Betfair's tenth birthday today

[Bet Angel]

To celebrate, I am donating them near on a couple of thousand via the premium charge. Should be able to have a nice birthday party with that. I look forward to a similar gesture in reverse on my tenth anniversay!

[andyfuller]

Yes what better way to celebrate than to give them a lump of cash in the form of the Premium Charge - I hope they don't choke on the cake

[Lagos]

I was moaning about it to my wife last night and she said surely its a nice problem to have, think of all the poor sods who cant make a bean......or even lose everything they have on Betfair. If someone had told me ten years ago that betting exchanges were going to be invented and they were going to supply me with a regular income of tens of thousands of pounds a year, for doing something I enjoy, I would have had a party for a month. I think we should be thankfull.

[andyfuller]

...think of all the poor sods who cant make a bean......or even lose everything they have on Betfair.

Not really - the Premium charge does not target winners. It only targets consistent winners over weekly periods.

It now means that some people (Premium charge payers) pay considerably more to use Betfair than non Premium Charge payers even if the non Premium Charge payer wins considerably more than the Premium Charge payer.

The Premium Charge is just a way of price differentiating between customers due to the market strength of Betfair.

[Lagos]

But it also tagets winners over the lifetime of the account. You need to have paid less than 20% comm. over the lifetime AND the week to pay.

Dont understand the 'Not really' would you rather be totally skint or paying the premium charge?

[Mug]

Try saying that when they bump it up again! I think it's a slippery slope. When introduced it seemed to me a clear message that Betfair don't like winners.

[andyfuller]

Dont understand the 'Not really' would you rather be totally skint or paying the premium charge?

I would rather we all paid the same commission rate no matter if we are winners or losers, like it used to be not a different rate depending on your style.

You don't have to be a massive winner to pay the Premium Charge, just a consistent one. Likewise you can be a massive winner on Betfair and not pay the Premium Charge.

It is my opinion that you should charge the same for the same product.

You don't go to restaurant and have one person paying more than another for exactly the same meal for example. The fairest way is to charge everyone the same.

[Lagos]

How can you be a massive winner and not pay the premium charge? If you win 20K on a race after losing 3K and paying 100quid comission over the previous year you will pay 3300 (20-3=17X20%-100) quid premium charge on you win less the normal commission on it whatever your rate

[Lagos]

ah yes I see what youre saying, if you never have a losing race you never build up comission against your premium charge.
If youre winning and paying it you should still be happy

[andyfuller]

How can you be a massive winner and not pay the premium charge?

By having plenty of losses as well but overall you can still win massively and not pay a penny in Premium Charge.

The Premium Charge has nothing to do with being a winner - it is to do with how you win. Those who don't lose a lot along the way are charged more by Betfair than those who have lots of losses along the way.

I talk to a fellow trader everyday who wins pretty much the same as me each week but he never pays the Premium Charge as he has a lot of losses along the way due to his style. I don't have lots of losses but win about the same but then I have to pay at the end of the week the Premium Charge so despite us both winning the same amount in the week I end up with less in my pocket.

If youre winning and paying it you should still be happy

Why because I pay more than someone else for exactly the same thing?

Doubt you would be happy if you went to fill up your car at BP and because you had a Mercedes you had to pay £2 a litre but because I have a Vauxhall I only had to pay £1.50.

[Bet Angel]

£5k in a lifetime isn't a great deal of money. There are 10,000 horse races a year and thousands of soccer and tennis matches. If you just made an average of just 50p a race over the year you would almost certainly fall into the PC trap. That's too low.

[Lagos]

Yes, sounds like you need to change your style to the same one as your mate Andy!
Make profits....all profits are good.

Good luck

[andyfuller]

Easier said than done though - lots of losses has a hugely negative impact on my mind so it isn't that easy unfortunately. It isn't through lack of trying.

[Lagos]

Unfortunatly for traders its called BETfair not TRADEfair. If you Bet.. its fair if you trade and your style means you dont have many losing races... they get you!

I stick by what I said earlier I would rather pay it than there be no Betfair.

[PeterLe]

My friend had his first premium charge today (£106)...he had one last week but they let him off as it was his first...
I spoke to him on the phone this morning and he just couldnt believe it!
He said..."When I lose, they keep my money...but if I win they take a chunk of it!..how does that work then?"..
Might just try and explain it over a pint tonight...but then again..dont think I've got the energy!!...bloody unfair isnt it!