Betfair taking Commission on Deposits

On The Bridle

On The Bridle

At the Start
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Nov 2, 2010
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Have just lodged some dough with betfair and they have charged me a ******* commission to lodge.....Isit just me that are feeling up or is this the norm??? Haven't lodged with them in ages and just set up a new debit crd with them tonight....I feel aggrieved šŸ˜¤šŸ˜¤
 
They've done it to my last Visa lodgment too.

More generally, are they less busy than they used to be? Their amounts matched figures seem to be down compared with a couple of years ago. Are people going back to bookies or other exchanges?
 
My punting was almost exclusively with them up to a couple of years ago. Now I'm probably 60/40 in favour of normal bookies. They just can't compete with some of the concessions, especially at the big meetings and on Saturdays. Plus, as has been said on here before, it's hard to win with them long term.

I started keeping records of my bets from the mid 90s and I have a healthy % profit on turnover - but I'm actually down on Betfair.
 
It's not really on is it? Take the commission off the winning side of a bet ok....commission off a deposit is just plain wrong. Who is advising these people...have they any clue how off putting that is to any punter? The bookies may win the war yet...
 
I've only been properly recording bets for 5 years and would be the same re Betfair. Saying that I only use Betfair for long shots on the golf and outsiders in Irish Racing from time to time and usually to small stakes. You can get some huge prices on "triers" in some Irish maidens and lower grade handicaps on the exchanges near the off...think Slim made a similar point on another thread. I generally have always had a dislike toward Betfair and tonight's experience only consolidates that.
 
Grey said:
They've done it to my last Visa lodgment too.

More generally, are they less busy than they used to be? Their amounts matched figures seem to be down compared with a couple of years ago. Are people going back to bookies or other exchanges?
Click to expand...

What other exchanges are there Grey?
 
On The Bridle said:
Have just lodged some dough with betfair and they have charged me a ******* commission to lodgešŸ˜¤šŸ˜¤
Click to expand...
I'm not sure if the above is correct.
Rather than Betfair, I am sure it is the (some) card issuers who impose the 1.5% fee on deposit transactions.
Depositing by Neteller and Skrill is FREE.
 
This sounds more like a fee for depositing than commission, similar to the extra 2% that is charged on credit card transactions (most companies include it in the cost of the product).
 
The 1.5% should be refunded within 48 hours if it was an Irish debit card.
Betfair is the curse of the gambling classes.
 
harry said:
What other exchanges are there Grey?
Click to expand...
Weetabix is still out there but they would not let me deposit for some time, so I have not bothered since.
If you deposit to most gambling sites via a credit card the card companies treat this as a cash withdrawal and charge you interest.
 
Fortunately I have managed to keep my balance in a positive position for a few years now so not experienced it. But there are enormous advantages on Betfair . Although the early high prices of a few years ago have gone, as the scheme has matured ,you can often get some serious dough on at satisfactory prices leading up to the off, and after the off. Bookies can`t compete with that. Target at the moment is to get enough in front to keep the taxman from the door in January. Hoping that the horses run a bit faster. Betdaq for me are a poor relation at present
 
Question.

Does money bet in Euros go into the same Betfair liquidity-pool as Sterling (adjusted at a given rate).....or are there effectively two separate markets for Ā£/ā‚¬?
 
Grasshopper said:
Question.

Does money bet in Euros go into the same Betfair liquidity-pool as Sterling (adjusted at a given rate).....or are there effectively two separate markets for Ā£/ā‚¬?
Click to expand...

I'd say euros, quids, dollars, francs and kroner all go into the same pot. I'd be amazed if they didn't.
 
Betfair Australia for UK racing is displayed in sterling, and the market is exactly the same.
 
At Betfair you always get the best possible products and services. To ensure you continue to get a premium experience, we are increasing the base commission rate on Betfair Exchange markets in your country to 6.5% from January 30th.
Click to expand...

Has anyone else received news like this, have they dared to hike their charges by 30% in the UK or Ireland?
 
No, not where I live. The market base rate stands at 5%.
I wonder if the increase (in your country of residence) is as a result of local taxation legislation?
Whichever, it's taking the p1ss. (Although in some countries the rate is as high as 7.5%). :mad:
 
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