Ok, so having read up properly on the betfair premium charge I have discovered that it firstly affects more people than the 0.5% of it's users as stated by bf themselves. Secondly, if I was to turn over a large amount of profit then I would probably get stung quite hard by it on an account I used for mugging.
So the way I see it, I have 3 options really:
1) Use the betfair account to keep funds ringfenced, but keep a close eye on the premium charge. If I am getting close at any time I could either look at matching some money with my daq account with a view to busting, or ask my gf to place my bets for me for a little while on her bf account.
2) Finally open a Pinnies account as has been suggested, and use them. This means the account would be in £ though as opposed to $ (which is another debate entirely!) and I do hope to make the jump into US books at some point in the imminent future. My other concern also is that having not had a Pinnies account, I don't know if the odds generally tend to match those of betfair on the big footy games? Would I be missing out on value here? I suppose I have at least 5% to play with, and that's before taking into account the premium charge. As I do hope to be showing a profit.
3) Use a spreadsheet to 'ringfence' a mugging balance. Every time I want to place a bet, check for the bookie with the best odds and place it there. This is a pain, but would be the best value. Although it has the disadvantage of having my money spread all over the place, and maybe not being in the right place at the right time. There are also things like limits etc to consider, and having to place the same bet at a couple of books to negate that. It could get messy really.
Ideally I would like to go for 1, 2 then 3 in that order. I'm not asking anybody to tell me what to do, but a few thoughts/opinions/discussions on the matter would probably help me make my mind up. I need to get it sorted before weekend, and am currently moving some money around in banks for this purpose, so I need to decide where to deposit it all!!
I would say a combination of 1 and 2 is ideal, 2 first and then 1 as well. Basically use Betfair just for laying off longer odds (ie for free snr bets mainly) and for everything else around evens just use an asian book to lay off. I know since I started doing that a few years ago my Betfair usage went through the floor (though if you go on a winning spree you'll still get hit at some point obviously).
Also I suppose if you lay off horse bets a lot then that will still be a big issue.. no easy way of laying off horse bets at another bookie (use betdaq?).
Thanks for the replies guys. For info I'll be making probably 99% back bets on English/International football. Premier League, Champs League etc So that is more the specific info I am after. I have a betfair account I use already for matching bets/lays etc so a new account would be totally separate ringfenced funds.
I do have an account with daq already, but very rarely use it for the same reason most don't, the liquidity. Although for big games I assume the liquidity/odds would be there.
Maybe a combination of pinnies/daq/bf? but again that leads me to the problem of maybe not having money in the right places when needed. But not much of a big issue if it is only the 3 places. Although for the first week or 2 I will only have 60%-80% of my total 'mug' funds available until some payments clear, leaving me even more thin on the ground.
What are the limits like at 188 bet? The only Asian bookie I have at the moment would be m88, and I would probably be exceeding their maximum bet with some bets.
The limits at 188bet are very good, the best out of all the asian books (12bet/sbo/m88) I *think*, well, definitely better than m88 that's for sure. SBO is worth having as well, they have the best prices of all the asians quite often and their limits are very good (no SUB and they never have had a SUB yet afaik, but worth opening an account anyway). Very quick payouts, actually do like SBO quite a lot from my experience.
Generally M88 is the only asian of those that I'm a bit dubious about, mainly because they took money from my account without even bothering to mention it by email. 12bet/188bet/SBO in my experience have all been very ver good and would recommend all 3 of those.
Samvo is another asian book to think about, I have no experience of them though...
I've just been having a look around the SBO and Pinnies websites. Like them both really. After a quick scout round the odds I'm thinking along the lines of opening an account at both of those, and a new bf account. Depositing say 10-15% of my 'mug' budget at each one, then seeing which I use most and topping up as neccessary.
Out of those 3, I'll be able to keep the mugging funds away from my other funds, which is a plus as it won't get confusing. It looks like I'll have all bases covered for best prices from the looks of the odds between the 3 (had a brief look through Saturday's games). Plus with not making all my bets at bf (hopefully least of them) I'll easily be able to not fall foul of the premium charge. It's a win win all round. Thanks very much for the suggestions/reccomendations.
Great idea this skitzo it will be interesting to see how you go.Will you be keeping us informed of your bets/how your doing.After the chat on hear i opened a pinnies account at the weekend but im not really sure how people go about using it,i know you want yours for good prices for mug punting but i assume most use pinnies for arbs.Anyway good luck mate.