Oh dear they now they want 60% of our winnings :(

[1/4 of a millionaire fund]

From 18th July 2011 Betfair will be making some changes to the Premium Charge which may affect you directly.

Full details of the changes can now be found on the Betfair Charges page under the About Us section of the website but the changes can be summarised as follows:

Customers will be subject to Premium Charges at higher rates if they satisfy all of the following conditions:
Lifetime net profits (gross profits less commission paid and Premium charges debited) exceed £250,000
Lifetime commission generated less than 40% of lifetime gross profits
Bet in more than 1,000 markets
As of 20th June 2011 your exchange betting activity satisfies the criteria set out above. In order to view the Premium Charge rate that will apply to your future betting as well as the calculation that determines your rate and the date from which the rate becomes effective, we have developed a secure online portal. The portal can be accessed at terms.betfair.com by logging in with your Betfair username and password.

For the purposes of introducing a change to the Premium Charge rate that applies to your betting, we will assume that you have always incurred the Premium Charge at the prevailing rate. For example, if the Premium Charge rate applicable to your betting is now set at 40%, we will assume that you have always paid Premium Charges at 40%. This will ensure that you are considered to have generated total charges equal to at least 40% of lifetime gross profits at the point that the new rate becomes effective.

For more information, please visit an FAQ section on our forum. We hope the information provided will outline why we are making these changes and how they will be implemented in practice.

Alternatively, if you have any additional questions about the changes we are making that are not covered in the FAQs then please contact your account manager or email premiumcharge@betfair.com.

Yours sincerely,

[fil]

This guys are worse then mafia. I can not believe this. Is it a joke?

[1/4 of a millionaire fund]

Sadly not, http://community.betfair.com/general...premium-charge

Trouble is the Betfair PR accounts will now go into overdrive and we'll have allsorts of people praising Betfair for bringing it in. It was suprising how easy they managed to con the masses into thinking PC was a good idea despite no one other than Betfair benefitting from it. I imagine with one of the criteria being £250K net profits they'll have a lot easier time selling it to the masses now.

Time to bow out of PC threads and look at any possible ways to avoid or reduce it for now

[LuckyYou]

What Exactly mean £250 000? I should have made more than £250 000 in profits to be affected by that ? I may never reach such a profit, but WHY THE FCUK THEY SHOULD TAKE AWAY YOUR MONEY. SUCH AN AROGANT BASTERDS! Next time they may decide to make the actualy premium charge 40%...

[LuckyYou]

Sadly not, http://community.betfair.com/general...premium-charge

Trouble is the Betfair PR accounts will now go into overdrive and we'll have allsorts of people praising Betfair for bringing it in. It was suprising how easy they managed to con the masses into thinking PC was a good idea despite no one other than Betfair benefitting from it. I imagine with one of the criteria being £250K net profits they'll have a lot easier time selling it to the masses now.

Time to bow out of PC threads and look at any possible ways to avoid or reduce it for now

Yeah Instant Moneybookers for fast arbs may be a VERY PROPER SOLUTION!

http://www.geekstoy.com/forum/showthread.php?t=5639

i've made and a post in betfair forums. Its all described in the thread!

[1/4 of a millionaire fund]

What Exactly mean £250 000? I should have made more than £250 000 in profits to be affected by that ?

Yes you need a net profit of £250K (winnings less comms+pc) to get hit by this one you can check at terms.betfair.com how and if you'll be affected. Alot of people may not get hit now but that's not say they won't be hit in the future or betfair amend the terms like they've done with the PC in the past.

[Cran]

I'll worry about it when I've made my first £250,000

I'm not saying it's ok, it's not, but I just haven't got time to worry about things that don't affect me.

The cross matching has taken away 90% of my profits, so that annoys me a hell of a lot more than PC ever will.

At this rate I might just get a job.. it'd be a lot easier...

[1/4 of a millionaire fund]

That's the thing Cran, as gamblers we're all a pretty selfish lot and only worry about what affects us directly. Unfortunately that makes things alot easier for betfair to sneak in these changes that eventually whittle us all off one by one.

[LuckyYou]

That's the thing Cran, as gamblers we're all a pretty selfish lot and only worry about what affects us directly. Unfortunately that makes things alot easier for betfair to sneak in these changes that eventually whittle us all off one by one.

Don't worry man. I am absolutely sure that you will find a way to avoid this charges! Just dig deep into the shits

[crikey]

best way to avoid pc? GTPRO BETDAQ!!

[LuckyYou]

I'll worry about it when I've made my first £250,000

I'm not saying it's ok, it's not, but I just haven't got time to worry about things that don't affect me.

The cross matching has taken away 90% of my profits, so that annoys me a hell of a lot more than PC ever will.

At this rate I might just get a job.. it'd be a lot easier...

In order not to be in your possition i've came to the conclusion that everything that has a begining has an end. Sooner or later I will get tired or will start lose or etc etc. Thats why I'd prefer to make some business before this things start to appear with the money won from BF>...

[shadowninja]

I'll worry about it when I've made my first £250,000

That was my initial thought.

[shadowninja]

Unfortunately that makes things alot easier for betfair to sneak in these changes that eventually whittle us all off one by one.

Yep. Much like when income tax was introduced into the UK. First, it only affected the ultra rich, everyone agreed, then the middle classes, the working class agreed, then finally it was too late.

[AnyGreenIsGood]

I was not aware of this latest bit of Betfair robbery, but even though I've never yet paid even a penny in PC, I still think it's a disgrace.

You can sort of see that the really successful players could never have achieved that level of success without Betfair, so maybe they need each other as 'business partners' but even then, 20% was too high a rate and 40% just comes from cloud-cuckoo land!

See they use 20% and then 40%, do you think somebody in that area of Betfair used to be a tax man? Watch out, there is also a 50% rate! :Naughty

[Shaun]

i was one of the people that always said those that pay PC complain to much that they were not happy about making money and paying a fair % to do so but this does sound unfair, the lifetime amounts are just plain stupid, sure if that was a 12 month amount i could understand the more you make the more you need to pay but lifetime could effect every one in time if you winning even a few hundred a week.