The opposite may be on the cards, NSW revenue go to the other States, but we'll have to wait and see..It's pointless carryong NSW as a loss leader cos no other states going to want to see their possible revenue go to NSW they'll want it themselves.
Betfair loses race fields legislation case
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CaerMyrddin
- Posts: 1271
- Joined: Mon Sep 07, 2009 10:47 am
Me too.
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rubysglory
- Posts: 309
- Joined: Thu Nov 04, 2010 7:02 am
Betfair Australia really need not operate from within Australia at all. OK, they took out an Australian license to be seen to be doing the right thing, but there is nothing stopping them from moving their operation to somewhere like perhaps Vanuatu.Yes, as a prudent business measure Betfair know they should support and be seen to be actively supporting their business base - the racing industry, but surely the time has now arrived to withhold such support. Even if they were to end up paying a similar fee to the resident governing body ( I understood that Vanuatu's turnover tax rate is now 1.5% - but I stand corrected - anybody ?) , it would not be being paid to 'Racing Australia' . Play the ' OK - we will pay your fees game ' , 'just not to you'. Make them bleed for a bit. Perhaps then the reality will hit home that 0.50% of something is better than 1.5% of nothing. Call their bluff boys and have it out once and for all !
rg
rg
G'day RG,
I agree entirely - there is nothing to be gained by BF for them to hold an Australian licence - in fact, all it does is restrict Aus BF users in terms of the ridiculous legislation banning in play trading on the internet.
In my view, BF should surrender their Aus licence and simply operate from another base - UK, Malta or Timbuctoo - so long as they are able to do so viably.
I agree that they tried to do the right thing in relation to paying an appropriate fee to racing in Aus - and, if they were to operate from a base outside Aus and not be constrained in any way by arguments over access to Aus racing fields they would surely prosper, as the increase in in play trading/betting on sports events would be huge.
Let's hope BF management takes a very strategic view of what's happening and make some courageous decisions.
I would welcome the opportunity to trade on BF without the restrictions imposed by the ludicrous legislation that allows me to trade in play on the telephone - but not on the internet.
So, if any BF managers are reading this thread - take courage and pull the pin on your Australian operation.
cheers
G66
I agree entirely - there is nothing to be gained by BF for them to hold an Australian licence - in fact, all it does is restrict Aus BF users in terms of the ridiculous legislation banning in play trading on the internet.
In my view, BF should surrender their Aus licence and simply operate from another base - UK, Malta or Timbuctoo - so long as they are able to do so viably.
I agree that they tried to do the right thing in relation to paying an appropriate fee to racing in Aus - and, if they were to operate from a base outside Aus and not be constrained in any way by arguments over access to Aus racing fields they would surely prosper, as the increase in in play trading/betting on sports events would be huge.
Let's hope BF management takes a very strategic view of what's happening and make some courageous decisions.
I would welcome the opportunity to trade on BF without the restrictions imposed by the ludicrous legislation that allows me to trade in play on the telephone - but not on the internet.
So, if any BF managers are reading this thread - take courage and pull the pin on your Australian operation.
cheers
G66
I can now confirm that Betfair are contacting UK based customers to ask them to stop trading on Austrailian races.
The guy I spoke to was very pleasant and explained in detail the reason for the call. He also mentioned figures which I wont repeat on here of customers affected and so on.
He also mentioned how much Betfair 'lost' because of my activity last week. I told him Betfair didn't lose anything given my premium charge in the UK came to around four times that amount therefore they should let me continue as a highly profitable customer. They declined that offer.
The guy I spoke to was very pleasant and explained in detail the reason for the call. He also mentioned figures which I wont repeat on here of customers affected and so on.
He also mentioned how much Betfair 'lost' because of my activity last week. I told him Betfair didn't lose anything given my premium charge in the UK came to around four times that amount therefore they should let me continue as a highly profitable customer. They declined that offer.
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andyfuller
- Posts: 4619
- Joined: Wed Mar 25, 2009 12:23 pm
So just to confirm you have been told to stop Peter, is it just NSW races or all Oz races?
Also can you expand on the reasons he gave as to why they were asking you to stop? Or is it just you cost them money on those markets so they don't want you even though you probably provide a lot of liquidity?
Also can you expand on the reasons he gave as to why they were asking you to stop? Or is it just you cost them money on those markets so they don't want you even though you probably provide a lot of liquidity?
They told me they couldn't support my custom as I lost them money (even though I didn't). I'm a bit suspicious though. They now have the sportsbook so why not blanket ban the exchange on NSW races. Why not just make them sportsbook only. As it is, it looks from an external viewpoint like they are just trying to shut profitable accounts, doesn't it?
I've had a call also albeit as a gentle reminder that my yield is low and I'm costing them money so I will have to change the way I bet in the NSW markets otherwise they will have to stop me placing bets in these markets. Just like Euler the guy I spoke to was nice (it was the same guy who phoned me few days earlier offering tickets to their box) and said it was a first warning and they will have to assess. It didn't sounded too threatning but I think I will have to approach NSW differently.
Yes, let's see, for each $100 matched betfair have to pay racing NSW $1.50.
So you match $50 @ 10 and catch a nice steam to 8 and so you lay $62.5.
All green $12.5. Commission of $0.62.
You've matched $112.50. Betfair have to pay racing NSW $1.68. Befair lose just over $1.
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Normal punter
Punts $50 @ 10.
Wins - $450. Commission $22.5. Betfair pay racing NSW $0.75.
If loses then whoever took the lay bet.
Lay $50 @ 10.
Wins - $50. Commission $2.50. Betfair pay racing NSW $0.75.
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Anyone who produces all green on NSW races is bad for Betfair.
So you match $50 @ 10 and catch a nice steam to 8 and so you lay $62.5.
All green $12.5. Commission of $0.62.
You've matched $112.50. Betfair have to pay racing NSW $1.68. Befair lose just over $1.
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Normal punter
Punts $50 @ 10.
Wins - $450. Commission $22.5. Betfair pay racing NSW $0.75.
If loses then whoever took the lay bet.
Lay $50 @ 10.
Wins - $50. Commission $2.50. Betfair pay racing NSW $0.75.
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Anyone who produces all green on NSW races is bad for Betfair.
Not so sure, if you are on 60% here is the same calculationgazuty wrote:Anyone who produces all green on NSW races is bad for Betfair.
All green $12.5. Commission of $7.50
You've matched $112.50. Betfair have to pay racing NSW $1.68. Befair gain $7.50
Doesn't look a bad deal does it? So why they want to restrict my activity is beyond me?
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CaerMyrddin
- Posts: 1271
- Joined: Mon Sep 07, 2009 10:47 am
How does this work, Betfair play a straight 1.5% comission on the backed amounts?
If it's so, the guys backing a horse @1.01 as it crosses the line are all automatically out of bussiness?
I do a lot of these markets and I'm worried all the other states will follow suit NSW.
If it's so, the guys backing a horse @1.01 as it crosses the line are all automatically out of bussiness?
I do a lot of these markets and I'm worried all the other states will follow suit NSW.