BETDAQ have replied to my e-mail requesting details of their commission and offered a flat 2% until 2009. No word on what happens after that, but I am going to pull out some funds from Betfair and take advantage of this offer.
They did also express surprise at Betfair's move, which I'm sure met with some disbelief from BETDAQ's executives. They must be rubbing their hands in glee at this change in fortune.
I have written to Betfair to complain about this swingeing tax, but I doubt that I shall receive a personal reply.
Should an Exchange even care who the winners are? Just a thought. Personally I'm fine with the winners paying all the commission, but 20% is just wrong. 5% seemed fair and reasonable.
I did also point out that there is currently no credit given for the balance I keep, which typically is between £15k and £30k. Very disappointing.
About Me
- Cassini
- I have had a life-long interest in sports and after studying Pure Mathematics with Statistics at secondary school, have been fascinated by odds and probability. The first system I came up with was a simple one - back the favourite and double up after a loss until a winner. Simple enough in theory, and I told my Dad about it. Not being a betting man himself, he ran it by some of his colleagues, and came home to tell me that it wouldn’t work because a long losing run would mean that the bank would be empty. Then there was always the possibility that the winner would be returned at odds-on, meaning that the total returns would not match the outlay. Not what a ten year old wants to hear! Only slightly daunted, I then went on a search for the Holy Grail, the secret to riches that I knew was out there somewhere. Finally in 2004 I stumbled across an article about Betting Exchanges and four years later I was able to make a steady profit.
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