Betfair Premium Charges - Q & A - Matt Asks

Is there a way around Betfairs Premium Charge? Many have asked. Matt's question is answered here in this weeks Q & A.
caanberry.com

[@adriansmith1824]

If everyone is worried about the Betfair premium charge, why not set up a exchange website similar to betfair without the "premium charge" then do some advertising and pay a few people that make KZbin videos to do reviews? I'd happily be a part backer for this to happen

[@jimmoore6116]

As anyone had a chat with a legal mind about this problem. If you are backing against other people and not them Betfair how dare they put there hand into your winnings and walk off with your money. They have been paid commission already for holding the bet so why do they think they have the right to be paid twice for the same thing. How dare they let you do all the work winning the money and then think to themselves hay he's done well we we have most of that. I am no legal eagle but I can't see a judge letting them off with that for one minute.

[@elastronaute1198]

I heard a professional trader say 'hardly anyone' actually pays the upper brackets aka 60%... so how do they avoid it? Say you're making about £1,000 profit on average a day, could you avoid it still?

[@apexsportstips5351]

There is a very simple way around the premium charge! For example profit on scalping £10k per year.....lay an odds on tennis player or at say odds of 1.50 for £2K giving you £1K liability and then BACK the same tennis player to win as close to the lay price as possible with someone else. There will be a small loss doing this but do this several times a year and it keeps your Betfair profit under the premium charge profit limits!

[@hum262]

but you are hoping the 1.50 player wins. If she loses you win 2k and heading to PC charge town. When I try to arb my profits out of betfair the wrong option often comes up... You sound like you are better at that than me :)

[@richjnev70]

I see there's a beer by the computer, personally I don't drink and bet, it kills my concentration and profit!

[@fxsceptic]

Thankfully, I processed the impact of Betfair's Premium Charge before I invested too much time chasing that pot of gold in my trading career and it wasn't easy (painful in fact) to peel away from believing that sports trading was the solution I needed. Thankfully, Betfair messed me about with my account in the beginning and after it took 45 mins to get through to them on live chat (no phone number to call), I did a bit off digging with google and found that there are way too many reported horror stories of people having their account closed and funds seized. Of course, I don't know the real reasons behind these stories but when the only to speak to Betfair to resolve any issues is via a 45 minute wait on a chat portal, or a twitter message, I'd never have the confidence to dump thousands into a Betfair account that I'd need to make a living from it. Couple that with the staged Premium Charge rates that ultimately lead to a career ending 60% levy... na, forget it. Thank you for this video Cann. Although it's old, the message still resonates and the impact of Betfair's Premium Charge is still very applicable today. A massive high five for being honest and upfront. Your videos are informative and balanced. Yes, you give insight on how to successfully trade but this video balances expectation and prompts those of us looking to emulate your success, to question if this journey really is for us.

[@markfletcher7901]

Might be missing the point somewhat here but my Dad hasn't got a Betfair account, neither has my brother etc, etc. Why can't I ask them to set up a bank account which I actually control and then create a new Betfair account. Then if and when I get to £250k, bang onto the next account. Can change my IP address fairly easily I would have thought?

[@factnotfictionpeople1313]

One word sums up all this premium rubbish - GREED!

[@bilbo300100]

Hey Caan! Can you be charged P.C before hitting 250??

[@tomsjanis2907]

What about smarkets?

[@imsteveoneill]

£250,000 paying 20% is only like paying tax on a normal 9-5 can't see why anybody would be put off giving it ago ...... and 10 years of easier work at £25,000 per annum than grafting has gotta be worth it ....its not as if 90% of people have even gotta be concerned about it if the success rate is anything to go by ..... Im not put off in the slightest but like everyone else Im also thinking shit caan thats a huge wedge of soul destroying cheddar taken from your top line for you personally, you've gotta like make more than twice as much mentally by using bigger bets in the market to achieve the your desired profit !! props .... good video

[@scottyboimcfc]

Use your wifes account ;)

[@IgliBuzo]

£532 profit 32% premium charge I don't think anyone should give it a go

[@elastronaute1198]

@@IgliBuzo huh? You have to be over £5000 in profit to even qualify for premium charge, and traded a certain amount of markets, and then you will be charged no more than 20%... don't know what you're talking about

[@temp911Luke]

@@elastronaute1198 £5000 is easy to hit, a couple months i would say if you are not even pro. Dont even get me started how easy it is to hit 5000 if you arb. :) £5000 is a ridicilous amount to force someone to pay 20% !

