Betfair Premium - I shouldn't be paying

[Jordanauburn123]

Hi all,

My Betfair account is around £3000 down (matched betting) over its lifetime, traded in over 1500 markets.

However, I have had £133 deducted from my £1000 premium charge allowance.

Could anyone point me in the right direction as to why this would have happened? As I understand it, the first criteria for qualifying for premium charge is that your account needs to be in profit?

I can view the premium charge tab in my account, but never received any comms about it. Betfair LC absolutely clueless/useless.

Many thanks for any pointers.

J

[spreadbetting]

You must have made a winning start before eventually losing £3K on the account. Betfair don't rebate back any PC charges so if you have a decent few years start paying PC then have a big losing streak you ain't getting any of it refunded back to yoou.

[Jordanauburn123]

Thanks for your quick reply. I had wondered that, but it seems highly unlikely I was in a significant profit after betting in over 250 markets with pure matched betting. But as you say, that's the only logical explanation.

Just wondering if I'm missing something here..

[Euler]

If you post up some numbers I can tell you if you qualify and how. But of course, you may not want to do that. But that would confirm your status.

[Derek27]

Thanks for your quick reply. I had wondered that, but it seems highly unlikely I was in a significant profit after betting in over 250 markets with pure matched betting. But as you say, that's the only logical explanation.

Just wondering if I'm missing something here..

You don't have to have significant profit, any profit resulting in less than 20% commission generated will eat away at your allowance.

Your PC allowance doesn't really tell you how much you have in hand if your lifetime gross profit is negative because you'd have to win a lot to get it into profit and your commission below 20% before your allowance gets consumed.

If you subtract a fifth of your lifetime gross profit (effectively adding a fifth of your losses if it's negative) to your lifetime's charges, that will tell you what your premium charge allowance really is.

[Jordanauburn123]

If you post up some numbers I can tell you if you qualify and how. But of course, you may not want to do that. But that would confirm your status.

Thanks for your quick reply. I had wondered that, but it seems highly unlikely I was in a significant profit after betting in over 250 markets with pure matched betting. But as you say, that's the only logical explanation.

Just wondering if I'm missing something here..

You don't have to have significant profit, any profit resulting in less than 20% commission generated will eat away at your allowance.

Your PC allowance doesn't really tell you how much you have in hand if your lifetime gross profit is negative because you'd have to win a lot to get it into profit and your commission below 20% before your allowance gets consumed.

If you subtract a fifth of your lifetime gross profit (effectively adding a fifth of your losses if it's negative) to your lifetime's charges, that will tell you what your premium charge allowance really is.

Thanks to both of your for your replies.

Derek - I think that makes sense now. What threw me is that the majority of the explanatory blog posts online claim there's only a very small chance matched bettors will ever join the PC club, so I was a little stumped as to how I fell into it, albeit briefly. I also never received any comms about it.

Euler - I'll post my lifetime details below for you to have a gander at in case there's anything you wanna add. I've changed the figures a tad (so they won't add up perfectly) for security but they're representative of the truth.

Cheers.

Gross profit & loss
£-3,114.22
Maximum possible premium charge £0
Commission £1,434.45
+
Other charges £0
+
Premium Charges £132.16
=
Total charges (0%) £1,557.44

[Euler]

Your lifetime is negative or just last week?

[wearthefoxhat]

Daft question, but related.

Does any of the profit made when the company was known as Flutter.com, count towards the lifetime allowance?

[Derek27]

Daft question, but related.

Does any of the profit made when the company was known as Flutter.com, count towards the lifetime allowance?

Nothing changed when Betfair was taken over by PP, so I don't think the company name makes any difference, it's still the same account. They're not likely to give 40% payers a clean slate!

[Jordanauburn123]

Your lifetime is negative or just last week?

Lifetime

[ShaunWhite]

Daft question, but related.

Does any of the profit made when the company was known as Flutter.com, count towards the lifetime allowance?

It all counts, I asked for a lifetime summary recently and it went back to 2000.

[ShaunWhite]

Lifetime

Looks like a straightforward admin cockup, just let them know and they'll sort it out.

Ts&Cs section 9.

Screenshot_8.png

[Derek27]

Lifetime

Looks like a straightforward admin cockup, just let them know and they'll sort it out.

Ts&Cs section 9.

Screenshot_8.png

He hasn't paid any premium charge, he's just talking about some of his allowance being used up. You're not considered for paying PC until you've traded 250 markets but your £1000 allowance starts getting consumed straight away.

[ShaunWhite]

Lifetime

Looks like a straightforward admin cockup, just let them know and they'll sort it out.

Ts&Cs section 9.

Screenshot_8.png

He hasn't paid any premium charge, he's just talking about some of his allowance being used up. You're not considered for paying PC until you've traded 250 markets but your £1000 allowance starts getting consumed straight away.

Not if you're not in lifetime profit. 'Thankfully'(?) I made such a balls up of my first attempt at trading years ago that I'm still in a lifetime loss. I don't even have access to the PC summary page let alone use any allowance. If yours was different they owe you a grand

Screenshot_9.png

[Derek27]

Looks like a straightforward admin cockup, just let them know and they'll sort it out.

Ts&Cs section 9.

Screenshot_8.png

He hasn't paid any premium charge, he's just talking about some of his allowance being used up. You're not considered for paying PC until you've traded 250 markets but your £1000 allowance starts getting consumed straight away.

Not if you're not in lifetime profit. 'Thankfully'(?) I made such a balls up of my first attempt at trading years ago that I'm still in a lifetime loss. I don't even have access to the PC summary page let alone use any allowance. If yours was different they owe you a grand
Screenshot_9.png

If you have a few successful weeks and then start making a lifetime loss, some of your PC allowance will be used up, just like PC payers can end up in a lifetime loss - you don't get your PC back but still get credited for paying it should you get profitable again.