Good old fashioned gambling
Since Betfair introduced new charges for their most successful customers, me included. I’ve done a fair bit of work all over the place. Back on Betfair, no matter how easy the opportunity, I can’t tell you just how difficult it is to actually do something that you know will result in the loss of 60% of your profit, I don’t know about others, but I really struggle to do it.
So, I’ve done some additional work on Betfair by looking at alternative strategies with the view to understanding just what it would take to overturn or reduce the higher charges. Basically the bottom line is that you have to generate a small profit, while paying a lot of commission. I know this sounds obvious but let me give you an example.
Last week I set out to do some good old fashioned gambling on my account. This, amongst other things, has made a right old jumble of my P&L since the new charges. Last week I stuck fairly rigidly to only using my Betfair account to bet. I did lapse at one point by taking advantage of an opportunity that I could only execute on Betfair. But the practical upshot of that gambling led activity is that, thanks to the way results came in, I only paid 20% in total charges on my account. This means that Betfair still deducted an additional 40% on top of that. That’s a mare on gambling led activity and its a back to the drawing board moment.
The curious think about this is that people I teach can now earn 2.5 times what I can doing the same thing. So if you are interested in learning what I do, come and see me; I’m likely to have more time on my hands this winter!
Category: Betfair
