Aussie Racing turn over charge

[nevermind]

I wonder how these 'racing bodies' (or whoever is responsible) came to such a weird idea?

Could it be that BF paved the way for them, showing that the punters can be squeezed like lemons?

[Nikol]

You should pray that this will be the only place where the horce rasings will be charged that way. If this go global this will be a step back for the whole gambling wolrd, except the goverments. Don't even think that Betfair isn't mad about this decision of the AUS goverment too...

[TaveMan]

Ok so I think I read it wrong am I reading the rules correctly

This charge will only apply to customers who during a week meet all three of the below criteria

Trade 50 or more rollover markets
Trade $2000 or more backed bets
Pay commission less then 1.5% on those markets.

So technically if you just trade less then 49 markets it doesn't matter what else you do you wont pay it?

I took it as if you only meet one of those you would pay but I think I am reading it correctly now you must meet all three to pay?

Ok back to trading

Cheers,
Tave

[blackmarket]

That's it Tave. All 3 need to be satisfied. Had a look through the BF forum and a good point raised was if you're just a Sat trader you can do it to your hearts content, so perhaps a little strange. Still I'm sure they have done the math!

[Nikol]

Well for a normal trader 2000 + 50 markets is very low. You may meet the 2000 requirement in 4-5 races if you trade normal...

[TaveMan]

Thanks blackmarket its much simpler then I realized

[Temujin]

Yeah I posted up in the forum, quite easy to target all the metro races and be under the 50 markets.
Obviously BF understand that without traders BF Australia will not be able to attract the punter and are copping a big charge just to keep them. I guess the hope is by using 50 markets as their guide that people won't be trading the low quality races, as there are much less punters money in those so won't be able to offset the charge with commission raised.

At least that is my take on it.

[TaveMan]

Hey guys,

So I just received a call from Betfair since I turn over to much money I cannot trade Turn over markets anymore or my Aus wallet will be blocked.

I guess this is me signing off from Betfair made a good amount of Cash that's going to fund me else ware in Stocks and Forex. So I'm still trading but else ware .

Bit disappointed because this is what got me into trading taught me all my lessons but I think I hedged up by learning other markets.

Good Luck Manage that risk .
Tave

[Keefter]

Hey guys,

So I just received a call from Betfair since I turn over to much money I cannot trade Turn over markets anymore or my Aus wallet will be blocked.

I guess this is me signing off from Betfair made a good amount of Cash that's going to fund me else ware in Stocks and Forex. So I'm still trading but else ware .

Bit disappointed because this is what got me into trading taught me all my lessons but I think I hedged up by learning other markets.

Good Luck Manage that risk .
Tave

WOW! so regardless of paying the charge they told you not bother anyway?

Since the TO charge came in I've continued to trade but limited myself to the 49 races and split those between Weds and Sat. I've noticed in the last 3-4 weeks that the liquidity has died off completely, in fact the last 4 saturdays have produced a small net loss for me, which is practically unheard of, a bad saturday in Oz simply never used to happen. I assumed it was just a quieter period after the carnival but now I'm beginning to wonder if you're not alone in recieving a phone call and some of the bigger money has been banned from the market. This is probably the end of Oz trading.

[The Geek]

Hey guys,

So I just received a call from Betfair since I turn over to much money I cannot trade Turn over markets anymore or my Aus wallet will be blocked.

I guess this is me signing off from Betfair made a good amount of Cash that's going to fund me else ware in Stocks and Forex. So I'm still trading but else ware .

Bit disappointed because this is what got me into trading taught me all my lessons but I think I hedged up by learning other markets.

Good Luck Manage that risk .
Tave

Ask them to give you the reasons / justification in writing. Also ask them to provide in writing the relevant section of their T&Cs which says they can do this.

[Alfred]

Someone I know was banned altogether from Australian markets for continuously betting on just under the threshold of 50 turnover markets. This was done by email, there was no previous warning by phone call.

I suppose that pointing out to them that this was not against their rules won't change anything to that decision and their power to ban anyone in this situation?

[TaveMan]

Turns out its not just me two of us got the call Thursday and gonna ask my other mate when I see him.

Yeah I noticed it too liquidity was definitely lower and very volatile

They said I could trade on anything else but im really not going to diversify my trading across betfair when this might happen again would take to much time i could spend elsware. Betting inplay is banned here and uk racing is at midnight so moving on to greener pastures is my best option.

It would be to much drama trying to get bf to justify anything its now obvious to me bf Australia has a short time left for traders if there are any left.

It was really cool actually my entire weekend was free went down to the beach drank beer and played computer games so it's not all bad lol.

Cheers,
Tave

[filthy_muck]

Market changes

Wow!

I've varied my betting and do less than 49 markets each week (generally about 30). Certainly haven't had a call yet.

Worst of all though my previous winning strategy has broken down since the start of the year signalling a change in the aussie market dynamics for me.

An ill wind blows through Aussie betfair!

Filthy.

[TaveMan]

Hey,

I looked back and it seems they have given it a 6 month period before throwing down more ban hammers. Trial must be over.

I don't like being restricted but 50 was enough markets for me anyway but it was painful to keep count lol. I was doing around 45 turn over and at least 20 non turn over. I played within the rules the entire time and so did my mate. Never got charged a TO charge. I was doing quite well actually traded very well in the last few weeks except for maybe 2 days off memory.

Not really caring about Betfair's bottom line but the fact is if someone traded $500 volume and made $20 they would pay $1.30 in commission but BF would pay $7.50. Not really a profitable business model if you look at it from an individual traders point of view but I was wondering from a whole market perspective if they are making a profit.

But at the end of the day if my broker treated me like this i'd get a new one if they can't offer a good service I'll move on. I've got better things to do then have some bloke ring up and tell me my scratch trade didn't make enough commission for them.

But I do really appreciate what BF gave me a way to learn trading at low risk, risk and trade management etc. For that I'm grateful.


Tave

[filthy_muck]

1.01 backers

I certainly understand why Betfair are bleeding under the runover regime.
Single tick scalpers on favourites must be costing them an absolute fortune.
What amazes me is the 1.01 backers are even worse and if 100K or more is traded each race at 1.01 (not to mention 1.02 etc) they must be doing their nuts.

This weekend Black Caviar is going to cost BFair a fortune - if there are any layers.

Filthy.