Betfair Commision!!

decies

Hi there,

just joined betfair a few weeks ago?
A few small wins and losses and HedGehunter helped?
Anyway i read up how the commision worked basically the more i play the less commision i pay i guess.
Thats fair enough but what if i just bet once or twice a week?
will my commision go up and up from 5% i noticed it was 5.26% on a bet on the masters ,it was 5.77% on a bet two weeks ago.
Can anybody tell me how actually high can your commision go is their any limit over 5% or can it go up and up.
I asked betfair this but they told me how the commision is calculated which was not the question i asked!!!!
Anyhelp would be appreciated.Also which is best Betfair or betdaq.
Many thanks

Philbert

decies,

I really cant answer your question! I just opened an account today and I wanted to ask the experts here a question of my own! I thought it might be best to put it here rather than start a new thread above yours. I really hope you don’t mind..

Question no. 2: If you put a "lay" bet on a horse, must you have sufficient funds in your betfair account to cover the potential liability of the bet, or is this liability only debited from your card in the event of you losing the bet? I did try to find the answer to this on the betfair faq but I couldn’t.

Thanks folks,
Thanks decies

Healio

Philbert wrote:

Question no. 2: If you put a "lay" bet on a horse, must you have sufficient funds in your betfair account to cover the potential liability of the bet, or is this liability only debited from your card in the event of you losing the bet? I did try to find the answer to this on the betfair faq but I couldn’t.

You must have sufficient funds in your betfair account to cover the potential liability of the bet, they dont just take it of your card. Basically, your account is like your pocket, you fill it with the credit card, you can only bet whats in your pocket.

Healio

decies wrote:

Hi there,

just joined betfair a few weeks ago?
A few small wins and losses and HedGehunter helped?
Anyway i read up how the commision worked basically the more i play the less commision i pay i guess.
Thats fair enough but what if i just bet once or twice a week?
will my commision go up and up from 5% i noticed it was 5.26% on a bet on the masters ,it was 5.77% on a bet two weeks ago.
Can anybody tell me how actually high can your commision go is their any limit over 5% or can it go up and up.
I asked betfair this but they told me how the commision is calculated which was not the question i asked!!!!
Anyhelp would be appreciated.Also which is best Betfair or betdaq.
Many thanks

AFAIK, Every market you have a base rate of 5%, then they add your discount rate (im not too sure about it myself).

From betfair.com's help page:
Example:
You have net winnings in a market of £400.
The Market Base Rate is 5%.
Your current Discount Rate is 40%.
Therefore the commission you pay is £12 (£400 x 5% x (1-40%)).
You earn 120 Betfair Points.


As for which is better, i have only tried the one.

masterK

Betfair recently changed their commision structure, previously the maximum amount of commision you could pay was 5%, however they now don't have a maximum, they claim that they need to charge higher commission on certain markets because of lower volumes of bets. They did also claim that they would reduce the max. commision below 5% on some events, although I have never seen this.

As for which is better Betfair or Betdaq, Betfair by a mile, even with higher commision, Betdaq is a bit of joke to be honest, it can be very hard to get a bet matched, there is poor liquidity overall, you'd be better off sticking with bookmakers than betdaq, at least you'll be able to get your bet on. I supect Betfairs dominant position is the real reason that they have increased commission.

decies

masterK wrote:

Betfair recently changed their commision structure, previously the maximum amount of commision you could pay was 5%, however they now don't have a maximum, they claim that they need to charge higher commission on certain markets because of lower volumes of bets. They did also claim that they would reduce the max. commision below 5% on some events, although I have never seen this.

As for which is better Betfair or Betdaq, Betfair by a mile, even with higher commision, Betdaq is a bit of joke to be honest, it can be very hard to get a bet matched, there is poor liquidity overall, you'd be better off sticking with bookmakers than betdaq, at least you'll be able to get your bet on. I supect Betfairs dominant position is the real reason that they have increased commission.

Thanks masterk thats the answer that i was looking for so basically you can be charged more than 5%.
I get the below answer from BETFAIR this morning that admits as much .
rounding off currency not so sure about that .thanks anyway

"Your commission will never go higher then 5% no matter how often you
use your account. If you see the commission go slightly higher eg
5.08% or 5.12% this is due to the currency rounding of your account
and this will only happen if you have won a relatively small amount
in a market."

You may also see the opposite happen where your commission is 4.88%
etc, once again this is due to currency rounding.

masterK

Here's what the founder of Betfair Andrew Black had to say on the new commission structure.

"The new “market base rate” system allows us to vary commission rates for different markets, and we brought it in because we see ourselves doing a fair bit of that in the future. We didn’t bring it in as a sneaky way to get commission up though – there are other reasons.

We have to contribute to the sports we run markets on - some sports are heavily reliant on betting revenue whereas others are not. If we have to pay more to cover a certain sport (perhaps only in certain countries) then we may choose to charge more. Other markets that we run are unprofitable for other reasons – again if we are not making money then we may bump up the charges a little.

On the other side of the coin we may choose to reduce rates on markets that are easy to run and make good money. You shouldn’t assume that the net overall effect on commission will be upwards – it probably won’t be.

There are a lot of discussion and negotiations going on at the moment, and we don’t know what we will be paying different sporting bodies as time goes on. For the time being we are mostly just keeping our options open."

decies

Thanks for that i swear some of these guys are worse than politicions.Why cant they just come out with the whole truth.makes a mockery of 5% base rate anyway.
Basically just like e-bay nice hefty fees that you only realise when your finished.

mccabe41

Not trying to cause world war 3 but what are you basing your betdaq being a joke comment on excatly?, they offer you a much better commision offering than Betfair without having the huge liquidity of betfair but for all players up to the mid range surely commission paid on winnings is a huge factor - well it is to me anyway:) when you set up an account you can ask for an introductory offer and they normally deliver!

Bluetonic

You registered to reply to a 3 year old thread?

Amazing.