But they wouldn't have any of the risk either,
it's not a guaranteed wage there is a risk.
Betfair Premium Charge
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andyfuller
- Posts: 4619
- Joined: Wed Mar 25, 2009 12:23 pm
Bear in mind the £250,000 figure is going one way in the future like all the other allowances, the fact that a normal job carries much less risk, you have regular income, you get to see other people at work, you have a career, you don't have to work as many hours (in my case anyway), you can get a mortgage, people don't look at you like the scum of society when you say you trade for a living etc etc and I don't think trading on Betfair long term looks all that good v a normal job.Ferru123 wrote:You would need to earn £60K in a 9-5 job to come home with with £40K.
Unless you happen to be a doctor, a dentist, or one of those professions where there's always plenty of demand for your services and a high salary, our hypothetical person might struggle to match their Betfair earnings (and they probably would need to work longer hours than they do on Betfair).
As a stop gap yes maybe but long term no unless you are not very employable already and can't earn very much. So I would say anyone doing this with aspirations of making it a long term full time thing should think long and hard about it. If I was starting out it just would not be worth leaving behind what I had and could have had now 4 years later.
As I say though it depends on the individual circumstances, if you can only earn £20,000 to £15,000 in normal employment and are unlikely to do much better then go for it.
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andyfuller
- Posts: 4619
- Joined: Wed Mar 25, 2009 12:23 pm
The figure they quoted me in the email is as you have put it but the way they said they would calculate it on their announcement page and Press Release is different to the figures on the Premium Charge Statement and unfortunately not in a good way, at least not for me and I suspect you! I suspect I know which figure they will have gone for and I doubt it is the one better for us!jimrobo wrote:I took it your NET profit is your gross P&L minus TOTAL charges figure on the following page:
https://account.betfair.com/regpay-myac ... mmary.html
Are you saying the figure they have quoted you is different from that?
Also I suspect the Press Release is more likely to be right than the muppet who emailed me as when they brought out the first version of the PC the people emailing me told me utter shite to put it mildly so come the first payment date I was hit despite being told several times I wouldn't be!
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andyfuller
- Posts: 4619
- Joined: Wed Mar 25, 2009 12:23 pm
Read that and was about to post the link as well, I see they mention this Facebook group:
http://www.facebook.com/pages/Betfair-P ... l&filter=1
The figure of 500 people being caught up in the charge is probably true for now but I know several who will be caught up in it in the near future, basically if you are successful you will be caught by it and when the allowance is dropped from £250,000 which is likely to happen given what they have done with previous allowances then it will affect more and more people.
Not heard it mentioned on RUK tonight?
http://www.facebook.com/pages/Betfair-P ... l&filter=1
The figure of 500 people being caught up in the charge is probably true for now but I know several who will be caught up in it in the near future, basically if you are successful you will be caught by it and when the allowance is dropped from £250,000 which is likely to happen given what they have done with previous allowances then it will affect more and more people.
Not heard it mentioned on RUK tonight?
'Sympathy should perhaps be limited towards premium charge-paying punters using faster picture feeds or work from the racecourse to hoover up money on in-running racing markets.'
Er, why?
The market is a sum zero game. If someone profits because they know more or are smarter than the next person, then so be it.
'A Betfair punter, for example, who has made £25,000 a year over the last 10 years on racing will now have to hand over between 40 and 60% of any future profits – if he doesn't do this naturally through commission generated, then Betfair will simply debit the difference.'
Doesn't this only apply if he places at least 1,000 bets per year? Or is it 1,000 bets full stop, irrespective of the time frame over which they're placed? Betfair's PR release isn't clear...
Jeff
I think Peter's comment about it being more profitable to show others how to make money than for him to continue to trade is interesting and something that had occurred to me. I am relatively new to betfair [sub 2 years] however I do run profitable bots and profits are increasing monthly so while 250k is plenty for now a few more bots and a drop in the allowance could have me seriously sweating.
