Premium charge a year on
Well I was working my way through the "allowance" but since then I've put all my matched and "Arb" betting through my Betfair account and as such my Betfair total charges % is now -55.69% lol.
Yes the above % is correct I've managed to turn my Betfair account from one that was making a fair bit of profit into one that is down overall by a few £k.
But as the money is going into other bookie accounts and then back to me it's all good, the trick is to not get "gubbed" by the bookies and that can be a skill in itself.
Yes the above % is correct I've managed to turn my Betfair account from one that was making a fair bit of profit into one that is down overall by a few £k.
But as the money is going into other bookie accounts and then back to me it's all good, the trick is to not get "gubbed" by the bookies and that can be a skill in itself.
The best way I have found is to try to back a few selections in the same race with different bookies. Also doing only a few bets here and there seem to be better as well. A lot of the bookies are a joke if you win to begin with and they limit you to peanuts right away.
Using a mates account for a 50% split of profits is good as well especially with new accounts because of the free bets.
I think just placing bets maybe once a day or every few days is the way to go though.
Using a mates account for a 50% split of profits is good as well especially with new accounts because of the free bets.
I think just placing bets maybe once a day or every few days is the way to go though.
Betfair comment from their chat session: -
What do you think to offering customers paying the premium charge a better service to Betfair? You obviously value these customers very highly, and due to the high amount of liquidity and financial reward from the premium charge these customers bring you. Shouldn't you be taking steps to do everything in your power to keep these customers happy. Few examples
- Have an exclusive number where these customers can call someone direct who can speak in detail about Betfair. Someone trained in explaining and discussing Betfair's policies with these 'important customers'. Where the customer can feel like someone is actually listening to what they have to say.
- Having special invites to Betfair sponsored meetings, days out etc. Also being told of Betfair's future plans and releases before official announcements are made.
These are just a few ideas and something you really should look into before you continually upset the customers most important to the whole workings of Betfair
Mr Jack
It's an incorrect assumption that premium charge customers are "more important" to us than other customers on the exchange - one could well argue that those most important are the losing customers who keep on feeding the winners.
We actually try to treat all customers very well, but do offer a premium service to our "key accounts", those large customers who put a significant amount of volume through the site, and regardless of whether they pay a premium charge or not.
We appreciate that the long term sucess of an exchange ecosystem relies on new customers joining the site, and existing customers remaining, and we do everything we can to make that happen, by trying to offer a high level of customer service all around.
What do you think to offering customers paying the premium charge a better service to Betfair? You obviously value these customers very highly, and due to the high amount of liquidity and financial reward from the premium charge these customers bring you. Shouldn't you be taking steps to do everything in your power to keep these customers happy. Few examples
- Have an exclusive number where these customers can call someone direct who can speak in detail about Betfair. Someone trained in explaining and discussing Betfair's policies with these 'important customers'. Where the customer can feel like someone is actually listening to what they have to say.
- Having special invites to Betfair sponsored meetings, days out etc. Also being told of Betfair's future plans and releases before official announcements are made.
These are just a few ideas and something you really should look into before you continually upset the customers most important to the whole workings of Betfair
Mr Jack
It's an incorrect assumption that premium charge customers are "more important" to us than other customers on the exchange - one could well argue that those most important are the losing customers who keep on feeding the winners.
We actually try to treat all customers very well, but do offer a premium service to our "key accounts", those large customers who put a significant amount of volume through the site, and regardless of whether they pay a premium charge or not.
We appreciate that the long term sucess of an exchange ecosystem relies on new customers joining the site, and existing customers remaining, and we do everything we can to make that happen, by trying to offer a high level of customer service all around.
Here is the thread, which details changes to the premium charge: -
http://site.forum.betfair.com/jive3/bet ... geCount=54
We know a few of you have been banned from the forum but you should still be able to read this thread.
http://site.forum.betfair.com/jive3/bet ... geCount=54
We know a few of you have been banned from the forum but you should still be able to read this thread.
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andyfuller
- Posts: 4619
- Joined: Wed Mar 25, 2009 12:23 pm
I am banned and am unable to read that thread. Could you post a copy of what is included?
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andyfuller
- Posts: 4619
- Joined: Wed Mar 25, 2009 12:23 pm
I can read the service section but ever since my ban have not been able to read anything else including the Forum Chat where I think the post you are linking to is from?
