New Betfair Plan

[Kai]

As a PC payer you are not offered or allowed to be part of offers like this (incl cash race)

All due respect LinusP, I don't think this is correct, many PC payers including myself have gotten the offer (cash race too). Like I've said few pages back (afaik) only premium customers are excluded from both, which means PC payers + VIP customers should be eligible for everything. For some reason they are slow to roll out this new commission plan, must be doing manual checks or something but I think nearly everyone should get it eventually.

The issue as a newbie trader is that if you pay 2% resulting in your lifetime Commisiom dropping below 10 or 5% resulting in 50 or 60% rate which is a killer and very tricky to get off.

Is this correct? I've been too lazy to do the math myself, and I wouldn't trust my math anyway. I'm preparing for PC2 but have been enjoying having 2% last few weeks which is a big change from the standard 7% that foreigners get, but if this will mess up my PC2 charges longer term then I'd be an idiot to actually use it?

Would be helpful if Peter made a short video about the new plan, if he has all of the relevant information that is, to explain the cons and pros for all users, from newbies to PC2 etc. There's too much confusion and misinformation going around.

[LinusP]

As a PC payer you are not offered or allowed to be part of offers like this (incl cash race)

All due respect LinusP, I don't think this is correct, many PC payers including myself have gotten the offer (cash race too). Like I've said few pages back (afaik) only premium customers are excluded from both, which means PC payers + VIP customers should be eligible for everything. For some reason they are slow to roll out this new commission plan, must be doing manual checks or something but I think nearly everyone should get it eventually.

The issue as a newbie trader is that if you pay 2% resulting in your lifetime Commisiom dropping below 10 or 5% resulting in 50 or 60% rate which is a killer and very tricky to get off.

Is this correct? I've been too lazy to do the math myself, and I wouldn't trust my math anyway. I'm preparing for PC2 but have been enjoying having 2% last few weeks which is a big change from the standard 7% that foreigners get, but if this will mess up my PC2 charges longer term then I'd be an idiot to actually use it? Would be helpful if Peter made a short video about the new plan, if he has all of the relevant information that is, to explain the cons and pros for all users, from newbies to PC2 etc. There's too much confusion and misinformation going around.

Yep already admitted I was wrong on that.

They trialed it in Ireland back in June/July, it seems to work so now rolling it out further, its aimed at recreational punters.

Read the help page as it details it clearly, it will all depend on your lifetime commission, if it results in your lifetime going below 10% then I wouldn't!

[spreadbetting]

The longer you delay getting your lifetime comms over 10% the harder it'll be when the time comes.

[Kai]

The longer you delay getting your lifetime comms over 10% the harder it'll be when the time comes.

[sa7med]

The longer you delay getting your lifetime comms over 10% the harder it'll be when the time comes.

Lol, ditto

[Naffman]

The longer you delay getting your lifetime comms over 10% the harder it'll be when the time comes.

Lol, ditto

noobs.jpg

[spreadbetting]

If you hit the upper PC rates by winning £250K you go into one of three brackets of higher rate charges, and they depend on what your lifetime comms % is to your winnings.

†Premium Charges at higher rates

Higher rates of Premium Charge will apply to the very small number of customers (less than 0.1%) that satisfy the following conditions over the lifetime of their account:

Lifetime net profits*** exceed £250,000
Commission generated less than 40% of lifetime gross profits
Bet in more than 1,000 markets

The Premium Charge rate applied to each customer that satisfies these conditions is dependent on their lifetime commission generated to gross profits ratio. The exact rate will be determined by the following table:
Lifetime commission generated to gross profits ratio Applicable Premium Charge Rate
< 5% 60%
5% - 10% 50%
10%+ 40%

[sa7med]

If you hit the upper PC rates by winning £250K you go into one of three brackets of higher rate charges, and they depend on what your lifetime comms % is to your winnings.

†Premium Charges at higher rates

Higher rates of Premium Charge will apply to the very small number of customers (less than 0.1%) that satisfy the following conditions over the lifetime of their account:

Lifetime net profits*** exceed £250,000
Commission generated less than 40% of lifetime gross profits
Bet in more than 1,000 markets

The Premium Charge rate applied to each customer that satisfies these conditions is dependent on their lifetime commission generated to gross profits ratio. The exact rate will be determined by the following table:
Lifetime commission generated to gross profits ratio Applicable Premium Charge Rate
< 5% 60%
5% - 10% 50%
10%+ 40%

Good to know. Thought you pay 40% if greater than 250k and then jumped to 50% after 1 million or something. Didn't realize you had to generate > 10% as well. Im still a ways off 250k but good to know. Yikes indeed.

