Trading Horse racing : Australian racing

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Dallas
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Sun Aug 12, 2018 1:17 pm

rhodaewart wrote:
Sun Aug 12, 2018 1:10 pm
I'm sorry to post here, but I'm finding creating a new topic impossible. Can anyone tell me how i can start a new topic? I might add that I'm a new user which probably contributes to the problem. Thanks in advance.
viewtopic.php?f=17&t=16838

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PDC
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Sun Aug 12, 2018 1:34 pm

Where would the Turnover charge show on your account? When is it taken each week and are you notified when they take it each time?

spreadbetting
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Sun Aug 12, 2018 1:34 pm

TipTopTrader wrote:
Sun Aug 12, 2018 12:50 pm
I was just trying to say that if they have charged you for the turnover tax and you're pretty sure you didn't go over the amount of races.It paid for me to ring them up and I got refunded.
I think the Aus regulators have always been more stricter in enforcing any t&c's, you must be turning over large amounts of comms elsewhere if they dropped a 30K charge as its not like them to carry to the can
PDC wrote:
Sun Aug 12, 2018 1:34 pm
Where would the Turnover charge show on your account? When is it taken each week and are you notified when they take it each time?
I remember being charged data charges years ago when one of my bots went a bit haywire, only knew because it was on my PC statement page, they never informed me direct. They did email and waive my first turnover charge when it was introduced but I then set my bots to avoid all those markets ever since.

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Bog
Posts: 37
Joined: Sat Aug 11, 2018 7:19 am

Sun Aug 12, 2018 1:44 pm

Naffman wrote:
Sun Aug 12, 2018 7:57 am

But just keep going until they ring you, you won't have to pay anything they just say if you carry on after this warning then we will suspend your account
What? Who told you that? I don't see any reason they will suspend accounts, they will just take their turnover charge. I had an email from betfair, they told me they will charge me from now on, nothing about suspending.
PDC wrote:
Sun Aug 12, 2018 1:34 pm
Where would the Turnover charge show on your account? When is it taken each week and are you notified when they take it each time?
PDC, you need to look in your "Transaction History" , usually between Wednesday and Friday they will charge you for last week.
It says "Debit" and the amount take it

Last week I traded ~70 NSW markets, made ~ +110$ and they charged me 17$, so 15% from total.

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Naffman
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Sun Aug 12, 2018 2:19 pm

The guy who rang me up told me that - said I could keep going if I kept below the matched back amount level

So you got charged $17 which means you staked just over $1000 on the back side and made $110? You pre race trading as I could easily stake that in one race?

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Bog
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Sun Aug 12, 2018 2:43 pm

@Naffman, most of the trades are pre-race, but I trade sometime in play if I see something. I don't know exactly how much I staked in total on the back side, but I made 110 $ on NSW markets and they charged me 17 $ from that 110, so 93$ Profit in 70 NSW markets.

I'm thinking to continue to trade them and see if the charge remains at ~15 -20%. It's not the first time I pay turnover charge, in last 2 months they charged me almost 200$ in total, most I payed in a week was 35 $ but I don't know the percentage , I will do some calculations.

Thank you all for your replys! :D

spreadbetting
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Joined: Sun Jan 31, 2010 8:06 pm

Sun Aug 12, 2018 2:59 pm

The amount is charged is a percentage of your back bets in the market not the amount of profit you make. You must have had some decent swing trades to be acheiving a 10%+ return on your stakes, for scalping the turnover charge probably makes it unworkable to win decent amounts I'd have thought.

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Naffman
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Sun Aug 12, 2018 3:03 pm

spreadbetting wrote:
Sun Aug 12, 2018 2:59 pm
The amount is charged is a percentage of your back bets in the market not the amount of profit you make. You must have had some decent swing trades to be acheiving a 10%+ return on your stakes, for scalping the turnover charge probably makes it unworkable to win decent amounts I'd have thought.
Yes, unless he stakes about $15 per race those charges are coming from something else

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Bog
Posts: 37
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Sun Aug 12, 2018 3:28 pm

The amount is charged is a percentage of your back bets in the market not the amount of profit you make
Yes , I know, I did that just to see how much they will take back from the profit made.

I'm scalping and swing trading but I think on Aussie markets I have done more swings than scalping. It depends on the market. Stakes also depends on the activity, if it's a good market I can have more matched.

100% sure it's turnover charge, I asked betfair, it's not something else.

Derek27
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Joined: Wed Aug 30, 2017 11:44 am
Location: UK

Sun Aug 12, 2018 5:12 pm

Bog wrote:
Sun Aug 12, 2018 2:43 pm
I'm thinking to continue to trade them and see if the charge remains at ~15 -20%. It's not the first time I pay turnover charge, in last 2 months they charged me almost 200$ in total, most I payed in a week was 35 $ but I don't know the percentage , I will do some calculations.
The percentage will vary depending on how much profit you make. There's bound to come a time when you break even or make a loss and get a massive turnover charge bill for the pleasure of trading!

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