Winnings

[rogerlisa]

Excuse my niavety but is any winnings that I might make (if I ever figure my edge out that is) subject to taxation. I am assuming not as isnt it gambling?

[PeterLe]

No, no taxation...other than the betfair premium charge that is

[rogerlisa]

Yes I have seen this premium charge mentioned before but never really looked into it - being only a novice at the moment. When does that kick in how much more than 5% can it go up to?

[mugsgame]

It goes to 60% in money, now that they are making 600 job cuts,I expect the next stage of PC will involve vaseline.

[Mr Undercover]

You only pay premium charge if your account is in profit

[PeterLe]

Yes I have seen this premium charge mentioned before but never really looked into it - being only a novice at the moment. When does that kick in how much more than 5% can it go up to?

It can go up a lot more than 5%
See section 7 - http://www.betfair.com/aboutUs/Betfair.Charges/
You will also notice there are other ways you get charged too; ie Excessive transaction (>20 calls per second), and >1000 bets an hour etc
They are slowly killing the golden goose...

[LeTiss]

5% deductions........ah yes I remember those days (with moist eyes)

I've just had a refresher from your link Peter. They charge 5% commission on multiples betting?! They are taking the piss surely, wanting to be a bookie and taking 5% on top

I'm convinced Betfair will eventually go under, or be bought out. They became Frankenstein's monster & stopped thinking about customer relations/service. The originals like Andrew Black disappeared, and left their baby with people who didn't have the company in their blood stream

[rogerlisa]

So let me get this right it is possible that they could charge upto 60% of my hard earned winnings. How is that fair, its ridiculous. So say I manage to earn £1500 clear profit each week from varying losses and wins are you really saying that they will note this and charge 60%. Nah that dont seem right, is it?

[Euler]

Basically that only kicks in at that level when you have earned more than £250k

[rogerlisa]

Thanks Euler yes I have just looked at the charges as suggested by PeterLe. Scarey stuff. So even if you find 'your edge' someone takes some of your profit and I thought betting wasnt subject to taxation Surely this is taxation by others who are not in government the buggers.

[Mr Undercover]

Just make sure you never make a profit of 250k lifetime, it's fairly easy to move your profits around and keep under the radar.

[rogerlisa]

Umh interesting You have got me thinking now on how that could be done. Still new you see! thanks for clue though Mr Undercover I will ponder on that.

[Mr Undercover]

If you are new to this game indeed you should ponder it. BF are not that sophisticated.

While on the topic, premium charge is not smart commercially and I predict they'll rethink it when the competition wise up. The findings of the corn law

The biggest loser with premium charge is BF, they are stricting their own growth for a short term profit. Richard Cobden would turn in his grave.

[rogerlisa]

Been playing with communication settings today and have raised my calls to 30. Now I know this would bring panic to some of you, but at present I am not using Betfair at the same time, nor running other instances of Bet Angel (all as per manual)so therefore I felt that I can raise it safely; however I have to say I havent really noticed a great deal of difference with stickiness or odds changing. Am I looking for the right improvements or not? Assuming I left the setting at 30 to keep the very small difference I have noticed what sort of charges do you think I could expect? I am also resticting refresh on all markets I trade, also as per manual. Anyone please?

[rogerlisa]

As above. A response would be greatly appreciated please. Thanks in advance