Just spoke to BF Aus this afternoon. They have confirmed that form July 1st 2013 traders will be able to participate in trading Victorian racing (the other states haven't been confirmed yet) without worrying about turnover.
Commission rates will remain the same as previously applicable.
Very eagerly looking forward to trading Friday evenings @ Mooney Valley and Saturdays at Flemington, Caulfield, and Sandown.
Good luck to all those looking to get back at this re-surfaced opportunity!!
Betfair loses race fields legislation case
-
CaerMyrddin
- Posts: 1271
- Joined: Mon Sep 07, 2009 10:47 am
Got this message opening Betfair:
"Betfair wishes to update its customers about the application of the Turnover Charge following changes to the manner that Betfair is levied fees by racing bodies.
From 1 July 2013, the Turnover Charge will be removed from thoroughbred and greyhound racing in Victoria. This has come about because of a change in definition of turnover for betting exchanges which now means Betfair pays a proportion of the net customer winnings generated on markets.
This means that customers who utilise the trading aspects of the exchange are now free to bet on all three codes of Victorian racing.
Unfortunately the imposition of an increased turnover floor on South Australian racing means that Betfair will be forced to apply the Turnover Charge to all three codes of South Australian racing.
Betfair is hopeful that racing bodies will follow the Victorian racing industry and move away from levying fees based on the aggregate of bets on the ‘backer’s side’ of the exchange.
This will enable Betfair to remove the Turnover Charge from each market and ensure that punters are not turned away from racing markets by the imposition of specific fees on trading behaviour.
For the time being, we encourage customers who utilise the trading aspects of the exchange to do so only in markets where the Turnover Charge does not apply. This includes a number of Australian racing jurisdictions, all sports markets and all overseas markets.
For more information about these markets, head to www.factsaboutfunding.com.au.
The Betfair team "
"Betfair wishes to update its customers about the application of the Turnover Charge following changes to the manner that Betfair is levied fees by racing bodies.
From 1 July 2013, the Turnover Charge will be removed from thoroughbred and greyhound racing in Victoria. This has come about because of a change in definition of turnover for betting exchanges which now means Betfair pays a proportion of the net customer winnings generated on markets.
This means that customers who utilise the trading aspects of the exchange are now free to bet on all three codes of Victorian racing.
Unfortunately the imposition of an increased turnover floor on South Australian racing means that Betfair will be forced to apply the Turnover Charge to all three codes of South Australian racing.
Betfair is hopeful that racing bodies will follow the Victorian racing industry and move away from levying fees based on the aggregate of bets on the ‘backer’s side’ of the exchange.
This will enable Betfair to remove the Turnover Charge from each market and ensure that punters are not turned away from racing markets by the imposition of specific fees on trading behaviour.
For the time being, we encourage customers who utilise the trading aspects of the exchange to do so only in markets where the Turnover Charge does not apply. This includes a number of Australian racing jurisdictions, all sports markets and all overseas markets.
For more information about these markets, head to www.factsaboutfunding.com.au.
The Betfair team "
-
marksmeets302
- Posts: 527
- Joined: Thu Dec 10, 2009 4:37 pm
I got the same message but it totally confuses me.
"This means that customers who utilise the trading aspects of the exchange are now free to bet on all three codes of Victorian racing. "
okay, good news: no more taxes.
but then:
"Unfortunately the imposition of an increased turnover floor on South Australian racing means that Betfair will be forced to apply the Turnover Charge to all three codes of South Australian racing. "
isn't that a contradiction?
I used to trade only on 2 days a week in australia, that kept me from having to pay the tax. Next week I'll do it for a whole week again, see if I have to pay taxes again.
Mark.
"This means that customers who utilise the trading aspects of the exchange are now free to bet on all three codes of Victorian racing. "
okay, good news: no more taxes.
but then:
"Unfortunately the imposition of an increased turnover floor on South Australian racing means that Betfair will be forced to apply the Turnover Charge to all three codes of South Australian racing. "
isn't that a contradiction?
I used to trade only on 2 days a week in australia, that kept me from having to pay the tax. Next week I'll do it for a whole week again, see if I have to pay taxes again.
Mark.
-
andyfuller
- Posts: 4619
- Joined: Wed Mar 25, 2009 12:23 pm
No, re-read it. They said Victorian racing is fine to trade, South Australian is not.marksmeets302 wrote:isn't that a contradiction?
First day of trading Aus racing (actually just Victorian racing) was quite good.
General market volume and activity was about the same as previously witnessed, and so was my trading performance (consistently stable). Flemington was bit weak comparatively but I suppose I can't really judge it during winter - it's really a spring attraction.
I also kept an eye out on volume levels for non-Victorian courses today - EagleFarm, Morphettville, and Rosehill also displayed the same characteristics despite still being Turnover charge markets. I was expecting a drop in volume but was slightly surprised to see no change in the money pouring in in these markets.
Good luck if you're going to be trading them regularly. Let's hope the other states remove the T.O levy soon and welcome traders back to their markets.
General market volume and activity was about the same as previously witnessed, and so was my trading performance (consistently stable). Flemington was bit weak comparatively but I suppose I can't really judge it during winter - it's really a spring attraction.
I also kept an eye out on volume levels for non-Victorian courses today - EagleFarm, Morphettville, and Rosehill also displayed the same characteristics despite still being Turnover charge markets. I was expecting a drop in volume but was slightly surprised to see no change in the money pouring in in these markets.
Good luck if you're going to be trading them regularly. Let's hope the other states remove the T.O levy soon and welcome traders back to their markets.
You do not have the required permissions to view the files attached to this post.
Hey Blueport/Anyone,blueport wrote:Good news people.
As from August 1st QLD racing are joining Victoria and dropping the turnover charge on all racing codes.
Now that QLD has followed suit, does anyone know if the other states are looking to do the same in the near future?
I cant find anything concrete about WA/VIC/ACT, and get the impression there are quite a few more politics involved with NSW.
Thanks for any info
Yeah, just noticed that this saturday. Good news. Wish NSW and SA would join soon. Some really good meetings there that I wouldn't want to miss trading.blueport wrote:Good news people.
As from August 1st QLD racing are joining Victoria and dropping the turnover charge on all racing codes.
BF did mention that other states may follow in Victoria's lead, so fingers crossed to at least get NSW and SA on the same track soon.
Hello hhh,hhh wrote:I cant find anything concrete about WA/VIC/ACT, and get the impression there are quite a few more politics involved with NSW.
Thanks for any info
Queensland,Victoria, Northern Territory and Tasmania are turnover charge free.
South Australia only switched to the turnover charge in the last two weeks.
Western Australia and the Australian Capitol Territory switched to the charge within the last 6 months.
It's just a waiting game as to whether the States/Territories currently charging will switch back.
Personally I cant see NSW switching back, especially while V'landys is running the ship.