instantly profitable is going to get alot of attention from the betfair police.

Likewise long term users who were once losers and have managed to turn it around and become winners.

errm so thats basically everyone then, is it not

[kemabet]

I have been around since 2001. Have seen my money 1500 euro disappearing with Lionbets, about 1000 euro I never got from Internet1x2, SSP (Slow, Slow Pay) never gave me my about 1000 euro, but what Betfair is now doing is never seen of, never heard of, just emptying their customers's accounts and even claiming that the customer is in a debt after the stealing. I am not an English person, so please could you explain to me what Betfair is accusing me of when they are telling me that I am an "entity" and this is why they are stealing from me my money. They took from me 12000 euro.

[walshy]

This is really really worrying, I,ve spent 2 years learning how to trade on betfair and have just started to become consistently profitable.

I'm now worried that the whole thing will prove to have been a colossal waste of time, I mean what's the point if they close you down and take whatevers in your account once you start to earn the sort of money that aspired you to go through the pain and effort required to learn in the first place?

If they don't want people using their exchange to trade as apposed to straight betting on then why allow applications such as bet angel and the like connect to the exchange in the first place?

Is it just the big hitters such as our freind Rush 1980 (stunning performance by the way) that they are targeting? Not that it makes it in any way right.

Is it still going to be possible for someone ticking along pulling a grand or two a week out of it paying his or her 20%???

I use a predominantly scalping style of trading but I can't imagine there is no one else out there using a similar if not very similar style to me of whom has been profitable for ages and if so what's to stop our accounts being linked?

Maybe I'm getting a bit ahead of myself here but I am concerned as after all the effort required to get here to find out the partys been raided and shut down will be sickening to say the least.

[Dobbin]

Hi Folks Shocking isn't it.

Still can't understand why anyone still uses Betfair.

There will soon be a human rights issue here if there is not already one.

Betfair is restricting your right to buy information or services from whomever you wish to.

Dobbin

[LeTiss]

I'd be interested to know if it's simply profitable people BF are chasing, or certain types of betting patterns/strategies

If somebody is a market maker, they provide a valuable source of liquidity. It makes no sense whatsoever for BF to go chasing customers like that out of town, just because they earn good money from it. BF need layers in order to have bouyant markets.

If BF are going down the route of providing the liquidity themselves, then they are a bookie not an exchange.
This is possibly their ultimate plan, however considering how BF originally marketed themselves 10 years ago, it would be like getting into bed with the devil. That would be a massively disappointing transformation of what was once an innovative company

[Talkbet]

I used to have a very profitable strategy of laying teams in the next team to score market, I had an app (coded by myself after paying £200 a month developer access to the API) that worked out the 'correct' odds based on time gone and then placed a lay bet at the next best price if it was still below my 'value' odds.
Betfairs cross matching and transaction charges killed it stone dead, I was in effect providing good liquidity to what can be fairly stagnant markets. It always infuriated me that Betfair were not encouraging users like me to provide liquidity.

[Rush1980]

that you say is interesting!
I invite you to reflect on my opinion:

the exchange was a revolutionary idea,
Because the exchange is unique?
You gamble at great odds
you play against another client, without that book may decide to throw you off if you win
you can do trading, Betfair has encouraged you to learn to trade.
Then what happened?
Betfair has realized that the business is for its customers and not for him.
The market becomes a jungle if left free.
In the jungle the strongest wins, or wins the most intelligent.
The toy is broken.
Whoever wins takes away the cash and the already low margins of the Exchange becomes smaller.
Betfair market makers loves and hates the kill market.
Betfair began a policy against "the winners", introduced PC1 and PC2, the money confiscated by the mere suspicion and without proof.

Betfair needs money!

I'd be interested to know if it's simply profitable people BF are chasing, or certain types of betting patterns/strategies

If somebody is a market maker, they provide a valuable source of liquidity. It makes no sense whatsoever for BF to go chasing customers like that out of town, just because they earn good money from it. BF need layers in order to have bouyant markets.

If BF are going down the route of providing the liquidity themselves, then they are a bookie not an exchange.
This is possibly their ultimate plan, however considering how BF originally marketed themselves 10 years ago, it would be like getting into bed with the devil. That would be a massively disappointing transformation of what was once an innovative company

[Groovyelms]

looks a bit like "The thin end of the wedge" ie bookmakers R'US.
Surely the whole point of the exchange in the early days was that it was self financing and couldn't really get out of controll because it wasn't betfairs money on the line...its a strange way to do business,, to take what must have been a very profitable idea and mess it up.. if A wins 100,000 then B,C and D have lost that sum.
All betfair have had to do was run it and take the commissions. Victor chandler was asked not that long ago what he thought about the exchanges and his reply was "why didn't we think of it"
be lucky, Groovy.

[private_better]

I contacted now http://www.gibraltar.gov.gi/internet-gaming ([email protected]) and told them that betfair is refusing to answer my questions in a proper way. I still don't know why I got suspended and how long the investigations will take.
Feel free to contact them too.

[andyfuller]

to take what must have been a very profitable idea and mess it up

Betfair needs money!

Betfair is still very profitable and if there is one thing Betfair needs it isn't more money - they don't know what to do with the millions upon millions they currently have!

[mugsgame]

My question is why some people have only started posting on the forum after they have had a situation that has affected them. And they want to influence others to help their cause.

Shame

[private_better]

My question is why some people have only started posting on the forum after they have had a situation that has affected them. And they want to influence others to help their cause.

Shame

For me it was because over google I found this thread. And it's interesting to communicate with people that have same problem.
It's like with anonymous alcoholics. They also talk to each other.

[private_better]

Hi,

my case is resolved with betfair.

They saw that I used same strategy as my friend. So for them this is one entity. I also logged in when I was learning it, in his house. (@Rush1980: On your seminar did you login at the seminare place with all the other participants?)
They took premium charge now from his and my account.
If I can continue playing on my account I will do this beside a normal job to earn some additional money.

[Euler]

Are you saying that Betfair want 60% from you and the person that taught you? Or that you do not have to pay 60% now?

[private_better]

Are you saying that Betfair want 60% from you and the person that taught you? Or that you do not have to pay 60% now?

They took premium charge for what I won. I don't know how they calculated it because it was a round number. They took around 40%-50% from me. He said he is already abouth this 250.000.
I still don't know what will happen if we both continue playing with same strategy. I don't want to risk that we both get again blocked and a lifetime ban from betfair.
As soon as I know more I will post the result.

If I can continue I will be very happy, also it's for my understanding a little bit unlogical if I must immediatly pay 60%.