£200 of Betfair charges for exceeding '1000 TX per hour'

[kerberus]

You think BetFair are unfair?
Navinder Sarao, the UK "flash crash" trader, can be extradited to the United States, a court has ruled.
Mr Sarao, 37, is accused of contributing to events on 6 May 2010, when the Dow Jones index briefly fell more than 1,000 points, temporarily wiping nearly $1 trillion off shares.
at least they don't extradite
BBC.co.uk
15 minutes ago
From the section Business

[PeterLe]

In teresting Snippet that thanks...this caught my eye:--

From a computer in the bedroom he'd grown up in, at his parents' semi-detached house under the Heathrow flight path, this casually dressed 37-year old traded remotely on an exchange in Chicago he had never visited.

In less than five years he made more than £30m

Crazy, but it shows whats possible when you put your mind to it!

heres the link by the way..when you read it, you can see the resemblance to betfair trading every day!

http://www.bbc.co.uk/news/business-35863848

[Mikky]

I didn't hear anything back from the email address here, so I contacted the normal CS. They passed it to payments and they have decided to give me a refund as a one-off goodwill gesture.

nice result

[Euler]

It should be noted that transaction costs are offset against commission, so if you generate decent commission the 1000 limit per hour doesn't apply.

[Crazyskier]

It should be noted that transaction costs are offset against commission, so if you generate decent commission the 1000 limit per hour doesn't apply.

To generate commission, first one must WIN on a market, something that my high-volume, small staking systems aren't doing very consistently.

I covet a position where I pay lots of commission and PC fees

[PeterLe]

You get implied commission if you lose, check out the charges in the T&C's

[bennyboy351]

In my humble opinion, Betfair (and no, they aren't the only ones I know) are just plain greedy!

Not content with taking 5% of all winnings (lets leave aside their complex discount for the moment) they then impose charges on those poor sods who, through hard work, luck, a top-notch Crystal Ball,or whatever, manage to 'beat' the system and make large profits/incomes. And this from OTHER users don't forget - not from Betfair themselves!

The sooner someone with morals - and I mean REAL morals, gets into this game and provides a service with clear, terms and conditions, the better. Betfair, again in my opinion, has for too long now been the only game in town, BUT the new kids on the block are not doing enough to improve things.

Okay, rant over (I made money today so it isn't sour-grapes) but I'll put money on it being an American company that finally makes Sports trading as fair as it can (and should) be......

Happy Easter all.

[aines88]

Just checked my Betfair account and seen I've been charged £729.08 for what must be exceeding the Transactions per hour limit!

I wrote to BetfairCS on twitter and got this response:

"...I have had a look at this for you, and have found that this was charged to you. Unfortunately this in line with the terms of the account. I am sorry for this...however all the details regarding your account are there for you to read, and keep updated on. There really isn't anyone else that can provide any further information on this, than what has already been provided."

I've written an email to [email protected] and will see what they come back with

[eightbo]

Even though it is there in the terms, it's unrealistic to expect everyone to read and fully understand every nook and cranny of what's there.

I think it'd be more appropriate for Betfair to let people off the hook first time around, as they do with the NSW turnover charge:

Customers will be contacted directly by a Betfair representative and informed on the first occasion on which this turnover charge would have been payable.

Customers will also be afforded a one-week ‘grace period’ designed to give them an opportunity to refine their betting habits should they wish to do so.

Whilst I'm guessing it's possible to log the # of bets placed and check if transactions are less than 1000 either within BetAngel_Multiple.xls or via shared stored values. I don't have the figures but I'd imagine the majority of BA customers don't use Excel Integration and/or shared values.

As the situation stands, I believe it makes sense for BA to help protect the wider customer base from these charges by simplifying the process, adding a new condition for automation rules which allow users to easily include a safety condition where appropriate e.g. Tx < 1000 = TRUE, perhaps expand the first drop-down menu of the Number of Place Bet Triggers condition to include 'For the hour'.

[Kafkaesque]

Even though it is there in the terms, it's unrealistic to expect everyone to read and fully understand every nook and cranny of what's there.

I think it'd be more appropriate for Betfair to let people off the hook first time around, as they do with the NSW turnover charge:

Customers will be contacted directly by a Betfair representative and informed on the first occasion on which this turnover charge would have been payable.

Customers will also be afforded a one-week ‘grace period’ designed to give them an opportunity to refine their betting habits should they wish to do so.

Whilst I'm guessing it's possible to log the # of bets placed and check if transactions are less than 1000 either within BetAngel_Multiple.xls or via shared stored values. I don't have the figures but I'd imagine the majority of BA customers don't use Excel Integration and/or shared values.

As the situation stands, I believe it makes sense for BA to help protect the wider customer base from these charges by simplifying the process, adding a new condition for automation rules which allow users to easily include a safety condition where appropriate e.g. Tx < 1000 = TRUE, perhaps expand the first drop-down menu of the Number of Place Bet Triggers condition to include 'For the hour'.

+1 and possible add a log for the XX hours where you can see the Tx for each hour. Given that the software counts them for us, and resets each hour, it should really be a tiny addition to a future version, I would think.

Unless it's already in there somewhere I haven't spotted?

[aines88]

Got a response from Neil at BDP: "As this appears to be a one off, I've requested that this fee is refunded as a goodwill gesture."

Got the funds back in my account within the hour of receiving his email. What a relief.

[Derek27]

Pleased to hear that. They can be quite reasonable sometimes.

[PeterLe]

Got a response from Neil at BDP: "As this appears to be a one off, I've requested that this fee is refunded as a goodwill gesture."

Got the funds back in my account within the hour of receiving his email. What a relief.

£700 is a lot to lose Great result! (Neil at BDP has helped me out a few times over the years, top man)

[Dallas]

Got a response from Neil at BDP: "As this appears to be a one off, I've requested that this fee is refunded as a goodwill gesture."

Got the funds back in my account within the hour of receiving his email. What a relief.

£700 is a lot to lose Great result! (Neil at BDP has helped me out a few times over the years, top man)

BF would be knacked without him

[Derek27]

They'll probably sack him if he keeps giving away £700.