Stake and Return Details Bet placed at 31st of January 2015 08:10 am Total Stake £1.00 Number of lines 1 Total stake due £1.00 Number of win lines 1 Number of void lines 0 Returns £265.83 Money Back Special £52.97 Total Returns £318.80
I know there are a few Betfair fans on here. I just read this comment on their facebook page, after they promoted the fact that one punter was waiting on a £1m payout on last weeks FA Cup games. He needed Bolton to win, which they obviously didn't. Is what this guy saying true? If it is, then theres no way id bet with Betfair.
I wouldn't fancy my chances of trying to get the max pay out of half a million from Betfair, let alone a full million. These are the people who confiscate 60% of profits from anyone with lifetime winnings in excess of 250K on their Betting Exchange. Yes, I said confiscate. They already take 5% commission, which they are of course entitled to, but if you are a long term winner they also confiscate a % of those winnings starting @ 20% and staggering up to 60% depending on profits and number of markets played. The money just vanishes without warning and they have it covered in their small print if you look hard enough. That's right, their is a clause that says they actually have permission to basically take your money from the account if they see fit. They call it the "Betfair Premium." When you complain their logic is to reply that they don't want the big players taking all the money as this will frighten off the smaller players. As if to say that the amateur would prefer to lose their 10 euro to Betfair than to an unnamed punter on the exchange. Rubbish. The small player who loses doesn't care where their money goes and most I'm sure would in fact prefer it to go into the hands of another punter rather than greedy Betfair. They get away with it because winning players are so few and far between and it's the masses i.e. the small losing players who keep the thing going with their ill informed dead money. This is the only money Betfair want. If you are winning they don't want anything to do with you or your money. You are simply not allowed to win. They don't mention this in their advertisements though. They are easily the meanest bookmaking firm in the World and that is saying something as I have dealt with basically all of them. BetUnfair. This post will likely be deleted. They do that quite often on their own message bored also i.e. delete comments that tell the truth. Yeah BetUnfair would just pay out the 1 Mega just like that. Not a chance.
I know there are a few Betfair fans on here. I just read this comment on their facebook page, after they promoted the fact that one punter was waiting on a £1m payout on last weeks FA Cup games. He needed Bolton to win, which they obviously didn't. Is what this guy saying true? If it is, then theres no way id bet with Betfair.
I wouldn't fancy my chances of trying to get the max pay out of half a million from Betfair, let alone a full million. These are the people who confiscate 60% of profits from anyone with lifetime winnings in excess of 250K on their Betting Exchange. Yes, I said confiscate. They already take 5% commission, which they are of course entitled to, but if you are a long term winner they also confiscate a % of those winnings starting @ 20% and staggering up to 60% depending on profits and number of markets played. The money just vanishes without warning and they have it covered in their small print if you look hard enough. That's right, their is a clause that says they actually have permission to basically take your money from the account if they see fit. They call it the "Betfair Premium." When you complain their logic is to reply that they don't want the big players taking all the money as this will frighten off the smaller players. As if to say that the amateur would prefer to lose their 10 euro to Betfair than to an unnamed punter on the exchange. Rubbish. The small player who loses doesn't care where their money goes and most I'm sure would in fact prefer it to go into the hands of another punter rather than greedy Betfair. They get away with it because winning players are so few and far between and it's the masses i.e. the small losing players who keep the thing going with their ill informed dead money. This is the only money Betfair want. If you are winning they don't want anything to do with you or your money. You are simply not allowed to win. They don't mention this in their advertisements though. They are easily the meanest bookmaking firm in the World and that is saying something as I have dealt with basically all of them. BetUnfair. This post will likely be deleted. They do that quite often on their own message bored also i.e. delete comments that tell the truth. Yeah BetUnfair would just pay out the 1 Mega just like that. Not a chance.
I can only dream of being someone who has lifetime winnings in excess of £250k
that is ridiculous though. I couldve swore it was common practice in the betting industry to cap at £250k in general?
I know there are a few Betfair fans on here. I just read this comment on their facebook page, after they promoted the fact that one punter was waiting on a £1m payout on last weeks FA Cup games. He needed Bolton to win, which they obviously didn't. Is what this guy saying true? If it is, then theres no way id bet with Betfair.
