From 18th July 2011 Betfair will be making some changes to the Premium Charge. The current Premium Charge mechanism will remain in place but higher rates may now apply to a small number of customers (less than 0.1% of annual active customers).
Full details of the changes can now be found on the Betfair Charges page under the About Us section of the website. However, the changes can be summarised as follows:
• Customers will only be subject to Premium Charges at higher rates if they satisfy all of the following conditions:
o Lifetime net profits* exceed £250,000
o Lifetime commission generated less than 40% of lifetime gross profits
o Bet in more than 1,000 markets
• Customers that satisfy all of the above conditions will be asked to pay Premium Charges at rates between 40% and 60% on all future exchange activity.
All customers that will be affected by these changes have already been contacted.
For more information, please visit our FAQ section here [link to FAQ]. We hope the information provided will outline why we are making these changes and how they will be implemented in practice.
If you have any further questions, please send them to [email protected].
*by net profits we mean the amounts won less the amounts lost, on all exchange markets, less all commission paid and Premium Charges debited.
http://community.betfair.com/general_be ... ium-charge
New PC charge now up to 60% from 18 July 2011
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petemalta1
- Posts: 10
- Joined: Mon Jun 01, 2009 10:49 am
its ok lads
note they will only 'ask' you to pay this
just tell betfair 'thanks- but i decline'
wish i was so affected
note they will only 'ask' you to pay this
just tell betfair 'thanks- but i decline'
wish i was so affected
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spreadbetting
- Posts: 3140
- Joined: Sun Jan 31, 2010 8:06 pm
Log into terms.betfair.com Euler, I'd imagine this will affect you pretty badly.Euler wrote:I'm out this afternoon but will have a proper look at this later.
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JollyGreen
- Posts: 2047
- Joined: Sat Mar 21, 2009 10:06 am
I was out all morning and stupidly left my phone at home. Upon my return I had a missed call from a trading friend. When I called them back they asked if I had heard the news.............................I could tell from their voice it was not good news! Enough said! 
This is great news.
What it will in effect mean is that Betfair cannot be used by pros anymore, as it will be very difficult to win.
That means that a mass move to Betdaq is on the cards more than at any other time.
Betfair's greed has shot themselves in the foot, they must be the short sighted company in history. Tossers
What it will in effect mean is that Betfair cannot be used by pros anymore, as it will be very difficult to win.
That means that a mass move to Betdaq is on the cards more than at any other time.
Betfair's greed has shot themselves in the foot, they must be the short sighted company in history. Tossers
As a smaller trader the new change won't affect me in the near future but I can't help thinking that it will only be a matter of time before the pc rules change again. BF may continue to squeeze i.e. decide that people who net over £50k should pay 60%, after all a fed monsters appetite will continue to grow.
Imagine someone who has been on betfair for 10 years and made 25k per year. Even that person could be hit by a 60% hike and would end up keeping just 10k! Surely there could have been better ways to do it than this?
Many people will walk away as soon as they get to 250k, which will make betfair nothing.
Many people will walk away as soon as they get to 250k, which will make betfair nothing.
exactly, thats what ive been saying, people are saying that it will not effect you etc,jimrobo wrote:the problem is it doesn;t matter anymore whether you are affected directly by the new charge. Every pound you make is a pound closer to shutting you down. Trading as a long term option on betfair is now dead.
but as you say it kills off any hopes of long term trading for a living on betfair
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