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Upcoming Betfair premium charges

Well guys, this one has caused their forums to go into meltdown!

The arrogance with which these charges have been introduced smacks of
Tescos.  On the plus side, it seems to be driving many players over to
Betdaq, who are being offered a period of zero commission in exchange
for adding liquidity.  It may finally give birth to some genuine
competition.  Such is the spuriousness of this structure, many people
will be unsure of whether or not they will fall prey to the charges.
The key blurb for those who've yet to read it is as follows:

"In addition to the other charges detailed above, a small number (less
than 0.5%) of our most successful customers will incur Premium
Charges.

Premium Charges will take effect from 22nd September 2008 with the
first charges paid the following week (week commencing 29th September
2008).

Please note that if you become eligible to incur Premium Charges, we
will contact you before any charges are paid.

Calculating Potential Charges

Each week Betfair will calculate your ‘gross profits’* made, and your
‘total charges’** paid over the previous 60 week period. The details
of these calculations are explained below.

You’ll only be considered for the Premium Charge if your account is in
profit over the previous 60 weeks, and only if the total charges paid
during that period are less than 20% of your gross profits.

The vast majority of customers, and even the majority of those whose
betting on Betfair was profitable over the previous 60 weeks, do not
meet both these conditions and will not incur the Premium Charge.

While those conditions accurately describe our most successful
customers, they might also apply to new customers who have only bet in
a few markets, or those whose accounts are in profit because of a
significant big win. To ensure that those accounts are not
inadvertently charged, we’ve added two further conditions: any single
win that constitutes more than 50% of gross profits over the previous
60 weeks will be excluded from the calculation, and customers will
only be considered for the Premium Charge if they have bet in more
than 250 markets during that 60 week period.

Each customer will also have an allowance in each 60 week period of
£1,000 against the Premium Charge. This means that every customer
considered for the Premium Charge will be exempted from the first
£1,000 of the charge in each 60 week period.

Each week the customers who meet all the conditions set out above will
be charged the lesser of:

* The difference between 20% of the previous week’s gross profits
and the total charges paid during the week; and
* The difference between 20% of the previous 60 weeks’ gross
profits and the total charges paid during that period.


This means that customers will never be faced with a Premium Charge
that is more than 20% of their gross profits for the previous week.

Please note that the second of the two calculations set out above can
only ever reduce the Premium Charge and will apply on the rare
occasion that the difference between 20% of the previous 60 weeks’
gross profits and the total charges paid during that period is less
than the same calculation for the previous week.

Premium Charges will be deducted from customer accounts weekly (on
Wednesdays) in relation to the previous week’s activity (Monday to
Sunday).

Accounts that relate to one person, entity, API subscription or a
Master Account with related Sub- accounts (Trading version only) are
treated as one customer for the purposes of calculating Premium
Charges. Note that no Betfair points will accrue for Premium Charges.

*By ‘gross profits’ we mean the amounts won, excluding total charges,
less the amounts lost, on all Betfair markets.

**By ‘total charges’ we mean all commission generated by Betfair as a
result of your betting, plus any Transaction Charges, Data Request
Charges and Premium Charges you’ve incurred. ‘Commission generated’
includes the commission paid on winnings, but also the commission that
Betfair makes from the other customers who win in markets in which
you’ve lost, which we call ‘implied commission’. When you win, Betfai
r
collects commission at your rate of commission, but when you lose, the
commission collected by Betfair from the winners is at their rate. So
we’ll determine the commission generated by your betting activity to
be:

Commission generated = (Commission + Implied Commission) ÷ 2

where

Implied Commission = market losses x average market commission rate

We divide by 2 because otherwise we’d be counting each pound of
commission twice.

Premium Charge Summary

You will only be considered for the Premium Charge if, over the
previous 60 weeks, you satisfy the following criteria:

* Your account is in profit;
* Your total charges paid are less than 20% of gross profits; and
* You bet in more than 250 markets.

Two further conditions reduce the likelihood that you will be required
to pay the Premium Charge:

* Any single win that constitutes more than 50% of your gross
profits over the previous 60 weeks will be excluded from the
calculation; and
* Each customer will have a 60 week allowance of £1,000 against
the Premium Charge.

Each week the customers who meet all the conditions set out above will
be charged the lesser of:

* The difference between 20% of the previous week’s gross profits
and the total charges paid during the week; and
* The difference between 20% of the previous 60 weeks’ gross
profits and the total charges paid during that period."

... so that clears that up then <cough>!

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