I wouldn't fancy my chances of trying to get the max pay out of half a million from Betfair, let alone a full million. These are the people who confiscate 60% of profits from anyone with lifetime winnings in excess of 250K on their Betting Exchange. Yes, I said confiscate. They already take 5% commission, which they are of course entitled to, but if you are a long term winner they also confiscate a % of those winnings starting @ 20% and staggering up to 60% depending on profits and number of markets played. The money just vanishes without warning and they have it covered in their small print if you look hard enough. That's right, their is a clause that says they actually have permission to basically take your money from the account if they see fit. They call it the "Betfair Premium." When you complain their logic is to reply that they don't want the big players taking all the money as this will frighten off the smaller players. As if to say that the amateur would prefer to lose their 10 euro to Betfair than to an unnamed punter on the exchange. Rubbish. The small player who loses doesn't care where their money goes and most I'm sure would in fact prefer it to go into the hands of another punter rather than greedy Betfair. They get away with it because winning players are so few and far between and it's the masses i.e. the small losing players who keep the thing going with their ill informed dead money. This is the only money Betfair want. If you are winning they don't want anything to do with you or your money. You are simply not allowed to win. They don't mention this in their advertisements though. They are easily the meanest bookmaking firm in the World and that is saying something as I have dealt with basically all of them. BetUnfair. This post will likely be deleted. They do that quite often on their own message bored also i.e. delete comments that tell the truth. Yeah BetUnfair would just pay out the 1 Mega just like that. Not a chance.
the bet was on their sportsbook presumably which acts like a traditional bookmaker rather than an exchange so no commission or premium charge?
I know there are a few Betfair fans on here. I just read this comment on their facebook page, after they promoted the fact that one punter was waiting on a £1m payout on last weeks FA Cup games. He needed Bolton to win, which they obviously didn't. Is what this guy saying true? If it is, then theres no way id bet with Betfair.
I wouldn't fancy my chances of trying to get the max pay out of half a million from Betfair, let alone a full million. These are the people who confiscate 60% of profits from anyone with lifetime winnings in excess of 250K on their Betting Exchange. Yes, I said confiscate. They already take 5% commission, which they are of course entitled to, but if you are a long term winner they also confiscate a % of those winnings starting @ 20% and staggering up to 60% depending on profits and number of markets played. The money just vanishes without warning and they have it covered in their small print if you look hard enough. That's right, their is a clause that says they actually have permission to basically take your money from the account if they see fit. They call it the "Betfair Premium." When you complain their logic is to reply that they don't want the big players taking all the money as this will frighten off the smaller players. As if to say that the amateur would prefer to lose their 10 euro to Betfair than to an unnamed punter on the exchange. Rubbish. The small player who loses doesn't care where their money goes and most I'm sure would in fact prefer it to go into the hands of another punter rather than greedy Betfair. They get away with it because winning players are so few and far between and it's the masses i.e. the small losing players who keep the thing going with their ill informed dead money. This is the only money Betfair want. If you are winning they don't want anything to do with you or your money. You are simply not allowed to win. They don't mention this in their advertisements though. They are easily the meanest bookmaking firm in the World and that is saying something as I have dealt with basically all of them. BetUnfair. This post will likely be deleted. They do that quite often on their own message bored also i.e. delete comments that tell the truth. Yeah BetUnfair would just pay out the 1 Mega just like that. Not a chance.
the bet was on their sportsbook presumably which acts like a traditional bookmaker rather than an exchange so no commission or premium charge?
Yes but i think this guy was just warning others of the way Betfair operates on their exchanges. I think its a piss take when they already take 5% commission.
I've done Jordan spieth & Jimmy walker in the farmers insurance open at torrey pines this week. I Particularly like the chances for walker at around 14-1 in most lists
I've done Jordan spieth & Jimmy walker in the farmers insurance open at torrey pines this week. I Particularly like the chances for walker at around 14-1 in most lists
I know there are a few Betfair fans on here. I just read this comment on their facebook page, after they promoted the fact that one punter was waiting on a £1m payout on last weeks FA Cup games. He needed Bolton to win, which they obviously didn't. Is what this guy saying true? If it is, then theres no way id bet with Betfair.
I wouldn't fancy my chances of trying to get the max pay out of half a million from Betfair, let alone a full million. These are the people who confiscate 60% of profits from anyone with lifetime winnings in excess of 250K on their Betting Exchange. Yes, I said confiscate. They already take 5% commission, which they are of course entitled to, but if you are a long term winner they also confiscate a % of those winnings starting @ 20% and staggering up to 60% depending on profits and number of markets played. The money just vanishes without warning and they have it covered in their small print if you look hard enough. That's right, their is a clause that says they actually have permission to basically take your money from the account if they see fit. They call it the "Betfair Premium." When you complain their logic is to reply that they don't want the big players taking all the money as this will frighten off the smaller players. As if to say that the amateur would prefer to lose their 10 euro to Betfair than to an unnamed punter on the exchange. Rubbish. The small player who loses doesn't care where their money goes and most I'm sure would in fact prefer it to go into the hands of another punter rather than greedy Betfair. They get away with it because winning players are so few and far between and it's the masses i.e. the small losing players who keep the thing going with their ill informed dead money. This is the only money Betfair want. If you are winning they don't want anything to do with you or your money. You are simply not allowed to win. They don't mention this in their advertisements though. They are easily the meanest bookmaking firm in the World and that is saying something as I have dealt with basically all of them. BetUnfair. This post will likely be deleted. They do that quite often on their own message bored also i.e. delete comments that tell the truth. Yeah BetUnfair would just pay out the 1 Mega just like that. Not a chance.
