You are correct jfc, I had it just confirmed over the phone.

The $1,000 allowance is already used up and is a 60 week rolling allowance.

Riddle me this caped crusader.....

How can I use up something that never existed historically????

?

This will do far more damage than the announcement of the introduction of the charge imho.

People will withdraw funds to avoid the first charge and then never redeposit because they'll be charged.

I want to know if Betfair are paying VAT on this....might be worth an overseas call to the Gambling Commission

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Sounds like BF were offering a "free lunch"? (after all)

Would be interesting to get the Tasmanian Gaming Commissions or even the ACCC's perspective.

This reads to me as if the Tassie government would have to give permission, but I'm no lawyer.

76ZDD. Betting exchange commission

(1) A Tasmanian gaming licence with a betting exchange endorsement entitles its holder to such commission in respect of brokered wagering as the Commission from time to time authorises in writing.



(2) Authorisations under subsection (1) may be of –

(a) general application; or


(b) specific application, with the result that different rates of commission may apply in such different circumstances (whether as to time, wagering category or otherwise) as are specified in the authorisations.

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Pixie

"It's worth remembering that profit isn't profit until it's spent off the racecourse." -- Crash

JFC, bit of a blast from the past but it looks like under the terms of the Act an active player is one that has placed a bet witin the past 2 years.



76ZP. Remitting funds of inactive player

If no wager has been recorded on behalf of a registered player for a period of 2 years, the licensed provider –

(a) must remit any funds held on behalf of the player; or

(b) if the person cannot be found, must deal with the funds as unclaimed moneys under the Unclaimed Moneys Act 1918.

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Pixie

"It's worth remembering that profit isn't profit until it's spent off the racecourse." -- Crash

In the just concluded Waterhouse case, the judge spent a massive amount of resources to figure out what "publish" means.

Imagine the amount of legal resources required to determine whether a "charge" is a "commission".

So if I drop dead tonight, I'll still be considered an active player for another 729 days.

Yes and you'll have to haunt them so they can find you, otherwise they'll keep it

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Pixie

"It's worth remembering that profit isn't profit until it's spent off the racecourse." -- Crash

Onto the fanciful notion that this charge is somehow good, because it will be easier to win once the big winners have moved elsewhere.

This flies in the face of well proven and documented strategy for such capers.

Considering this is a sub-zero sum game, a key strategy of the top echelon is to crush all potential competitors. Even if that involves sustaining short term losses.

While it makes dollar sense for these leviathans to transfer some action to BETDAQ, they have adequate resources to still be active on Betfair. And ensure that no one gets a leg up.

And if by some miracle the reduced leviathan action gives you a marginal advantage, rest assured the retrofitted Betfair Premium Charge will end up leaving you worse off than last week.

Actually, that is true.
It is a zero sum game if we didn't pay any commission, add on Premium Charges and transaction charges and bot tax and we have a very large minus game.

Pay only commission, and still it isn't a zero sum game!

__________________
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http://www.propun.com.au/horse_raci...ng_systems.html
*RaceCensus now updated to 30/04/2024
Video overview of RaceCensus here:
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One thing that most people miss that Betfair causes quite a large demage to profit even with the normal commision. The commision payed on every win has a snowball effect. The normal punter might take 20 wins to increase his bank by 10% those wins are charged a commision, however a loss isnt aforded a refund so the next win that actually only places you at the same level that you were before, has cost you 2 commisions, so you could be 10% better off in just 2 wins. This movement and constant commisons is what costs, and ensures that sucessfull a punter pays far more in excess of 20% in commision due to this.

A person that hardly loses does not reuse the funds, they move forward, tharefore they do not re-pay the commision. Well they do now, all being equall this is 'fair'. While 'fair', it ensures that no one esscapes the 20% tax on gross profit be it that you pay it in small amounts or large lump sum. What needs to be done is to have this factored into your betting strategy.

Will you still be better off ? Is the batfair advantage that great to offset the money grabed in exchange for the services provided? Diversification of betting accounts is probably the best policy. There will be people whose strategy requires laying a horse be it in trade or straight out . They have nowhere else to go. Those that bet straight out need to reases the situation.

Lets asume that we place $2 bets in TAB and BEtfair and we get $2 win divs every time (for ease of calculation)

Bet TAB Betfair
1 $2 $2 Win
2 $2 $2 Loss
3 $2 $2 Win
4 $2 $2 Loss
5 $2 $2 Win

Sumary, Each account has same risk that is 5 x $2 = 10
TAB account has a profit of 12 - 10 = $2
Betfair has 12-(6x0.05) -10 = $1.7 profit you are 15%
behind the TAB.

The more you use Betfair the greater is the gap that you need to fill I would suggest that the 20% is a nice round and realistic figgure. As long as you have a reasonable strike rate but your divs arent 20% greater then the next commision free betting facility, over all you are not going forward as fast as you would like or COULD.

There was an interview with a well known punter who said something to the effect that you cant beat the Betfair takout, he was, I realise more right ten I thought then.

I have been meaning to write this for some time but never quite found the right words and example, I hope that I have now. This isnt meant to be defamitory its meant to serve as a help in developing a better bet placing strategy I would say that if you arent getting 15% better you are infact loosing more then you realise.

Michal