Advice Sought on Email From Betfair
 

Yesterday evening I received an email from Betfair. What follows is the relevant part:

"We wish to advise that your account was identified as betting in just under the minimum required number of markets to be subject to turnover charge in the past several weeks. As such we recommend that you vary your betting strategy to a laying strategy to avoid this charge.

This type of betting activity is unsustainable and if you do not change your strategy we may have to restrict your betting on the affected Australian markets".

I haven't answered it yet. What do you guys think I should respond with?

I was thinking along the lines of that they "allow" up to 50 markets and therefore I'm doing nothing wrong. I think it stinks that they actually promote trading online and in their courses but then send out an email like this. It's just wrong.

If I cannot trade anymore then I have no hope of making a bit of spare money for myself and my family. The only option I would have is to trade on the only two states (SA & Tas) that (currently) still allow it but then there just aren't enough meetings (and volume) to make any real money.

To say I am disappointed with this is a major understatement. :mad:

Any ideas anyone?

From things i have seen in the past i am not sure there is much you can do, they created the trading monster then it got out of control so now they want to restrict it.

With your obvious skills in this area TO, I would be pulling night shifts & adapting to the overseas markets.

This may not be feasible for you but it's only a matter of time until all Aussie markets are subject to the turnover tax so you might as well bite the bullet & move on to something that is sustainable.

This stinks. It's like being pulled over by the cops for travelling just under the speed limit all the time. What absolute rot and the price we pay for the beast that is a monopoly.

The overseas markets are out for me due to two reasons - I work a normal job during the day but the most important, the lag in the refresh rate kills me for one tick trading (and is probably why it works for me in Australian racing).

As previously mentioned in my trading thread I have tried to trade the UK using chart patterns as this is the best way for me to combat the lag as I would then trade over a longer period of time but I really haven't had much success (probably need more practice) but also the time difference with me in Melbourne and the races starting after midnight at the moment.

Granted when daylight saving stops in Melb and I assume they start in the UK then the races can start some time after 10pm my time but that is then only 6 months a year.

Sigh.

Good analogy Mark. They make the rules (changing the goal posts all the time - turnover charge, premium charge, etc), you abide by those set rules and yet they ask you to stop anyhow. Amazing.

its the reuslt of a turnover charge .... they can't go offering a product at a loss. They had to shut down spain and germany, and it will only be a matter of time before they shut down here too.

Remind me who decided to shut down who here? What is it they used to say;

The higher the monkey gets up the tree, the easier it is to see(and shoot?) it's .... ?

LG

if they weren't around non of us could be laying the way we do.

The Ocho

This From the WJS

"Earlier this month, Ladbrokes completed its takeover of Global Betting Exchange Alderney Ltd., the operator of Betdaq. Ladbrokes paid 30 million euros (US$38.6 million) for Ireland-based Betdaq, in what was the first acquisition by Ladbrokes Chief Executive Richard Glynn."

Bit of a long term longshot --but maybe a bit of extra competition may shake things up a bit.

Cheers
.