[@MyMarley1111]

hey caan what about in the Betfair rules where it says they can take your money if they THINK your doing anything wrong?? so you don't have to do anything BUT if they think it they can take your money and close your account. there is no ok here is what we think you have done no no no it's just take the cash and close the account

[@grahambeyer6254]

Hi Caan, Does Betfair premium charge apply to Brits trading the Australian markets and/or Australians trading UK racing?

[@billycompston5260]

Just a couple of thoughts. Bookmakers SP's return an average 5% at the business end of the market. ie. where most of the financial action is. Does BF SP's do the same? Or as I suspect considerably less. Even 1% or 0.5% would make a huge difference so perhaps, maybe, just suggesting....the premium is to offset the loss ( really less profit ) than main stream high street bookmakers generate. Therefore winners on the exchange...…..well you know what I'm getting at. Only one way to get their attention. Do a Barney Curley on them. More than once. Difficult but not impossible with a syndicate of large stake players combined with smaller players. But I guess there must be some rule somewhere against it.

[@davestewartDWCC]

Caan...nice video but what do you mean by generated commission on top of the 60%

[@stephenpowder8186]

What year did you start paying Premium Charge Caan?

[@paulmoore8655]

Hi Caan good video explaining the premium charges really does seem complicated, it must be pretty demoralising to have made so much each month for them to take 60% off you, it really is extortionate. Do you think if other exchanges such as betdaq hit off will with more liquidity they will eventually employ the same charges?

[@bilbo300100]

So is 20% until 250k and after 60%? Is it in pounds euro dollar..? Thanks

[@bilbo300100]

And reduce P/L by using another bookmarker will do it?

[@lightbearer7508]

Hi, I was wondering what the Betfair week it. Sunday till Saturday or Monday till Sunday?

[@temp911Luke]

@Philosopher K I think he said once you hit £5000 profit...but im not sure.

[@robertbergman-claessen5713]

Hello Sir, Can you explain to me what is meant with 250 markets? If I only bet on tennis (who's going to win), does that count as 1 market? And what about tournaments? Are different tennis tournaments considered different markets? Look forward to hearing from you.

[@remotaurog]

What is your thoughts on Paddypowers prices?

[@remotaurog]

Haha! See what you mean,just reading complaints lol.

[@comfibold]

There are multiple companies which spread bet financial markets and none of them have a Premium Charge.

[@elastronaute1198]

Thats a different thing entirely, and they charge a fee for each transaction with is actually worse. At least premium charge is only calculated on net profits

[@jimuk1349]

250 grand would do me , would call it a day then and work in a dogs home with morgage paid off lol .

[@JayInplay]

when that £250k is made over 20+ years like most people - (that's only £12.k per year - less than min wage) rather than in a lump some, you would think much differently!

[@mikes2529]

Lay a winner on betfair and back that winner on betdaq then youve still got your money back but no commission on betfair as your profit/loss is screwed

[@mikes2529]

Caan Berry you win

[@Gazman997]

was wondering what it means when it says "any single win that constitutes more than 50% of lifetime gross profits will be excluded from the calculation" does that mean if you use higher odds then you wont be susceptible to the premium charge?

[@Gazman997]

if you use odds of 1.5 so if bet 1000 pound and win 500, is that excluded from the calculation?

[@fxsceptic]

@@Gazman997 no..... it means that so long as half your gross profit (before commission charge) of all the wins is made from one bet, then the gross profit of that one bet will be excluded from the PC calculation. If you're trading, it won't make any difference because your profit should be made up of lots of smaller trades, not one big one.

[@izaquemotta4681]

Como colocar legenda em português ?

[@paulharrington9284]

Can you not just open a new account?

[@Jo3sX]

Smarkets.

[@prawnsean7290]

lol, no api, poor liquidity