Just being hit with charges from Betfair??

[johnnycash]

Please can someone explain why Ive had a usage charge of £81 and £101 from Betfair on the same day and if there's a way around it? I was experimenting with a scalping program on Guardian (as usual) with very small stakes. The exact message that appears on my statement is
Bet Txn Charge for over 1000 per hour on 16/10/17

Any help or advice would be much appreciated..

[Dallas]

viewtopic.php?f=47&t=11378
and
viewtopic.php?f=17&t=11376

[weemac]

I had over £1,000 in charges without even realising it. One step is not to place bets of under £2 - they each count as 2 bets. Another would be for betfair to separately itemise these charges under a separate heading. But they don't, and it seems they won't. A third would be for Guardian to have a "restrict transactions per hour" facility.

[johnnycash]

Thanks for the prompt replies, much appreciated. Although I've taken a hit I'm glad I know about it now and not further down the line, my bill could have been horrendous! I always thought that Betfair dont charge, apart from commission, until you get into the really big numbers and are really successful! Again, thanks for the info guys..

[Dallas]

Thanks for the prompt replies, much appreciated. Although I've taken a hit I'm glad I know about it now and not further down the line, my bill could have been horrendous! I always thought that Betfair dont charge, apart from commission, until you get into the really big numbers and are really successful! Again, thanks for the info guys..

If its your first time its well worth contacting them by submitting a ticket via the following link and pleading ignorance and unawareness the user in the link above got refunded and so have several others when its been their first time, you certainly got nothing to lose
https://developer.betfair.com/support/

[Derek27]

I understand the necessity to deter customers from an excessive number of transactions, but if Betfair are happy to accept 1000 transactions an hour, £10 for 2000 transactions in an hour sounds excessive and wholly unreasonable to me.

[Bluesky]

I understand the necessity to deter customers from an excessive number of transactions, but if Betfair are happy to accept 1000 transactions an hour, £10 for 2000 transactions in an hour sounds excessive and wholly unreasonable to me.

When your facing very little competition you can pretty much charge what you like without having to worry too much about it being unreasonable.

[spreadbetting]

I understand the necessity to deter customers from an excessive number of transactions, but if Betfair are happy to accept 1000 transactions an hour, £10 for 2000 transactions in an hour sounds excessive and wholly unreasonable to me.

To be honest the more people they hit the better, I don't want to be competing against people's penny bets. If your strategy can't make a penny a bet it's probably not worth pursuing.

[Derek27]

Salami slicers (people who take advantage of Betfair's rounding of process) irritate me to the point that I've actually reported one to Betfair - if you have bet matched sound effects on, it makes your computer sound like a machine gun !

However, I would presume that more serious traders who use bots trading on multiple markets might fall foul to the 1000/hour transaction limit.

[ShaunWhite]

I understand the necessity to deter customers from an excessive number of transactions, but if Betfair are happy to accept 1000 transactions an hour, £10 for 2000 transactions in an hour sounds excessive and wholly unreasonable to me.

To be honest the more people they hit the better, I don't want to be competing against people's penny bets. If your strategy can't make a penny a bet it's probably not worth pursuing.

Is there any wonder BF grinds to a halt on a saturday handling sqillions of bet/cancel/bet/cancel speculative bot trades. Until BF get a quantum matching engine I'd rather it spent a few more cycles servicing other people.

As sb says, 0.5p a trade shouldn't be too much of a hurdle. BF needs to work for everyone and the balance right now is probably ok. Make it cheaper and it would be absolutely mullered with frantic bots. (incidentally 'mullered' doesn't come from Thomas Müller as I thought, it's been around since the 50's, pointless fact of the day)

[Crazyskier]

viewtopic.php?f=17&t=11376

You know it was interesting reading my tx charge post over 18 months ago and recapping on just how different my approach is now versus Feb 2016. The more I learn, the more I realise I still have to learn about this scalping / trading lark, and mindfulness and keeping the perspective and focus on the bigger, long term picture is essential.

I agree that BF should make players aware when an excess charge is triggered rather than just debiting the penalty and hiding these charges in the usual commission fees.

CS

[Crazyskier]

I understand the necessity to deter customers from an excessive number of transactions, but if Betfair are happy to accept 1000 transactions an hour, £10 for 2000 transactions in an hour sounds excessive and wholly unreasonable to me.

To be honest the more people they hit the better, I don't want to be competing against people's penny bets. If your strategy can't make a penny a bet it's probably not worth pursuing.

OUCH! But my strategy is indeed profitable, whilst only gaining pennies profit per trade (£2 liabilities). I don't see how this can negatively-impact your own strategies at all?

CS

[Hooch]

sorry for dragging up this old thread but just wondering what way this Bet Txn Charge for over 1000 per hour fee is priced/calculated at??

[ShaunWhite]

sorry for dragging up this old thread but just wondering what way this Bet Txn Charge for over 1000 per hour fee is priced/calculated at??

Have a look at the Betfair Ts&Cs