Betfair Premium Charge

The Betfair Premium Charge PC has caused a lot of hysterical comment in the Betfair forum but I published a copy of a defence here from a Betfair employee two weeks ago and I’m philosophical about it. If what Betfair says is true – it needs to do it to keep attracting the losers some feed off – then so be it and the exchange model has failed. If it’s just spin then Betdaq won’t introduce similar when they become, as I do not doubt they will, a second exchange equal to Betfair.

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In the meantime if it’s true and Betfair don’t back down then we’ll all benefit from the competition from Betdaq and we’ll be getting a discounted exchange there until Betdaq introduce it as well. Things will pan out. There are too many people in the Betfair forum writing too much but really have nothing to say that’s new now. It’s Betfair’s business. They can do what they want. Whether it’s right or not only time will tell.

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6 Comments
  1. Anonymous says

    I just wanted to say that I think everyone is over reacting with regards to the Betfair charges.

    In my opinion I think Betfair is taking the right step in ironing out any corruption taken by people that are able to manipulate the markets.

    It has nothing to do with bots because the development companies get charged £200 per month to get access to the Betfair Developers Program.

    It has nothing to do with high refresh rates by the said bots because customers are being charged for data usage.

    It is because of a small minority of people that undestand Betfair intimately and they are able to feed off of the majority of rule abiding punters. They just can’t say it publicly.

  2. Man of Mystery says

    Hi Anonymous, thanks for your view.

  3. Nick says

    Hi
    I think betfair are making a huge mistake.
    Everybody now knows they want to squeeze out
    as much profit as possible (no matter the millions
    exchanged daily), careful not to cause too much reaction.

    They say only 0.5% will be affected, but who can
    really be sure it’s not 5%? Before the introduction of
    premium charges they had raised the requirements for a discount.
    Possibly the next step will be an increase in their commission,
    since they think their monopoly is irresistible.

    IMO punters should give them a lesson by trying other exchanges.

  4. Man of Mystery says

    Hi Nick, thanks for taking the time to post and I hope you enjoyed the radio show today. And I agree with your sentiments entirely.

    I have noticed that the liquidity on Betdaq has improved dramatically over the last few weeks. IMO they will become a serious competitor in the months ahead. And that can only be good. Betfair’s position was unhealthy.

    Good luck to you, as always.

  5. Policeman says

    I have just received a telephone call and email regarding the ‘premium charge’. I have been apparently a first time offender so it was waived. I would however incur future charges per Betfair’s policy.

    I have found a simple solution to avoiding future charges – I’ve taken my business elsewhere but in doing so will make sure that everyone I speak to fully understands that maybe Betfair is very much like other bookies and don’t really like winners.

    Cheers
    PJ (Australia)

  6. Yatin says

    I was charged £13,000 in Premium Charge today. Betfair are a bunch of robbers. They’ve lied to me about sending me notification of the charge, and don’t seem to know their own rules on the charge. I have read that upon notification a customer can close their account immediately and not incur the charge. Betfair were so desperate for the money that suspended my account yesterday and decided to reverse withdrawals made over the last two days – this action is probably illegal on their part and I will be seeking legal advice. This is blatent theft, I believe in karma and am looking forward to the day that Betfair dies.

    I’ve now closed my account, and I advise people to seriously consider voting with their feet and moving to Betdaq.

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