I can only dream of being someone who has lifetime winnings in excess of £250k
that is ridiculous though. I couldve swore it was common practice in the betting industry to cap at £250k in general?
I used to work for Betfair and did so for a decade and can clear this up. The £250K cap has nothing to do with this bet and had Bolton won he would have been paid out without any Premium Charge.
When Betfair first came about the only charge was, indeed, commission on winnings and this ranged from 2% to 5% depending on how much you used the Exchange. What became evident, however, after a few years was that some individuals were making a tidy sum without actually paying much by way of commission.
How so?
Well, by using Bots firing hundreds if not thousands of bets at various different markets, these individuals were locking in gains where the book percentage allowed them to lay at no risk a profitable book, albeit a small one each time.
Think of it this way - ordinary punter, Joe Bloggs, has a winning bet of £100 on Match One so pays potentially £5 by way of commission. He then loses £100 in Match Two. So the punter is down by the £5 Betfair have made overall in commision.
Billy Bunter on the other hand, by using his Bot, wins £5 on each of the two matches making £10 in total less 50p in commission.
These Bot users can and do make serious money but they are not unique in this respect. Fast picture users and "courtsiders" also do so because they have a distinctive edge. The way Betfair looked at this was that the exchange was providing the framework and technology to enable these individuals to, in some cases, make millions but pay relatively little for the privilege. Betfair also argued, as mentioned above, that these users were taking all the value but the contrary argument to that is that they provide the liquidity.
So Betfair invented the Premium Charge. Of course, as there is no real competition to Betfair as an Exchange so they very much have a captive audience. Hence the resentment from those successful punters.
In closing I am certainly not suggesting Betfair are morally right in going down this road. I am also less than comfortable with the fact that they also, through their Sportsbook, act as Bookmaker.
I know there are a few Betfair fans on here. I just read this comment on their facebook page, after they promoted the fact that one punter was waiting on a £1m payout on last weeks FA Cup games. He needed Bolton to win, which they obviously didn't. Is what this guy saying true? If it is, then theres no way id bet with Betfair.
I wouldn't fancy my chances of trying to get the max pay out of half a million from Betfair, let alone a full million. These are the people who confiscate 60% of profits from anyone with lifetime winnings in excess of 250K on their Betting Exchange. Yes, I said confiscate. They already take 5% commission, which they are of course entitled to, but if you are a long term winner they also confiscate a % of those winnings starting @ 20% and staggering up to 60% depending on profits and number of markets played. The money just vanishes without warning and they have it covered in their small print if you look hard enough. That's right, their is a clause that says they actually have permission to basically take your money from the account if they see fit. They call it the "Betfair Premium." When you complain their logic is to reply that they don't want the big players taking all the money as this will frighten off the smaller players. As if to say that the amateur would prefer to lose their 10 euro to Betfair than to an unnamed punter on the exchange. Rubbish. The small player who loses doesn't care where their money goes and most I'm sure would in fact prefer it to go into the hands of another punter rather than greedy Betfair. They get away with it because winning players are so few and far between and it's the masses i.e. the small losing players who keep the thing going with their ill informed dead money. This is the only money Betfair want. If you are winning they don't want anything to do with you or your money. You are simply not allowed to win. They don't mention this in their advertisements though. They are easily the meanest bookmaking firm in the World and that is saying something as I have dealt with basically all of them. BetUnfair. This post will likely be deleted. They do that quite often on their own message bored also i.e. delete comments that tell the truth. Yeah BetUnfair would just pay out the 1 Mega just like that. Not a chance.
I can only dream of being someone who has lifetime winnings in excess of £250k
that is ridiculous though. I couldve swore it was common practice in the betting industry to cap at £250k in general?
I used to work for Betfair and did so for a decade and can clear this up. The £250K cap has nothing to do with this bet and had Bolton won he would have been paid out without any Premium Charge.
When Betfair first came about the only charge was, indeed, commission on winnings and this ranged from 2% to 5% depending on how much you used the Exchange. What became evident, however, after a few years was that some individuals were making a tidy sum without actually paying much by way of commission.
How so?
Well, by using Bots firing hundreds if not thousands of bets at various different markets, these individuals were locking in gains where the book percentage allowed them to lay at no risk a profitable book, albeit a small one each time.
