Australian racing

[Derek27]

Have to say I did better on that last Rosehill race than I have done on anything all day..13 scalps

I love the speed and noise in the Aussie markets. Once you've found a good scalping position the bets sometimes get matched as quickly as you can submit them.

[mcgoo]

Have to say I did better on that last Rosehill race than I have done on anything all day..13 scalps

I love the speed and noise in the Aussie markets. Once you've found a good scalping position the bets sometimes get matched as quickly as you can submit them.

Just did 14 at MVal ..might be the beer ..Edit: and rock music on the headphones
Edit2: Must be on a roll..10 at Belmont

[Lutruwita]

Email from Betfair.

In response to various Australian State/Territory Governments introducing Point of Consumption (POC) taxes on wagering revenue, Betfair wishes to advise of upcoming changes to the Discount Rate available to our customers.

These changes are not something that we take lightly. Nationally, POC taxes impose an incremental 11% tax that Betfair must pay on top of Product Fees and GST (approximately 40% and 9.1% of wagering revenue respectively). After POC taxes, Betfair will pay approximately 60% of its wagering revenues in fees and taxes before operational expenditure, payroll and company tax, and capital expenditure.

Betfair works hard to educate State/Territory politicians as to the uniqueness of the betting exchange and the importance of our punters to the broader wagering industry. We will continue to work hard to provide our customers the best possible prices while remaining a viable business.

We advise that, from 1 October 2018, the discount on the Market Base Rate for Betfair’s customers will change....

Unfortunately, the ladder change by itself is not enough to deal with the significant incremental tax, and therefore Betfair has made the decision to introduce caps on the Discount Rate by State/Territory.

To view your current Betfair Points balance and to ensure that your address and contact details are up to date, log in at www.betfair.com.au, head to My Account, and select My Betfair Account from the drop down menu.

The amended Customer Terms and Conditions, and further information on the changes described above and how a POC tax impacts a low margin operator like Betfair, can be found on Betfair’s Hub website.

[Derek27]

That's a relief, I thought they were going to pull the plug on Australian racing.

I've just looked that the T&C and can't find anything about the new discount rates.

[Wildly]

That's a relief, I thought they were going to pull the plug on Australian racing.

Derek,
Do you understand that by continuing to trade on NSW thoroughbred markets that incur turnover charge, you increase the likelihood of the plug being pulled ?

[Derek27]

That's a relief, I thought they were going to pull the plug on Australian racing.

Derek,
Do you understand that by continuing to trade on NSW thoroughbred markets that incur turnover charge, you increase the likelihood of the plug being pulled ?

I can't image Betfair announcing their withdrawal from NSW markets "because Derek continues to trade NSW" - it would be the result of all traders.

In any case, if the only way we can allow Betfair to trade NSW is by not trading there, then it won't make any difference if they to pull the plug, because nobody would be trading those markets anyway.

[Lutruwita]

That's a relief, I thought they were going to pull the plug on Australian racing.

Derek,
Do you understand that by continuing to trade on NSW thoroughbred markets that incur turnover charge, you increase the likelihood of the plug being pulled ?

Remember BF Australia and BF UK have different parent companies.

[Naffman]

At least its not the 2% turnover tax some were talking about, that would've killed BF in Australia

[Derek27]

I just hope Betfair succeed in educating the Australian politicians. It surely can't be as difficult as educating our own!

[Naffman]

That's why they're starting the new commission structure on Oct. 1st to show those people how much the states are losing (that's even if they will be worse off)

The increased levels of comm. will still offset against PC so most of us here won't even feel it

[Lutruwita]

The increased levels of comm. will still offset against PC so most of us here won't even feel it

If you're a trader with their implied commission you should feel it slightly?

[Naffman]

The increased levels of comm. will still offset against PC so most of us here won't even feel it

If you're a trader with their implied commission you should feel it slightly?

Yes sorry of course, must be these early starts

Just seen the maximum discount rate is 40% in the higher poc brackets, which I'm way off anyway

[PDC]

Euler, if you read this could you comment please about the turnover charge limit of 24 NSW race meetings. I saw on twitter this morning that you posted an image of your bot trading the Australian racing over night and saw that you were active on the NSW meeting at Canterbury Park along with the other non NSW meetings.

I would think you are also active on Saturday NSW meetings given your previous comments about botting these then getting up to manually trade them as well. Also in previous posts/tweets you have talked about running automation on Australian markets every day of the week.

So my question is, how does the 24 race limit not seem to stop you trading NSW tracks?

There were 9 races today at Canterbury Park and it looks like you were trading them all on the image you posted. On Saturday there are 9 races at Randwick which I am sure you will trade, so that would only leave 6 other NSW races available to trade all week and not be effected by the charge but there are another 100+ NSW races.

[Naffman]

Betfair seem to take ages to ban those staking too much on TC markets, when you'd have thought it'd be in their best interests to act as quick as possible

Suppose if you're staking more than the 25 race limit you'll bring more attention to yourself so odd how Peter is still allowed to trade them as most of us long term Aussie traders have been contacted (think I was called almost 5 years ago about it - how time flies)

[Euler]

I am affected by the same charges, but I don't trade all markets every day. I tend to focus on Wednesdays and Saturdays. I did all today as I knew there was an event, so wanted to show a full hand.