Betfair Premium Charge???

[tinytuco]

Hi All,

Need a bit of advice about the premium charge, today I received an email -

Dear Sir/Madam

Thank you for betting at Betfair.

We are writing to inform you that last week, for the first time, you would have been required to pay Premium Charges. However, in line with our policy for customers that incur the charge for the first time, last week's Premium Charges have been waived. The charges should appear on your account statement as both a 'Debit' and a 'Credit' of exactly the same amount. blah blah blah..

Now looking at my profit and loss, over the last year i have made £2100 (of which £2000 was in the last 3 months) profit, and over the last 30 days £500 and the last week MINUS £45.

As far I can see I am nowhere near the thresholds of £250,000 - and reading betfairs terms and conditions I haven't got a CLUE what they are talking about - how difficult are those premium charge terms??

I have emailed Betfair - but some advice from you guys would be much appreciated.

All the best

[ForeTwo]

Read here - http://www.betfair.com/aboutUs/Betfa...rges/#charges7

And check here - https://account.betfair.com/regpay-m...e/summary.html (whilst being logged in to BF)

...the 250k barrier is for the next stage of PC.

[Mike_IG]

The 250,000 threshold is for the Higher rate Premium Charge, you pay a Premium Charge way before you even get close to the higher rate Premium Charge.

You will be considered for Premium Charge if you have bet on more than 250 markets.
Your account is in profit.
Your total charges generated are less than 20% of gross profits.

You do get a lifetime allowance of 1,000 against the Premium Charge but going by the email you got you have already gone through it.

Are you saying you made a loss last week of £45, if that's the case then you wouldn't of gone through your allowance that week so something there doesn't add up.

[tinytuco]

That is the only thing that doesnt add up.

Using the link provided above betfair are saying my total PL is + 7,806.91

When in fact logging in to my account - going to profit/loss and selecting the dates that i have total been a betfair user - my profit is shown as just over £2000.

Still cant heads nor tails of there terms and conditions.

Joke

[pmcpi]

In your personal account, only the last 3 months are shown. If you can go back your trade history, confirm if the last trade has been made by that time.

Cheers

[tinytuco]

You can customise the dates in profit and loss. Going back as far as you desire

[Leonthefixer]

You can put whatever dates you like in but it only shows the actual information for the last 3 months maximum

Also you say last week you made a loss. Are you checking ffrom 00.00 on Monday 11th through to 23.59 on Sunday 17th June as that is what betfair will be basing their calculations on.

It is an automated system so their sums will be correct unfortunately for you.

[snale153]

You can customise the dates in profit and loss. Going back as far as you desire

No, that is not true. You can go back three months and a few days. If you go further it shows the same amount.

You can see your lifetime profit in the Premium Portal.

[tinytuco]

No, that is not true. You can go back three months and a few days. If you go further it shows the same amount.

You can see your lifetime profit in the Premium Portal.

So it is pointless. 3 months and a few days.

Anyway that is off topic - what i need to know is how much this premium charge will affect me in real terms - any sort of sliding scale of how much i will pay?

[tinytuco]

It is an automated system so their sums will be correct unfortunately for you.

I know a lot of automated systems that aren't correct..

[1/4 of a millionaire fund]

If you want to whine do it to Betfair, not people who were trying to help you.

[Caan Berry]

If you want to whine do it to Betfair, not people who were trying to help you.

couldnt of said it better myself.... wouldnt worry... not like your gonna be paying a couple hundred a week.

[pmcpi]

You want the block for yourself without paying your cut to the pimp? Not in this business

[tinytuco]

If you want to whine do it to Betfair, not people who were trying to help you.

Who is whining to the people who are trying to help me?

[LuckyYou]

Who is whining to the people who are trying to help me?

ForeTwo gave the links, you OBVIOUSLY didn't put an effort, but let me remind you again!
I suggest you may answer yourself by simply count the premium charge. I will even give you the link from the source itself, where you can see what you need. Put a little effort, understand what is written and you may find it even very useful.

http://www.betfair.com/aboutUs/Betfair.Charges/#charges7

Read carefully - here is everything you need to know!