Hi All,
A little background to my question. I don't really trade anymore but used to employ a laying strategy that initially was profitable but with time proved to be just variance and it settled down into a just under break even strategy.
Therefore in the past I have paid PC so I have a PC tab on the My Account section of the Betfair website. Now to the point...
Last week i played around on near minimum stakes for a few hours and lost the grand total of £10.19. However on my Premium charge tab is shows my gross p&l for that period as £8.74. It also says I paid 59p in commision when in fact I paid 43p. Can somebody explain the difference between my net p&l and the gross p&l on the PC tab?
I'm sure this question has been asked and answered many times but I cant find a reference to it.
Also I guess you guys who pay PC on a weekly basis must calculate it yourselves and dont have blind faith in Betfair to do it for you! Can I ask how you calculate it?
Thanks
J
Do you calculate your own premium charges?
Can't speak for others but I don't calculate anything so I guess I do put blind faith in Betfair. If you withdraw anything over a certain amount (the necessary trading bank) it's relatively easy to keep track of PC without paying attention to it, so I roughly know how much they will take and would notice anyway if there was a bigger error or something.
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spreadbetting
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Not really worth the effort calculating , especially if you play the AUS markets where comms vary market to market. It's all done by batch by a computer so if they did cock up someone else would spot it and any error would be corrected as it wouldn't simply affect one account. Think the only time I've had errors on my calcs were where they manually resettled markets but they worked in my favour and don't seem to happen as often as they used to.
Commission generated (which is used in the PC calculation) is (commission paid + 3% of your losses) divided by 2.
I calculate P/L, commission, PC, gas, electricity, water, everything! It's not really difficult if you use Microsoft Access (can be done in Excel) because once you've created the forms and code it's all automatic.
Never had a problem with Betfair, but from past experiences I don't trust utility suppliers, particularly British Gas.
Sorry, I misread your post. Your PC gross profit is simply profits - losses. Commission isn't included as it's used to calculate PC. But your P/L page for the same week will have commission deducted from the total.
The statement seems accurate, if you had a bad losing week or had a lot of turnover on 2% markets, commission generated will be higher than what you paid, conversely if youve bet a lot on 8 or 10% markets for Australian Racing or had a strong winning week it will be lower than what you paid. I compared it a few times with my weekly profit/loss, it seems to add up even its would take adding up every single market to prove it to the cent.