Betfair are morphing themselves into a bookmaker from what i can see.
Therfore i think there will always be money for the mug punters to take just like with any other bookies.
Where as succesfull people will be restricted untill they quit.
quite a familiar theme really
Betfair Premium Charge
Just read this on the way home...shellshocker...I hope the press pick up on it and the shares freefall..the greedy bastards!!
...at least we know who they are paying for the extra systems resilience now!!
Regards
Peter
PS I didnt get any notification email?? My total net profits are not greater than 250, is that why?. I must read the notification...
...at least we know who they are paying for the extra systems resilience now!!
Regards
Peter
PS I didnt get any notification email?? My total net profits are not greater than 250, is that why?. I must read the notification...
Just got in and sat down. Wasn't trading this afternoon.
I just read the email quickly when I posted early so I see it is actually 60%.
First the +ve
(1) Betfair actually had the courtesy to phone this time.
(2) It appears I'm better than 99.999% of all Betfair customers that have ever used Betfair, around 3m according to their figures. It appears so are quite a few other Bet Angel and forum users. Not sure I believe their figures any more TBH?
You have to say it has been coming, Betfair growth has slowed and they have been trying to shore up the bottom line by any means. Also, the original PC just met with apathy among most existing Betfair users so Betfair probably now see tweaking charges to target anybody that makes money as a legitimate revenue source.
Any body that falls into the net has no possible chance of escaping it as they have effectively backdated it by saying it applies to lifetime profits. Even the most creative of users would struggle to generate the 40% of their profits in commission if they have failed to do so in the past. The would just need to generate enourmous commission to catch up.
It will be impossible for anybody affected to pay 60% and make it worthwhile, it's a clear message to those affected to bugger off! I think the negative PR for Betfair will be enormous on this! Will be very interesting to see thier financial results in the morning! I don't buy that they need to net 60% of all profit generated to fund development, sorry I just don't buy that.
I just read the email quickly when I posted early so I see it is actually 60%.
First the +ve
(1) Betfair actually had the courtesy to phone this time.
(2) It appears I'm better than 99.999% of all Betfair customers that have ever used Betfair, around 3m according to their figures. It appears so are quite a few other Bet Angel and forum users. Not sure I believe their figures any more TBH?
You have to say it has been coming, Betfair growth has slowed and they have been trying to shore up the bottom line by any means. Also, the original PC just met with apathy among most existing Betfair users so Betfair probably now see tweaking charges to target anybody that makes money as a legitimate revenue source.
Any body that falls into the net has no possible chance of escaping it as they have effectively backdated it by saying it applies to lifetime profits. Even the most creative of users would struggle to generate the 40% of their profits in commission if they have failed to do so in the past. The would just need to generate enourmous commission to catch up.
It will be impossible for anybody affected to pay 60% and make it worthwhile, it's a clear message to those affected to bugger off! I think the negative PR for Betfair will be enormous on this! Will be very interesting to see thier financial results in the morning! I don't buy that they need to net 60% of all profit generated to fund development, sorry I just don't buy that.
I bet you I can earn more than 40% of the same money on Betdaq. That's an almost nailed on certainty.
That aside, history has shown that when you try and do this like this it never really works. Such a draconian charge will merely mean that people change their activity and whatever figures you used to get this odd rationale in the first place is rendered irrelevant when you try to impose it.
That aside, history has shown that when you try and do this like this it never really works. Such a draconian charge will merely mean that people change their activity and whatever figures you used to get this odd rationale in the first place is rendered irrelevant when you try to impose it.
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andyfuller
- Posts: 4619
- Joined: Wed Mar 25, 2009 12:23 pm
Think you may have spoken too soon this time Peter
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True, although if I were affected by this, I'd have left Betfair long before the 18th, in case Betfair decide to bring forward the date when the Premium Charge leaves my account, in anticipation of my departure...
As the Premium Charge is voluntary, people shouldn't be expected to pay their last one if they don't want to...
Jeff
As the Premium Charge is voluntary, people shouldn't be expected to pay their last one if they don't want to...
Jeff
PeterLe wrote:it will be very interesting to see what effect it has on the liquidity post the 18th too, both in running and pre race...
Last edited by Iron on Tue Jun 28, 2011 8:23 pm, edited 1 time in total.
I don't think it will make much change initially. But, people would be completely bonkers to pay 60% of profits from money that they have put into the market, some at considerable risk. So I think they will be the initial driver before liquidity starts to decline.
Yes, it will also be interesting to see whether different sports will fair differently
Betdaq is primarily set up for Racing, so the skilled traders can still squeeze decent money out of that.
Unfortunately, Betdaq are hopeless on other sports. Traders need punters, and there isn't enough there to making a living out of
Betdaq is primarily set up for Racing, so the skilled traders can still squeeze decent money out of that.
Unfortunately, Betdaq are hopeless on other sports. Traders need punters, and there isn't enough there to making a living out of
I think a video would be a good touch - Perhaps one showing Peter emptying and then closing his account, whilst commenting on the turnover that had gone through that account over the years...
Jeff
Jeff
PeterLe wrote:Can feel another blog post coming on tonight
in fact if you speak your mind Peter I'm sure the press will pick it up??
Xcuse the french but what a flipping disgrace!
Bilko, when I tried to avoid the first PC this way Betfair threatened to close my account for premium charge avoidance. Then they changed the rules so it didn't work anyway. They have probably already thought about this.
Bilko, when I tried to avoid the first PC this way Betfair threatened to close my account for premium charge avoidance. Then they changed the rules so it didn't work anyway. They have probably already thought about this.