At some point in the future I may start selling bots rather than running them.
At some point in the future I may start selling bots rather than running them.
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spreadbetting
- Posts: 3140
- Joined: Sun Jan 31, 2010 8:06 pm
Just 'sell' them to your relatives first 
All the doors look locked at the moment!
Im under the limits at the moment, but it just doesnt feel right now.How can you motivate yourself when you know that if you improve any more, within a year or so you will be finished.
Each winning day used to feel like a step up the ladder, now it feels like a step down.
With Betfair seeming intent on becoming a bookmaker its not going to be long until all winners are not welcome. They have killed the dream.
The 10k winning trader believes that next year he could be winning 20k, the 20k winning traders believes that next year he could be winning 50k. Thats what attracted people to betfair. Tales of people winning, and the hope that one day they could do it too.
In one sense I am lucky not to have gone over te limits, and I feel for the people who have been hit with this charge at such short notice.
But all future planning, all the studying of the markets, learning how it works, all seem pointless now, as Betfair have stated that winners are no longer welcome.
Traditional bookmakers arent going to be making it easy for winning punters to return. I just hope that Betdaq takes off and establishes itself as the number one EXCHANGE. I suppose with Betfair becoming a sportsbook they already are.
Its going to be an interesting year. Interesting to see how the markets change on Betfair, how further they can take their anti winner stance, and to see whether or not Betdaq takes off. I think in a years time Betdaq will either be thriving or have gone broke. I hope its the former.
Im under the limits at the moment, but it just doesnt feel right now.How can you motivate yourself when you know that if you improve any more, within a year or so you will be finished.
Each winning day used to feel like a step up the ladder, now it feels like a step down.
With Betfair seeming intent on becoming a bookmaker its not going to be long until all winners are not welcome. They have killed the dream.
The 10k winning trader believes that next year he could be winning 20k, the 20k winning traders believes that next year he could be winning 50k. Thats what attracted people to betfair. Tales of people winning, and the hope that one day they could do it too.
In one sense I am lucky not to have gone over te limits, and I feel for the people who have been hit with this charge at such short notice.
But all future planning, all the studying of the markets, learning how it works, all seem pointless now, as Betfair have stated that winners are no longer welcome.
Traditional bookmakers arent going to be making it easy for winning punters to return. I just hope that Betdaq takes off and establishes itself as the number one EXCHANGE. I suppose with Betfair becoming a sportsbook they already are.
Its going to be an interesting year. Interesting to see how the markets change on Betfair, how further they can take their anti winner stance, and to see whether or not Betdaq takes off. I think in a years time Betdaq will either be thriving or have gone broke. I hope its the former.
Who knows what the future will bring? I'm not worried about it, though. What will be will be.
If I get to a point where I'm consistently making money from Betfair and the door is firmly shut in traders' faces, then I'll move onto another opportunity (using the capital I've accrued from trading on Betfair to give me a head start).
Jeff
If I get to a point where I'm consistently making money from Betfair and the door is firmly shut in traders' faces, then I'll move onto another opportunity (using the capital I've accrued from trading on Betfair to give me a head start).
Jeff
oscar123 wrote: Im under the limits at the moment, but it just doesnt feel right now.How can you motivate yourself when you know that if you improve any more, within a year or so you will be finished.
I suppose you are right Jeff.
So long as there is sports and gambling there will be a way to make money.
But I have always had one eye on the future, loads of different ideas, new strategies etc, now you have to factor in as 40% reduction into any future strategies. Or ways of getting around it?!
Que sera sera, whatever will be, will be!
It must be make or break for Betdaq now LeTiss. I hope they make the break through.
So long as there is sports and gambling there will be a way to make money.
But I have always had one eye on the future, loads of different ideas, new strategies etc, now you have to factor in as 40% reduction into any future strategies. Or ways of getting around it?!
Que sera sera, whatever will be, will be!
It must be make or break for Betdaq now LeTiss. I hope they make the break through.