Think of it this way - ordinary punter, Joe Bloggs, has a winning bet of £100 on Match One so pays potentially £5 by way of commission. He then loses £100 in Match Two. So the punter is down by the £5 Betfair have made overall in commision.
Billy Bunter on the other hand, by using his Bot, wins £5 on each of the two matches making £10 in total less 50p in commission.
These Bot users can and do make serious money but they are not unique in this respect. Fast picture users and "courtsiders" also do so because they have a distinctive edge. The way Betfair looked at this was that the exchange was providing the framework and technology to enable these individuals to, in some cases, make millions but pay relatively little for the privilege. Betfair also argued, as mentioned above, that these users were taking all the value but the contrary argument to that is that they provide the liquidity.
So Betfair invented the Premium Charge. Of course, as there is no real competition to Betfair as an Exchange so they very much have a captive audience. Hence the resentment from those successful punters.
In closing I am certainly not suggesting Betfair are morally right in going down this road. I am also less than comfortable with the fact that they also, through their Sportsbook, act as Bookmaker.
Comments
Chelsea
Bradford
Mk dons
Derby
£10 = £407
Napoli -1
Sporting -1
Bristol City -1
Juventus -1
£10 pays £658
Man Utd @ 4/11 - win
Stoke @ 8/13 - win
Tottenham @ 8/5 - win
Blackpool @ 15/4 - win
Reading @ 21/20 - win
Oldham @ 5/6 - win
Sheff Utd @ 8/5 - win
Stake and Return Details
Bet placed at 31st of January 2015 08:10 am Total Stake £1.00
Number of lines 1 Total stake due £1.00
Number of win lines 1
Number of void lines 0 Returns £265.83
Money Back Special £52.97
Total Returns £318.80
1st win in ages
I wouldn't fancy my chances of trying to get the max pay out of half a million from Betfair, let alone a full million. These are the people who confiscate 60% of profits from anyone with lifetime winnings in excess of 250K on their Betting Exchange. Yes, I said confiscate. They already take 5% commission, which they are of course entitled to, but if you are a long term winner they also confiscate a % of those winnings starting @ 20% and staggering up to 60% depending on profits and number of markets played. The money just vanishes without warning and they have it covered in their small print if you look hard enough. That's right, their is a clause that says they actually have permission to basically take your money from the account if they see fit. They call it the "Betfair Premium." When you complain their logic is to reply that they don't want the big players taking all the money as this will frighten off the smaller players. As if to say that the amateur would prefer to lose their 10 euro to Betfair than to an unnamed punter on the exchange. Rubbish. The small player who loses doesn't care where their money goes and most I'm sure would in fact prefer it to go into the hands of another punter rather than greedy Betfair. They get away with it because winning players are so few and far between and it's the masses i.e. the small losing players who keep the thing going with their ill informed dead money. This is the only money Betfair want. If you are winning they don't want anything to do with you or your money. You are simply not allowed to win. They don't mention this in their advertisements though. They are easily the meanest bookmaking firm in the World and that is saying something as I have dealt with basically all of them. BetUnfair. This post will likely be deleted. They do that quite often on their own message bored also i.e. delete comments that tell the truth. Yeah BetUnfair would just pay out the 1 Mega just like that. Not a chance.
that is ridiculous though. I couldve swore it was common practice in the betting industry to cap at £250k in general?
When Betfair first came about the only charge was, indeed, commission on winnings and this ranged from 2% to 5% depending on how much you used the Exchange. What became evident, however, after a few years was that some individuals were making a tidy sum without actually paying much by way of commission.
How so?
Well, by using Bots firing hundreds if not thousands of bets at various different markets, these individuals were locking in gains where the book percentage allowed them to lay at no risk a profitable book, albeit a small one each time.
Think of it this way - ordinary punter, Joe Bloggs, has a winning bet of £100 on Match One so pays potentially £5 by way of commission. He then loses £100 in Match Two. So the punter is down by the £5 Betfair have made overall in commision.
Billy Bunter on the other hand, by using his Bot, wins £5 on each of the two matches making £10 in total less 50p in commission.
These Bot users can and do make serious money but they are not unique in this respect. Fast picture users and "courtsiders" also do so because they have a distinctive edge. The way Betfair looked at this was that the exchange was providing the framework and technology to enable these individuals to, in some cases, make millions but pay relatively little for the privilege. Betfair also argued, as mentioned above, that these users were taking all the value but the contrary argument to that is that they provide the liquidity.
So Betfair invented the Premium Charge. Of course, as there is no real competition to Betfair as an Exchange so they very much have a captive audience. Hence the resentment from those successful punters.
In closing I am certainly not suggesting Betfair are morally right in going down this road. I am also less than comfortable with the fact that they also, through their Sportsbook, act as Bookmaker.