[Kai]

If you hit the upper PC rates by winning £250K you go into one of three brackets of higher rate charges, and they depend on what your lifetime comms % is to your winnings.

†Premium Charges at higher rates

Higher rates of Premium Charge will apply to the very small number of customers (less than 0.1%) that satisfy the following conditions over the lifetime of their account:

Lifetime net profits*** exceed £250,000
Commission generated less than 40% of lifetime gross profits
Bet in more than 1,000 markets

The Premium Charge rate applied to each customer that satisfies these conditions is dependent on their lifetime commission generated to gross profits ratio. The exact rate will be determined by the following table:
Lifetime commission generated to gross profits ratio Applicable Premium Charge Rate
< 5% 60%
5% - 10% 50%
10%+ 40%

Thankee kindly SB, musta missed it or didn't care at the time. Thought it was far more complex, that's why I was too lazy to try and understand it, but it's so simple with 3 fixed % brackets lmao.

[sharkky]

But begs the question - is it better then to rack up comm at the 8% rate now, if going by win/loss ratio on Dereks spreadsheet, the actual difference between the amounts paid is not massive?

Also, where would one find their current lifetime commish vs profit?

For disclosure, I have been profitable for a few month now (month on month since June), but my record keeping was/is terrible (non-existant more or less) and haven't hit PC yet as I was probably about 6 grand under factoring in old mug betting going back a decade.

Any guidance mucho appreciado

[spreadbetting]

But begs the question - is it better then to rack up comm at the 8% rate now, if going by win/loss ratio on Dereks spreadsheet, the actual difference between the amounts paid is not massive?

Also, where would one find their current lifetime commish vs profit?


Any guidance mucho appreciado

If you're not paying PC then your lifetime rate is above the 20% rate. I'd simply take the 2% on offer. Once you start to pay PC you'll have access to the PC page where you can calculate your lifetime comms rate and you'd still have another £240K to win before it'll affect you so plenty of time to worry about it or take action then.

[LinusP]

This is the link not sure if you need permission

https://myaccount.betfair.com/activity/premium-charges

[Kai]

But begs the question - is it better then to rack up comm at the 8% rate now, if going by win/loss ratio on Dereks spreadsheet, the actual difference between the amounts paid is not massive?

Also, where would one find their current lifetime commish vs profit?

For disclosure, I have been profitable for a few month now (month on month since June), but my record keeping was/is terrible (non-existant more or less) and haven't hit PC yet as I was probably about 6 grand under factoring in old mug betting going back a decade.

Any guidance mucho appreciado

You can see those numbers on the Premium Charges page under the Betting Activity tab, you should get access to that page once you hit PC. It's actually good having bigger losses, 6 grand is not much of a buffer but it will help you a bit. I have a few friends with -200k or more lifetime profit on their BF account from years of arbing, that's the ideal scenario I think for a trader Never arbed myself so don't know how viable it still is for this purpose, but at least one trader from my region still does a bit of arbing just to avoid paying 20% PC, he didn't even burn through his original allowance, pretty hilarious.

[ShaunWhite]

Also, where would one find their current lifetime commish vs profit?

Unfortunately they stopped doing the lifetime comm summary report only about 2 weeks ago. They'll do you a 'full statement' going further back than 3 months (mine was 620,000 transactions since 2002 delivered in 3 zips via 3 emails! ) but it it's much harder to interpret than the old one one page summary and also doesn't allow you to break it down by sport. If you talk to support (rather than using the chat) they should be able to give you those numbers because afterall they must know them in order to work out your charge band.

[ShaunWhite]

You can see those numbers on the Premium Charges page under the Betting Activity tab, you should get access to that page once you hit PC.

That's closing the stable door after the horse has bolted. You need to know your rate long before getting hit with PC. It's a figure that should be available to anyone anytime especially with it being so important. Truth is they benefit from making it hard to find so keeping your own records is important and it keeps them honest.