The following notice up on BF's website -

http://community.betfair.com/austra...oughbred-racing

Betfair is pleased to announce that it will remove the turnover charge from Victorian thoroughbred racing from 1 July 2013.

This charge was introduced in 2012 after Racing Victoria (RV) moved to a turnover model of charging fees to Betfair which equated to more than 60% of the revenue Betfair derived from Victorian thoroughbred racing.

RV recently announced that, from 1 July 2013, it would assess turnover for a betting exchange as ‘net customer winnings’ rather than the aggregate of all bets taken on the ‘backer’s side’ of the exchange.

In making its announcement, RV described this as “a more appropriate measure of the volume of customer transactions.”

Betfair is hopeful that other jurisdictions will amend their definition of turnover to ‘net customer winnings’ and we will be able to remove the turnover charge on their specific markets.

For the time being, we encourage customers who utilise the trading aspects of the exchange to continue to do so on markets where Betfair is charged on revenue or net customer winnings.

For more information about these markets, head to www.factsaboutfunding.com.au.


Great news, makes a nice change

I'm not a trader but that is great news for the longevity of BF in this country.
I could not make a living without them so I'll crack a bottle of champagne tonight.
Thanks for the news which I had not heard.

Hopefully NSW comes to the party as well, & yeah, the announcement would indicate that BF will remain viable here,

Was it The Ocho who had to give his successful trading away due to the T/O tax?

Yes it was me stugots, it was me.

This is terrific as at least Victoria race every day,sometimes two venues in one day. If only the other states (particularly NSW) come to the party then I, along with, no doubt, a few others would be mighty happy.

I only used to trade weekends but at the moment there is only one SA meeting on a Saturday and one in Tassie on a Sunday where the T/O charge doesn't apply. Totally not worth it.

Great news stugots. Thanks for that.

__________________
Never give up on a dream just because of the time it will take to accomplish it. The time will pass anyway.”

― Earl Nightingale

I guarantee the liquidity in the Vic markets will grow again. The traders will focus on those markets to the detriment of the other markets.

One would assume RV wouldn't have made this change if it was going to erode their bottom line, so fingers crossed other jurisdictions follow suit & that the T/O tax will soon be a thing of the past.

I think that's probably the biggest advantage overall.
It's also the first time I can recall, that Betfair has passed on a reduction.

Now if they could only recognise how much revenue they have lost with premium charges, things just might go back to the good old days and their client base and revenue would improve exponentially.

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Just found out today that South Australian racing are going to the turnover charge model at the same time that Vic racing is going back to net customer winnings. That means only Vic and Tassie are viable. At least there are heaps more Vic meetings than SA meetings.

Its a pity that SA didn't stay the way it was so at least you could trade in 2 or maybe 3 meetings on a Saturday or Sunday. I also note there was only one Vic meeting today. One meeting is no good for me as I can't really get into the swing of things.

__________________
Never give up on a dream just because of the time it will take to accomplish it. The time will pass anyway.”

― Earl Nightingale

Queensland joining in the party



Betfair is pleased to announce removal of the turnover charge from all three codes of Queensland racing markets from 1 August 2013. Racing Queensland has maintained its gross revenue model with a floor based on net customer winnings for all three codes.

This follows a similar decision by Racing Victoria and Betfair is pleased that customers who utilise the trading aspects of the exchange can re-engage with these leading racing jurisdictions in their chosen manner.

For more information about the markets, head to www.factsaboutfunding.com.au.

Betfair Team