And so it begins: £260.21 deducted for the Premium Charge at 12:49PM today on a gross profit for the week of £1,749.20 (net £1,260.21 at 4.5%) - so a total commission of 19.375%. Not far short of the 20% they promised!
Now the problem of how to incorporate this into my spreadsheet. Since I like to track my P&L by sport, I should probably pro-rate this per bet, but that will be hard to do. Maybe this problem will be enough for Betfair to make me exempt from the charge? I'll give them a call...
It seems a lot of people misunderstood the allowance of £1,000 that goes against this charge. It started 60 weeks ago, and for many people including myself, was "used up" long ago. How you can use up an allowance that never existed at that time is a bit of a joke.
I was on BETDAQ yesterday for some of my trading. Still lower liquidity than Betfair, but from what I see and read, BETDAQ is picking up all the time, and perhaps that tipping point will soon be reached.
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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