Inactive Account Fees
- The TopTrap Greyhound Profit And Loss Account On Betfair - March 17, 2022
- Betfair Best Execution – 11 Requested & Filled At 320 - January 16, 2022
- BTB System e-book - March 13, 2015
Something that many people do not realise is that many bookies charge inactive account fees if you keep a balance in there when you are not using it. The time required for an account to become inactive varies considerably from bookie to bookie.
Once your account starts to be subject to these fees, the bookie will carry on taking them every month until there is no money left. They will not charge fees on an empty account. Any reasonable bookie which has this policy will inform you by email before deducting any fees, but some of the less scrupulous will simply go ahead and take the fee, assuming that you have read the T&Cs.
It isn’t unusual for arbers to have balances littered around in bookies that they hardly ever use, so I thought I would create a list of the bookies known to do this sort of thing. If you discover any more please add them to the comments below and I will update this list.
The ones I know of at present are:
Bwin £3 per month (after no betting activity for one month)
Gamebookers and Partybets 5 euros per month (no betting activity for 180 days)
The Gaming Club (not sure what they charge but they have been doing this for a while.
In addition many bookmakers will close your account and keep any funds if you have not logged in or contacted them for anything between 18 and 24 months. So be vigilant and remove your money from bookies you are not using!
Update June 2011.
Since the above comments were written, it has become more and more common for bookies to charge fees on inactive or dormant accounts. I believe any bookie licensed in Malta is obliged by law to pay the balance in any dormant account to the LGA after a period of 18 months of inactivity. There has been mention of plans to use money from dormant betting accounts to fund sporting facilities in the UK.
Betfair have recently introduced inactive account fees:
See http://sports.betfair.com/aboutUs/Betfair.Charges/
Unusually, you can claim these charges back for a period of upto 6 months from Betfair, and to keep your account active you only have to log in, not bet.
Ladbrokes are another bookie to have adopted this policy. The Racing Post commented on this in January 2011:
“Ladbrokes are warning customers holding an account that remains dormant for 12 months that they will face an administrative charge unless it is reactivated. The fee will be introduced at the end of April and will be £2 or 5% of the balance on the date which the account became inactive, whichever is greater. This amount will continue to be charged monthly until either the account is empty or betting resumes. Ladbrokes also reserve the right to close any inactive account with a £0 balance for 6 consecutive months.”
The message is clear – don’t leave money lying about in unused betting accounts, even those with big and familiar names.
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