Out of interest I looked at yesterday's S.P. results.

The two rules I used were:

1) Fields that had 9 to 12 runners.
2) Bet all S.P. prices that were $29.90 and less.

There were 25 races, the winner was struck in all 25.

The outlay ($1.00) was $168 and the S.P. return was $197. I applied Betfair's commission to the winner's price and not the race's profit (if any), so the real result would have been slightly better.

I hope to look at the results of other days, and if worthwhile I'll report back here.

Don't forget the turnover charge which will apply to ALL your back bets regardless of winning. Granted it's not much (1.2%) but it can detract from the bottom line should any backing endeavour go anywhere and you therefore back bet on more than 50 markets per week.

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

― Earl Nightingale

Not being a Betfair bettor I'm not aware of any turnover tax.

Are you saying 1.2% of my bet is automatically deducted together with 6.35% of any profit? If I bet on 90% of the field I automatically lose 1.2% of each bet? If I bet on less than 50 markets/races/horses a week then the tax does not apply?

Sounds a like the dreaded Ned Kellyesque TAB where approximately 16% of the bet is gouged.

Yes. Every back bet is subject to the 1.2% turnover charge (in NSW, VIC, QLD, WA which is around 80-90% of most meetings) regardless of winning or losing. You have to bet in more than 50 taxed markets per week and bet more than $2000 (which could easily be done if looking to up the ante one day).

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

― Earl Nightingale

This charge will only apply to customers who during a week meet all three of the below criteria:
have matched back bets on 50 or more markets which Betfair is subject to a turnover fee from a racing body (‘turnover charge markets’);

have matched back bets with an aggregate value of $2000 or greater on turnover charge markets; and

the total commission generated by the customer on turnover charge markets is less than 1.5% of the aggregate value of matched back bets placed by the customer on those markets.
Total commission generated is half of the commission paid plus half of implied commission, calculated by the formula = (commission paid + implied commission) ÷ 2.

Implied commission is 3% of player losses where players make an overall loss on a single market.

Turnover charge markets will be identified in the grey text of the market view.


MG you need to calculate how much commission you paid on those winning bets & if it less than 1.5% of your total bets then turnover charge may apply.

Also I am fairly sure Betfair give you one weeks grace & let you know that the turnover charge will apply in future if you meet the 3 criteria.

Michael,

Backing all under 25 should show a similar profit to laying all over 25. The amount you are winning by backing under an amount should be roughly equal to the amount you can gain by backing everything over a price point.