So here’s the thing. At the end of a profitable week, we not unreasonably want to know where we stand with regard to the Premium Charge.
To calculate what this charge will be, we need to know our Commssion Generated total, which as I understand it, is half of our Commission Paid + Implied Commission.
However, we have no way of precisely knowing our Implied Commission. The best we can do is approximate this sum by going through all our losing bets, but for an active trader, this is not an insignificant effort.
Our Account Statement shows Commission Paid on our winning bets, but does not show Implied Commission on our losing bets.
It does seem strange to me that this charging method would be legal. Can anyone name another financial transaction that you would commit to without knowing what your fees, taxes, charges, commission etc. would be? I can’t. I buy stocks or commodities and I know what my charges will be.
I’m not suggesting that Betfair would make up these numbers, but there is a certain lack of transparency here that, quite frankly, stinks.
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.
your right - betfair could just make up any number and you would be none the wiser.i would like to keep track of everything to know if i was eligible for the premium charge.what i dont understand about the premium charge is this - for every bet matched betfair makes a profit - so what difference does it make if
ReplyDeletesomebody does really well ?