Betfair charges

What?

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.

So if you happen to win then they charge you extra fees? Up to 60% of what you\’ve won?

What?

3 thoughts on “Betfair charges”

  1. Interesting. I always thought the psychology of betting was about the possibility of winning a really large amount. Taking 60% of that back in fees sounds like something that would have deeply discouraged betting in the first place.
    (Though what do I know? My early ventures into gambling for money were so lacking in large wins that I’ve never had any interest in doing so since.)

  2. It wouldn’t be paid on one single big win, and I think the idea is to discourage high frequency trading. It has caused a lot of criticism though.

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