Bet Angel for newbies / Getting started : Betfair Premium Charge

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jameegray1
Posts: 273
Joined: Wed Nov 21, 2018 6:16 pm

Fri May 17, 2019 11:18 am

It's just dawned on me that I am heading very quickly towards qualifying for the Betfair Premium Charge. Big :(

I've never been exposed to this before and I'm yet to pay anything due to my long account history and built-up lifetime commission paid.

From what I can understand once I recover my account P&L to a position where lifetime gross profit is more than five times my lifetime commission paid I will begin to pay a premium charge to top up my commission to 20% of gross profit for each and every week.

This is bad bad bad!

In this forum's experience:
1) will I be lumped with this charge from the moment I reach the above milestone or does it take them a while to decide that I should be paying?
2) does anyone have any advice on ways to minimise the impact of this impending tax?

Thanks in advance for any help.

Peadair
Posts: 2
Joined: Thu Aug 02, 2018 4:07 pm

Fri May 17, 2019 11:39 am

Peter Webb has a good video on the subject, Caan Berry also. Good luck.

Emmson
Posts: 1497
Joined: Mon Feb 29, 2016 6:47 pm

Fri May 17, 2019 12:31 pm

Did Betfair take away your Premium Page Portal like they did mine about 18 months ago and I have never seen it since? Was wondering if that is their policy towards those who are in profit but not at Premium Charge levels.

LinusP
Posts: 1725
Joined: Mon Jul 02, 2012 10:45 pm
Contact:

Fri May 17, 2019 1:24 pm

It’s not that bad when on 20% and you soon get used to it!

If you want to reduce PC you need to increase the commission your paying. Trading doesn’t pay much in commission (hence the introduction) however outright betting or cross market trading (football / related markets) can get you paying a decent amount in commission without losing much.

I have gone almost all year without paying PC simply from turning over loads outright betting, averaging about 4k in commission a week.

pythonic
Posts: 65
Joined: Sun Jul 08, 2018 10:20 pm

Fri May 17, 2019 6:34 pm

jameegray1 wrote:
Fri May 17, 2019 11:18 am

1) will I be lumped with this charge from the moment I reach the above milestone or does it take them a while to decide that I should be paying?
You get a free allowance of I think 1k PC first before they actually start to charge you.

jameegray1
Posts: 273
Joined: Wed Nov 21, 2018 6:16 pm

Mon May 20, 2019 12:26 am

cheers for the responses. I will also check out the videos. Emmson, if by 'premium page portal' you mean the page that shows my P&L and commission paid for lifetime and for last week then it's still there for me. I'm currently at 28% lifetime but it's dropping very quickly.

jameegray1
Posts: 273
Joined: Wed Nov 21, 2018 6:16 pm

Mon May 20, 2019 9:48 am

A question I've not been able to answer through the videos is that the Betfair terminology talks about hitting certain thresholds before being "considered for the charge". Does that actually mean there is a process my account would go through once all the thresholds are met or will it just kick in automatically once my account qualifies?

jameegray1
Posts: 273
Joined: Wed Nov 21, 2018 6:16 pm

Mon May 20, 2019 10:02 am

To summarise what I think I've learnt:
1) Once I cross the threshold into 20% land I will be essentially paying 20% total charges made up of [usual commission] + [a balancing premium charge].
2) Short of deliberately reducing BF profit (eg through arbing) there is no behavioural changes that can mitigate the 20% as reducing the premium charge can only be at the expense of higher commission so one will balance the other.
3) However, it is worth investigating behavioural change to maintain a long term commission rate of over 10% as this makes a huge difference if ever my lifetime profit gets to £250k+

Anyone's views on this summary more than welcome :)

User avatar
Derek27
Posts: 8261
Joined: Wed Aug 30, 2017 11:44 am
Location: UK

Mon May 20, 2019 11:50 am

jameegray1 wrote:
Mon May 20, 2019 10:02 am
To summarise what I think I've learnt:
1) Once I cross the threshold into 20% land I will be essentially paying 20% total charges made up of [usual commission] + [a balancing premium charge].
2) Short of deliberately reducing BF profit (eg through arbing) there is no behavioural changes that can mitigate the 20% as reducing the premium charge can only be at the expense of higher commission so one will balance the other.
3) However, it is worth investigating behavioural change to maintain a long term commission rate of over 10% as this makes a huge difference if ever my lifetime profit gets to £250k+

Anyone's views on this summary more than welcome :)
If you can find a break-even strategy after commission, the commission you generate will reduce premium charge without losing anything.

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Kai
Posts: 1884
Joined: Tue Jan 20, 2015 12:21 pm
Location: Croatia
Contact:

Mon May 20, 2019 1:18 pm

I'm no mathemagician but you can probably start by raising your stakes by 20%.

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