Advice Sought on Email From Betfair

[The Ocho]

Yesterday evening I received an email from Betfair. What follows is the relevant part:

"We wish to advise that your account was identified as betting in just under the minimum required number of markets to be subject to turnover charge in the past several weeks. As such we recommend that you vary your betting strategy to a laying strategy to avoid this charge.

This type of betting activity is unsustainable and if you do not change your strategy we may have to restrict your betting on the affected Australian markets".

I haven't answered it yet. What do you guys think I should respond with?

I was thinking along the lines of that they "allow" up to 50 markets and therefore I'm doing nothing wrong. I think it stinks that they actually promote trading online and in their courses but then send out an email like this. It's just wrong.

If I cannot trade anymore then I have no hope of making a bit of spare money for myself and my family. The only option I would have is to trade on the only two states (SA & Tas) that (currently) still allow it but then there just aren't enough meetings (and volume) to make any real money.

To say I am disappointed with this is a major understatement. :mad:

Any ideas anyone?

[Shaun]

From things i have seen in the past i am not sure there is much you can do, they created the trading monster then it got out of control so now they want to restrict it.

[stugots]

With your obvious skills in this area TO, I would be pulling night shifts & adapting to the overseas markets.

This may not be feasible for you but it's only a matter of time until all Aussie markets are subject to the turnover tax so you might as well bite the bullet & move on to something that is sustainable.

[Mark]

This stinks. It's like being pulled over by the cops for travelling just under the speed limit all the time. What absolute rot and the price we pay for the beast that is a monopoly.

[The Ocho]

With your obvious skills in this area TO, I would be pulling night shifts & adapting to the overseas markets.

This may not be feasible for you but it's only a matter of time until all Aussie markets are subject to the turnover tax so you might as well bite the bullet & move on to something that is sustainable.
The overseas markets are out for me due to two reasons - I work a normal job during the day but the most important, the lag in the refresh rate kills me for one tick trading (and is probably why it works for me in Australian racing).

As previously mentioned in my trading thread I have tried to trade the UK using chart patterns as this is the best way for me to combat the lag as I would then trade over a longer period of time but I really haven't had much success (probably need more practice) but also the time difference with me in Melbourne and the races starting after midnight at the moment.

Granted when daylight saving stops in Melb and I assume they start in the UK then the races can start some time after 10pm my time but that is then only 6 months a year.

Sigh.

[The Ocho]

This stinks. It's like being pulled over by the cops for travelling just under the speed limit all the time. What absolute rot and the price we pay for the beast that is a monopoly.
Good analogy Mark. They make the rules (changing the goal posts all the time - turnover charge, premium charge, etc), you abide by those set rules and yet they ask you to stop anyhow. Amazing.

[UselessBettor]

its the reuslt of a turnover charge .... they can't go offering a product at a loss. They had to shut down spain and germany, and it will only be a matter of time before they shut down here too.

[Lord Greystoke]

its the result of a turnover charge .... they can't go offering a product at a loss. They had to shut down Spain and Germany, and it will only be a matter of time before they shut down here too.Remind me who decided to shut down who here? What is it they used to say;

The higher the monkey gets up the tree, the easier it is to see(and shoot?) it's .... ?

LG

[UselessBettor]

Remind me who decided to shut down who here? What is it they used to say;

The higher the monkey gets up the tree, the easier it is to see(and shoot?) it's .... ?

LG
if they weren't around non of us could be laying the way we do.

[OM SHARNTEE]

The Ocho

This From the WJS

"Earlier this month, Ladbrokes completed its takeover of Global Betting Exchange Alderney Ltd., the operator of Betdaq. Ladbrokes paid 30 million euros (US$38.6 million) for Ireland-based Betdaq, in what was the first acquisition by Ladbrokes Chief Executive Richard Glynn."

Bit of a long term longshot --but maybe a bit of extra competition may shake things up a bit.

Cheers
.

[The Ocho]

It may OM SHARNTEE but for traders the problem will still be that Betdaq (and in turn the bettors) will also have to pay the turnover charge still making trading with larger sums of money redundant. :(

[Mark]

Think again, as this is what now greets the Aussie trying to access Betdaq.

Dear Visitor

Due to legal and regulatory restrictions, we are currently prohibited from offering the Betdaq site and services to your jurisdiction.

If you believe you have received this message in error please contact our Customer Service helpdesk at helpdesk@betdaq.com

Betdaq Customer Services

[stugots]

Irish-based betting exchange Betdaq (Global Betting Exchange) has abruptly pulled out of the Australian market following an investigation by local media outlet The Australian. A Betdaq spokesman announced that “betting services on Australian races and sports has been stopped. A legal problem has developed. It should be sorted out soon but until further notice we will not be operating on Australian sport.”

http://calvinayre.com/2011/07/15/business/betdaq-exits-australian-market-following-media-investigation/

& from another article -

It seems incredible that an online betting exchange like Betdaq, would try to operate illegally in such a large sports betting market like Australia, with millions being bet every week on Horse Racing, Aussie Rules, Rugby League, Cricket & Soccer[Football or colloquially known as Wog ball] without a licence & points to a culture of evading compliance with reporting requirements to sporting authorities.

[Mark]

The article also goes down the road of filling the great unwashed's tiny minds with that rubbish about being able to bet on something to lose.

[stugots]

Why the TAB's just don't wake the ******** up & setup a competitive betting exchange is beyond me - they so desperately want rid of Betfair but expect punters to happily return to the dark ages as evidenced by the 'new improved' tab website...

The shortsightedness of this industry really gets my goat at times

[Shaun]

They have the golden goose and as soon as the bookies are dead they will be happier, they don't want to give the public what they want just give them what the TAB wants.

[stugots]

Agree that's their overriding attitude towards punters & it's worked a treat for them in the past - the future? not so sure they can get away with it again as there too much else going on these days.