Betfair Premium Charge - Experiences?
Can anyone give me an idea of how they've been affected by the retrospective charges that Betfair introduced?
I withdrew everything and haven't been back there since they announced it but I was just wondering what people's experiences have been.
I have not been charged and dont think i will be, i dont know anyone else who has been either but i would also be interested to here from anyone who has been.
Have a plan and stick to it
I've not been affected by it at all, mainly because I haemorrage money from Betfair at a scary rate so my net profit is always negative. At first I thought that's cheeky, but as it happens I didn't really need to worry about because for any period of profit I look at for Betfair, it's always very negative.
I imagine it would mainly affect traders, as was speculated when they introduced it this was a tax on the traders who made large profits but paid very little in commission due to the volume they were trading.
Have you been affected trinity?
I haven't been affected at all; I took the moral high ground and withdrew everything, marching into the distance with my 2% BetDaq banner and waiting for the indignant hordes to follow me, fleeing the tyranny of betfair and massively increasing liquidity at Daq....
So anyway, with my hopes and dreams shot down in flames, little change of liquidity at Daq, the NY increase in commission, and the constant lure of better odds at Betfair, I'm now considering returning.
I never actually calculated the impact it might have on me, I just hoped that it would prompt an exodus from Betfair and wanted to add my meagre weight to the flood of funds leaving... poor naive fool.
Was charged the first three weeks it started was gutting tried doing most of my business on Betdaq, all my match betting. There just isn't enough liquidity though in Betdaq to bet in running on horses, so Betfair just have you where they want you unfortunately. I think its very unfair though as at the end of the day other then bet matching you are gambling and you dont get a return on losing weeks. Even pure traders are still gambling and deal in such large quantity's can easily be well out of pocket. But as ive already said there is no viable alternative and they know it.
Unfortunately Betfair have somewhat of a monopoly on customer focussed betting exchanges and it makes them so arrogant in their stance to a lot of things, not to mention making their customer service very poor IME. Of course the reason for that arrogance is that they know they have a good product that works well and people don't have any alternative - the only real alternative is betdaq/betmate but most of the time they really don't have enough volume to make the spreads worthwhile, even when they offer very low commission (although recently I've been tempted back to betmate for the AH markets at 2%).
So until someone decides to offer some decent competition, I suppose that's how they'll stay... real shame, but to be fair they do offer a very good service and as long as you have no reason to email them / contact CS you're going to be fairly happy... you pay for what you get.
Its a shame that they are now thinking that way. The first betting exchange (peer-to-peer betting) I used was Flutter.com and they were great. They even sent me a bottle of single malt and 25 quid just for doing a customer survey for them Then betfair cornered the market and bought flutter.
I am also wondering whether there are many that have been affected by the charges. I like others in this thread picked up "my ball" and went to play at betdaq. Also suffered a few losses because of lower liquidity etc and have also been hit by the higher commission rates at daq now its 2009. However, the single most annoying thing must be the charges they implement for using moneybookers. This invariably means that i am using Betfair more often that not... ( as munk says usually my exhanges take the hit) which finally gets me round to teh point of my post.... this week i am over 3k up at betfair... whilst my understanding is that the profit/loss at betfair is determined over 60 days i could be instore for my 1st experience of the charges. With that in mind does anyone know whether i could simply wait for their email warning me and then withdraw my entire balance? Also, if i did do that would i then incur charges next time i deposited?
You could email them to ask whether you'll be hit with premium charges, I know they have a special report they can send you which details it all.
That's the trouble with using betmate/daq and betfair at the same time, your 'exchange variance' for want of a better term is spread across two or more exchanges, so whilst overall your net deposits might be negative and you lost a lot at betdaq w/e, because you had a few big wins at Betfair you'll take a hit in premium charges there now
It almost makes sense to just consistently use Betfair exclusively IF you know that generally you make a net loss over time because you won't incur the premium charges and the extra liquidity and lack of moneybookers fees will all bring your effective commission rate down. I think that was the conclusion I came to after moving away from them initially when they brought in the charges - I figured, well I know my net deposits are always negative (ie net loss), so unless I see that changing I should just stick with betfair for the tighter spreads and lack of mb fees etc.
It's quite a poor situation really but there's not a lot of competition for betfair really and they know it... if there was a good alternative I'd do it today, but betdaq just aren't quite there yet in terms of tight spreads so any reduction in commission you gain is lost in the spread (and on moneybookers fees). I really dislike betfair for the main reason that they KNOW I have no option but to use them, and they'd probably shut my account down if they read this and make me grovel to have it re-opened... or just shut it down permanantly and say 'no thanks, you need us more than we need you, good bye!'...
I also was originally with flutter, do you remember it used to tell you whos money you had won? That was a nice touch and led to some good banter in their forum.
Originally Posted by AmeliesDad
Have a plan and stick to it
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