Australian racing
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- Posts: 443
- Joined: Wed May 18, 2016 1:24 pm
Thanks, will certainly take that one in to account when moving on to the software as I am currently not using Betangel. Although I understand that might sound stupid, priority for me is now to get the psychology part of trading first right before moving on to this one
Scheduled outage
Wednesday 8th July from 0845-0915 BST
which I think is 5.45pm-6.45pm AEST today
https://forum.developer.betfair.com/for ... 5-0915-bst
Wednesday 8th July from 0845-0915 BST
which I think is 5.45pm-6.45pm AEST today
https://forum.developer.betfair.com/for ... 5-0915-bst
It might be a good idea if we start a separate thread for maintenance/outages that are 'scheduled' by Betfair, but more importantly, unannounced and totally unexpected by people who use the exchange.Anbell wrote: ↑Wed Jul 08, 2020 3:32 amScheduled outage
Wednesday 8th July from 0845-0915 BST
which I think is 5.45pm-6.45pm AEST today
https://forum.developer.betfair.com/for ... 5-0915-bst
I'm often the first to report a major outage on the Betfair down thread but feel like the last (or perhaps the 2nd ) to hear about outages - stream information into one place.
Nice, very much looking forward to that
- firlandsfarm
- Posts: 2720
- Joined: Sat May 03, 2014 8:20 am
Thanks for clarifying Derek, I'm working on a small-margin system just now and assuming an average of 8% commission for the first pass!Derek27 wrote: ↑Tue Jul 07, 2020 5:04 pmBettors would be unaffected by turnover charge because they will generate more than 1.25% commission on turnover by generating 1.5% commission on losers and usually more on winners, which excludes them from the charge. The 10% commission though, would kill any small-margin betting system.firlandsfarm wrote: ↑Mon Jul 06, 2020 3:35 pmFor traders I can see it hurts but it would just about kill any betting system.
Of course, we have to remember that the commission is only on winnings/race, so if you have a successful 'small margin' system that wins 1% POT net of 8% commission, it would still be valuable at 10% commission.firlandsfarm wrote: ↑Wed Jul 08, 2020 2:24 pmThanks for clarifying Derek, I'm working on a small-margin system just now and assuming an average of 8% commission for the first pass!
- firlandsfarm
- Posts: 2720
- Joined: Sat May 03, 2014 8:20 am
Anbell don't forget that you effectively pay commission on your losses with the winnings that cover them! So if you made a profit of 1 point after 8% commission on total stakes of 100 points and let's say you have a 25% strike rate so you would have enjoyed 25 winning bets at 1 point stakes returning 82.61 gross winnings which net down to 76 points after 8% commission, offset the 75 losing bets gives you a 1 point profit. But if the commission rate was increased to 10% your commission deduction would be 8.26 points giving net winnings of 74.35 points which after deducting the 75 losing stakes gives the system a loss of 0.65 points!
It's a common misunderstanding of the effect of commission when using an exchange. "You only pay commission on your winnings" depends on how you define your winnings! "commission is only on winnings/race" is of course correct but because a long term profit is produced at X% commission does not mean there will still be a profit at a higher Y% rate. Your long term commission is effectively …
total commission = (system profit + losing stakes) x Comm%
All truefirlandsfarm wrote: ↑Thu Jul 09, 2020 7:43 amAnbell don't forget that you effectively pay commission on your losses with the winnings that cover them! So if you made a profit of 1 point after 8% commission on total stakes of 100 points and let's say you have a 25% strike rate so you would have enjoyed 25 winning bets at 1 point stakes returning 82.61 gross winnings which net down to 76 points after 8% commission, offset the 75 losing bets gives you a 1 point profit. But if the commission rate was increased to 10% your commission deduction would be 8.26 points giving net winnings of 74.35 points which after deducting the 75 losing stakes gives the system a loss of 0.65 points!
It's a common misunderstanding of the effect of commission when using an exchange. "You only pay commission on your winnings" depends on how you define your winnings! "commission is only on winnings/race" is of course correct but because a long term profit is produced at X% commission does not mean there will still be a profit at a higher Y% rate. Your long term commission is effectively …
total commission = (system profit + losing stakes) x Comm%