In addition to the other many reasons why this is so bad, I've thought of another. On occasion I do not trade, I have a straight bet which I allow to run the distance. I can't do that any more! At least not on Betfair. 5% off the top is one thing. 20% is quite another.
Fortunately it appears that for these bets, the pre-off prices on BETDAQ are the same as on Betfair, but more money out of the system for Betfair.
If they are trying to target traders or bot operators, which appears to be the case, perhaps they would be better off taxing those people who in any one market have more than a pre-defined number of transactions. 1-10 trades = 5%. 11-50 10%, or something similar. A sliding scale anyway. As a trader I would at least know going in what my charge will be (percentage wise). It's quite bizarre to have no idea right now what my real balance is.
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.
Robert,
ReplyDeletecan you email me?
Cheers.
TheGambler.
I often drop by here after reading Graeme’s excellent blog but not any more son.
ReplyDeleteI saw your comment on his blog and I’m disappointed to read your last post. This is an ill-timed and poor attempt to belittle the guy and very surprising coming from you if you want my opinion.
I see his reply and I think he’s far too nice for his own good and I’ve asked him to remove your link on his blog if he has any sense.
I traded all of his selections last month and show 21 points profit. Why someone who admits they have no knowledge of horse-racing pass judgement on the guy I’ve no idea.
Sounds like an attempt to sabotage his subscription service due to jealousy or a very weak attempt to create some interest in a blog that has died during the recent months.
Similar to the last guy, another reader lost here. I read your comment on Alistair’s blog regarding short-term profits and why you shouldn’t track them and that last post stinks of hypocrisy from someone who’s wise and old enough to know better.
Disappointing my friend.
Steve
Thanks for the comment Steve. As I said to Graeme, and as he himself has admitted, the point of the post (which you seem to have missed), was simply to point out the irony of trialling something with poor results, and then charging for it. Graeme seems a great guy, and I am quite sure his results will improve in time. I suggested to him that he might have been better served by allowing more time for his free trial before charging. I think the goodwill would have been well rewarded.
ReplyDeleteI hardly think jealousy is a factor here - I don't like to talk about exact numbers since it seems a little tacky, but let's just say that I will be seriously affected by the Premium Charge.
And are you seriously suggesting that this blog "has died during the recent months"? Since I only started this in March and have 12,000+ hits, I suggest you're a little off the mark there too.