Following a period of review and customer consultation, we will be making some changes to the Premium Charge that will come into effect 12th October 2009. The changes are designed to simplify the charge and have been devised specifically to address the most consistent topics of concern expressed by customers during the review. We anticipate that the changes will reduce the number of customers affected by the charge and also the total amount of Premium Charges collected each week.
The changes are as follows:
Extend the rolling ‘60 week’ calculation to a ‘lifetime’ calculation
Currently the charge calculation primarily considers each customer’s gross profits and total charges paid over the previous 60 week period. Any customer in profit over the previous 60 weeks, with total charges generated during that period less than 20% of gross profits, will be considered eligible to incur Premium Charges.
From 12th October the 60 week calculation will be extended to include all activity during the lifetime of each account. For the purposes of introducing the amend, we will assume that all customers had generated total charges equal to at least 20% of lifetime gross profits as of 22nd September 2008 (the date the Premium Charge was introduced) and that all charges generated since that date will count towards offsetting potential future Premium Charges. The £1,000 allowance against the charge, the 250 market threshold and the exclusion of any single win that constitutes more than 50% of gross profits will also apply to the lifetime of each account.
Amend the ‘total charges generated’ calculation
‘Total charges generated’ is currently defined as the sum of all commission generated plus any Transaction Charges, Data Request Charges and Premium Charges paid by each customer. If ‘total charges generated’ exceed 20% of gross profits won then customers are exempt from paying Premium Charges.
From the 12th October 2009, Transaction and Data Request Charges paid after that date will not be included within the ‘total charges’ calculation. However, all Transaction and Data Request Charges paid up to and including 11th October 2009 will be included within the lifetime ‘total charges’ offset.
Simplify the ‘Implied Commission’ calculation
The calculation for the ‘commission generated’ by each customer is currently defined as;
Commission generated = (Commission + Implied Commission) ÷ 2
where
Implied Commission = market losses x average market commission rate
From 12th October 2009, for the purposes of the Premium Charge, Implied Commission will be defined as;
Implied Commission = market losses x 3%
If you have any questions about the changes we are making to the Premium Charge please email [email protected].
Yours sincerely,
Betfair Pricing
The changes are as follows:
Extend the rolling ‘60 week’ calculation to a ‘lifetime’ calculation
Currently the charge calculation primarily considers each customer’s gross profits and total charges paid over the previous 60 week period. Any customer in profit over the previous 60 weeks, with total charges generated during that period less than 20% of gross profits, will be considered eligible to incur Premium Charges.
From 12th October the 60 week calculation will be extended to include all activity during the lifetime of each account. For the purposes of introducing the amend, we will assume that all customers had generated total charges equal to at least 20% of lifetime gross profits as of 22nd September 2008 (the date the Premium Charge was introduced) and that all charges generated since that date will count towards offsetting potential future Premium Charges. The £1,000 allowance against the charge, the 250 market threshold and the exclusion of any single win that constitutes more than 50% of gross profits will also apply to the lifetime of each account.
Amend the ‘total charges generated’ calculation
‘Total charges generated’ is currently defined as the sum of all commission generated plus any Transaction Charges, Data Request Charges and Premium Charges paid by each customer. If ‘total charges generated’ exceed 20% of gross profits won then customers are exempt from paying Premium Charges.
From the 12th October 2009, Transaction and Data Request Charges paid after that date will not be included within the ‘total charges’ calculation. However, all Transaction and Data Request Charges paid up to and including 11th October 2009 will be included within the lifetime ‘total charges’ offset.
Simplify the ‘Implied Commission’ calculation
The calculation for the ‘commission generated’ by each customer is currently defined as;
Commission generated = (Commission + Implied Commission) ÷ 2
where
Implied Commission = market losses x average market commission rate
From 12th October 2009, for the purposes of the Premium Charge, Implied Commission will be defined as;
Implied Commission = market losses x 3%
If you have any questions about the changes we are making to the Premium Charge please email [email protected].
Yours sincerely,
Betfair Pricing
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andyfuller
- Posts: 4619
- Joined: Wed Mar 25, 2009 12:23 pm
Would love to know which customers thought getting rid of the yearly £1,000 allowance was a good idea?!?!?!Bet Angel wrote:Following a period of review and customer consultation, we will be making some changes to the Premium Charge that will come into effect 12th October 2009.
The £1,000 allowance against the charge, the 250 market threshold and the exclusion of any single win that constitutes more than 50% of gross profits will also apply to the lifetime of each account.