PC could be as much as 40%??

[tjpoulos]

I won't have to pay this yet, but when I do I'm gone. No chance in hell I'm going to pay 60%

[RJM]

You guys that are affected by this might, be interested in this:-

http://www.facebook.com/pages/Betfair-P ... 2673473703

[Happy Harry]

HH, how does what you do save you anything ? The premium charge is a % of your profit less any commission already paid. Doesn't what you are doing just increase the commission paid but, as your profit remains the same, you end up paying Betfair exactly the same overall ?

Give me a few days and I will come up with the Maths on why this is so. Essentially it happens because your losing bets also incur an "implied commission" related to their value so the commissions paid, even though you lost on the losing bets as they are "implied commissions" offset your actual commission liability.

Anyway, and I am fairly sure I am right, just make sure your you actually profitability is comparatively low and no matter how much actual $$$$$ you are making you will not get caught. Now obviously BF could trap for this but if they do so the liquidity will drop so their commissions will drop so they will end up in bigger sh1t than they are currently.

They need turnover and commissions and liquid markets so while they might be trying to discourage "Sharks" they don't want to discourage "Whales" as the "Whales" provide the liquidity in the markets.

HH

[doris_day]

Its really good that Yu is leaving Betfair but it would be better for them if he left them now and Wray and Black took back the helm. He is quoted in today's Sunday Times as 'we tried to give the people what they wanted. They wanted Poker so we gave them that and they wanted a Casino so we gave them that too'. That sounds like a man without a vision and without an understanding of how businesses run. It also sounds like someone who has no ideas of his own.

When Betfair began they were based on an innovative idea and it became popular because it struck a chord with those who could appreciate that innovation. And what those people wanted was a business that built on that innovation and provided them with a stable and liquid exchange. That happened for a while, albeit with periods of instability when they tinkered with their technology (its my belief that many of their problems were because they started with the wrong technology in the first place but that a different matter altogether).

Betfair's real problems started when they employed Yu with his over arching ambition to be all things to all men in the gambling world. That's when they lost their sense of direction which signaled the beginning of the end. He was quoted as saying that 'Betfair should be seen in the same light as Google and Facebook because in the end we're all technology companies'. A man who says stuff like that has issues he needs to deal with. And probably with medication.

Yu's reign at Betfair will be seen as a travesty. Betfair have poured huge sums of money into poorly thought through add-ons. The Poker thing should never have happened and I know they know that but they don't have the balls to get out now, though in the long run it would be best if they did.
LMAX (for which I was a Beta tester) is a great idea very poorly executed and it will struggle until someone creates the right sort of interface for it. All the casino and associated sh1t that Betfair have accumulated have diverted money and minds away from the exchange and that's exactly why Betfair aren't growing as they should be.

This PC nonsense is only happening to bolster their bottom line because of the failures of Yu and his management team who don't appear to have a clue what they're doing.

Betfair need to get rid of the dead wood like Yu, re-group and then get their business back to the core business, the innovation that it started with, and what produces the profits.

[methodman]

Just back from travelling and catching up with things when I noticed this. Bl**dy shocked thats my retirement income screwed. Looks like i've got about a year to come up with an alternative to BF before I start getting the 40% + charges. The easy solution may be to close the a/c and start again using another family members a/c.

Need to start giving it some thought.