Thanks for posting that. It's a bit vague isn't it?
I'm not sure what they are looking to achieve or implement. If they try and levy on net winnings then surely there will be little to levy against? Maybe they are trying to broaden the definition but have not thought it through?
I guess we will need to speak to Betfair to understand what happens given this change?
Betfair loses race fields legislation case
I am more concerned about Betfair trying to eradicate Oz trading, given their obvious attempts at targetting punters while taxing traders with the Turnover charge. Not being able to join Betdaq only makes it worse. 
After investing a massive amount of my time studying Betfair racing markets for well over a year now, I am not too sure what the future holds.
After investing a massive amount of my time studying Betfair racing markets for well over a year now, I am not too sure what the future holds.The confirmation we've been waiting for:
REMOVAL OF TURNOVER CHARGE FROM VICTORIAN THOROUGHBRED RACING
Betfair is pleased to announce that it will remove the turnover charge from Victorian thoroughbred racing from 1 July 2013.
This charge was introduced in 2012 after Racing Victoria (RV) moved to a turnover model of charging fees to Betfair which equated to more than 60% of the revenue Betfair derived from Victorian thoroughbred racing.
RV recently announced that, from 1 July 2013, it would assess turnover for a betting exchange as ‘net customer winnings’ rather than the aggregate of all bets taken on the ‘backer’s side’ of the exchange.
In making its announcement, RV described this as “a more appropriate measure of the volume of customer transactions.”
Betfair is hopeful that other jurisdictions will amend their definition of turnover to ‘net customer winnings’ and we will be able to remove the turnover charge on their specific markets.
For the time being, we encourage customers who utilise the trading aspects of the exchange to continue to do so on markets where Betfair is charged on revenue or net customer winnings.
For more information about these markets, head to http://www.factsaboutfunding.com.au.
REMOVAL OF TURNOVER CHARGE FROM VICTORIAN THOROUGHBRED RACING
Betfair is pleased to announce that it will remove the turnover charge from Victorian thoroughbred racing from 1 July 2013.
This charge was introduced in 2012 after Racing Victoria (RV) moved to a turnover model of charging fees to Betfair which equated to more than 60% of the revenue Betfair derived from Victorian thoroughbred racing.
RV recently announced that, from 1 July 2013, it would assess turnover for a betting exchange as ‘net customer winnings’ rather than the aggregate of all bets taken on the ‘backer’s side’ of the exchange.
In making its announcement, RV described this as “a more appropriate measure of the volume of customer transactions.”
Betfair is hopeful that other jurisdictions will amend their definition of turnover to ‘net customer winnings’ and we will be able to remove the turnover charge on their specific markets.
For the time being, we encourage customers who utilise the trading aspects of the exchange to continue to do so on markets where Betfair is charged on revenue or net customer winnings.
For more information about these markets, head to http://www.factsaboutfunding.com.au.
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!!
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!!
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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 "
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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.
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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.
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