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  • 3 weeks later...
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  • 3 weeks later...

Betfair's ridiculous Premium Charge which is a 60% tax on winnings is now a reality. If you bet in ladbrokes they don't take a 60% cut of your winnings. Arrangements for the Betfair Funeral owing to it's imminent demise from a share price collapse are now being discussed at the following Facebook location. If you care pay a visit. :huh:

http://www.facebook.com/pages/Betfair-Premium-Charge-Fiasco/232172673473703

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  • 1 month later...

One of the Premium Charge avoidance account deductions goes mainstream

Betfair 'removed £52,000 from customer's account'

A Betfair punter is threatening legal action against the betting exchange after a dispute over more than £52,000 that he claims has been removed from his account.

Betfair initially deducted 20pc of gross profits from successful punters gambling in more than 250 betting markets. In July, such charges were raised to 40pc to 60pc for customers who have won more than £250,000.

Sandip Sayaniya, who aired his grievance outside the company's annual meeting on Thursday, claimed he was not the only customer involved in a row over "premium charges".

Betfair initially deducted 20pc of gross profits from successful punters gambling in more than 250 betting markets. In July, such charges were raised to 40pc to 60pc for customers who have won more than £250,000.

Mr Sayaniya alleges he has bet in less than 250 markets and made a £24,000 profit. However, he claims that on September 5 his account was suspended "under investigation of Premium Charge avoidance". On September 20 he received an email from Betfair's "pricing team" stating his account shared a similar betting strategy with four others, all of which would be taken into consideration for the charges. Betfair deducted all £52,352.85 in his account.

Mr Sayaniya, who plans to start legal action by next Thursday if the money is not repaid, said: "I do not recognise any of the other four accounts named by Betfair, and have never operated any account other than my own."

A Betfair spokesman said: "We thoroughly investigated this matter and we determined that the customer was evading payment of the required fees." He added that Betfair's legal department was happy to "discuss it with him further".

http://www.telegraph.co.uk/finance/newsbysector/retailandconsumer/8782921/Betfair-removed-52000-from-customers-account.html

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http://www.telegraph.co.uk/finance/newsbysector/retailandconsumer/8797993/Betfair-is-in-for-a-rough-ride-over-data-theft.html

ndeed, a progress report marked "Betfair Critical Confidential" tells how "the attacker did indeed manage to copy the entire Sportex database" – the one that contains all cardholder details. The report is dated September 27, 2010. That's just six days after the company announced its "intention to list" – a statement containing Yu's explanation of how "Betfair's unique and highly sophisticated exchange platform technology is at the very heart of the company's success".

t would have also been detrimental to its float. Betfair was, after all, listed on a racy earnings multiple thanks to some clever marketing that repositioned a business reliant on gamblers as a wizzy technology stock.

Investors have since lost 43pc of their money. They might now wish, notwithstanding Betfair's insistence that "remedial action" had been taken, that they had heard how consultants IMR pithily summed up Betfair's technology: "The IT infrastructure has not been designed, built or maintained to best practices."

in the words of their users is "Betfair Finnish"

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  • 3 weeks later...

This service announcement today is a cracker:

We’re aware that some customers are experiencing an issue with repeated fund transfers from their UK wallets to their Australian (AUS) wallets for the amount of £2.43. This is due to a problem with an automated process, that was due to return funds to customers’ accounts as a requirement of the Australian Cross-Matching funds distribution (see below). This process has now been stopped, and our technical teams are investigating. We apologise for any confusion this may have caused.

The Tasmanian Gaming Commission requires Betfair to periodically distribute the surplus funds from cross-matching on Australian markets back to customers. You can find more information about the cross-matching process here cross-matching.betfair.com.au/

To be eligible to receive a share of this distribution a customer must have placed a matched bet on an Australian cross-matching market since 3 December 2010. Accounts that are excluded, closed or suspended are not eligible to receive a share. Future distributions will occur approximately 4 times a year.

Eligible customers will receive a small equal share of the surplus funds. The funds will first be credited into the Main wallet and then transferred into the Aus wallet in accordance with the TGC’s requirements.

It just sums up the UK.

Betfair's cross matching software arbs profits between it's customers. Supposedly to "help" customers have bets matched.

Australia is properly regulated so the money has to be given back to customers, if you are in the UK Betfair just keep it.

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  • 433 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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