Betfair & The PC.. One Pro trader's Account.

[TheLayKing]

Have a look at this.. I would never be happy paying Betfair this for using them..
20% is daylight robbery.. At least Dick turpin wore a mask..

I know most of us will never get hit with it but thats not the point.If i got hit with it once id move to another place.

See what you make of it.

2009, the end of the challenge!

Well, it has come to the end of the year and my challenge. Looking back it was a hugely successful year for me on Betfair. When I started the challenge I thought realistically I could have made about 170k if I was consistent, and that was exciting. It was a challenging year at certain points, requiring high concentration levels every day. The days I was not fully 100% committed mentally, I lost money. Thankfully that didn't happen too many times. The total I made was £296,208.92. The Betfair premium charge reduced that profit by approximately 20% equalling £59,240. I haven't got the stats for the whole year but I traded roughly 4000 horse races averaging between £70 and £75 a race. I didn't realise when I started it was possible to do that but it definitely is if you reach the peaks. I know there are at least 3 other people who trade on horse racing markets that make similarly large amounts - you can see and feel them in the markets. Below that it's harder to estimate but there are probably at least a hundred who make a full-time living from trading the same markets.

As for a new challenge? Well, I will continue to set daily goals. I won't set a yearly target, because it doesn't have as much meaning for me. I like to take each day as it comes. And with regards to the blog, I will continue to post! I won't be posting as much of how much I make, but I will post the occasional P&L so you know roughly how well I'm fairing in the ever more competitive markets - especially since the markets feel as though they've contracting.


I hope you all had a great 2009, and probably by the time anyone reads this, a good new years eve. I'm looking forward to 2010, I've no idea what it will bring, but that's where the excitement lies!

[yorkieacer]

dam bloody gits i just got hit with it after being there 3 days they want 20p off every £1 i make wtf

No seriously though thats a rip off if i ever get hit by that then im shutting acount and off

[slick]

Where the fcuk are u Layking on Mars? its January the 8th.

No doubt its a post you have been working on or reservations about posting but good luck anyhow m8 in 2010, Betfair may be cheeky cnuts but at least you made some decent cash out of them, a facility i may add that wasent available around 10 yrs back unless you were a bookie, I'm not sticking up for betfair here as i agree those rates are extortionate but at least you had the chance to make a nice butty.

[TheLayKing]

Originally Posted by slick

Where the fcuk are u Layking on Mars? its January the 8th.

No doubt its a post you have been working on or reservations about posting but good luck anyhow m8 in 2010, Betfair may be cheeky cnuts but at least you made some decent cash out of them, a facility i may add that wasent available around 10 yrs back unless you were a bookie, I'm not sticking up for betfair here as i agree those rates are extortionate but at least you had the chance to make a nice butty.

Bit harsh Slick..

Its not MY account mate,, its Adam. "One pro traders account" & the fact i said if i was hit with it, should have pointed out i never made that much.

I only went on there today to see how he was doing.. and though as he has stopped i will post it up.. Thought it would make interesting reading..

Anyway its on there now..

[beamer]

I seen this subject brought up on a few occasions, but although I have no connection with Betfair, I do think a lot of the arguments are OTT.

Good luck to anyone who can make a tax free living on the exchanges, but I do think the premium charge was brought in to charge traders, who bet at very little risk and a proportionally smaller commission rate.

The source of figures do come from Betfair, but the new rates only apply to .5% of winning customers. As only 2% win, the number of customers is small, far smaller than the number of people claim to pay it.Those two figures are quite startling with regard to how many lose. Basically I think the majority of people complaining don't pay it.

Whilst the traders have to pay transaction charges ( more than a 1K bets per hour) and data charges, it is still not a level playing field.

When you consider some systems make 30 data requests per second, poor Joe Punter has no chance.

What constitutes a trader is another issue.

Another point to consider is that you must have placed at least 250 bets to qualify for the charge, you are exempt from the 1st 1k and it's based over a 60 week period.

You also have the choice of betting elslwhere if you are concerned about paying it.

Good luck to all premium charge payers, but you really do piss me off jumping the queue on all my bets.

Another issue which concerns me more is the ability to manipulate markets, something that gets far less column inches.

Cheers beamer

[ONEDUNME]

Originally Posted by yorkieacer

dam bloody gits i just got hit with it after being there 3 days they want 20p off every £1 i make wtf


off

lol , my smileys don't work on the iPhone but iv just got to say you crack me up Yorkie.
lol

[CPFC]

Originally Posted by beamer

Another issue which concerns me more is the ability to manipulate markets, something that gets far less column inches.

Cheers beamer

Happens on the tennis all the time and fucks me right off

[yorkieacer]

Originally Posted by ONEDUNME

lol , my smileys don't work on the iPhone but iv just got to say you crack me up Yorkie.
lol

why thank you at least i got some use around here lol

[beamer]

Happens on the tennis all the time and fucks me right off

Sorry mate, I just can't resist it.

Cheers beamer

[ONEDUNME]

I'm at work at the mo so haven't read all the above but just to clarify, are we supposed to be feeling sorry for this bloke who's made a quarter of a million because betfair have ripped him off?

Just testing my understanding. for those who want more info on the premium charge there is a thread started by seen entitled "the bastards finally go me" or something like that.

To be honest I'm sick to fuckin death of hearing people whining about it. if u don't like it then stop filing betting with them is my attitude. it's no different to whining about tax on beer or petrol.

[CPFC]

Originally Posted by beamer

Sorry mate, I just can't resist it.

Cheers beamer

I'd do it myself, but it's a risky game. If you get caught out by a sudden change in the game or retirement you stand to lose a hell of a lot.

[AnothrSpacecat]

yorkie are you sure

[warriorfullights]

There are actually different types of punters out there. Either they started playing to earn for a living, others are struggling, some are just having fun and actually few are really getting a lot, but also losing a lot. These are all part of the game that we have to be aware of at all times.