Premium Charges are bad enough and the calculation of same, requires a degree in advanced mathematics. However, after getting off the phone to them I feel there is another injustice.

3 weeks ago my total charges generated over the lifetime of my account dropped below 20% of my gross profit and so I incur a charge. A week goes by and I drop $5k in a week.
My total charges generated over the lifetime of my account are now above 20% of my gross profit. So at that point in time looking back I never should have incurred a premium charge as circumstances have changed, therefore in my mind the previous charge incurred should be reversed and my account credited back?

NOT the case with Betfair. Once they've taken it off you it's not coming back!

This seems an injustice, and I made my intentions known. It's no different to the ATO. They tax you and later on you find more deductions than you previously lodged, resubmit your return, they agree and the tax is refunded.

Anyone had experience with this or a knowledge of consumer law?

Your not going to get many people replying because not many people have the premium charge.

The amount you paid will always be counted though in your commissions. So when you hit the profit again the payment will be counted and therefore will contribute to that 20% and it will take longer for you to get back to that 20%.


Does that make sense ?

Thanks for the reply UB. No it doesn't make sense. The charge is disclosed up front and that's fair enough but to be FAIR to the consumer, me & you, the charges should be displayed on the basis of a credit debit account. The Balance is either a credit or debit to the position you're in at the current time.
E.G. You've had a good 8 months when your first charge becomes applicable, sobeit they debit your account the extra %.
One month later you've had a horror run and have paid in excess of the 20% in charges, then your account is credited BACK the Premium charge if it was no longer applicable to your current Gross Profit/Charges ratio.

It's about equitable fairness, that's all I'm asking for! If you're a successful long term punter, they'll get their cut, but if your success was short lived and you've lost all your Bank plus some, then they should return the charge.

I get its not fair.

But the premium charge essentially means you are on a 20% commission rate of your gross profits.

As you are profitable your gross profit will grow. Your always going to have to pay that 20% over time.

How much and when you pay it might change because you had a losing week but if your overall profitable every week, which I know you are, its not going to make a difference except for week to week.

The overall charge will always be approaching 20% of your gross profits.


It won't hit short term profitable people because it requires 250 markets and takes out your biggest winner. So it only affects long term profitable people like you.

Hahahaa...yeah get that UB, but you're not considering the punter who just lost his house on some donkey and all he's got to show for it is a non refundable Premium charge that he can pin to his chest while waiting in the dole queue, to prove he got into the ''Club" once! The charge should be returned under circumstances like that because his % profit/charge over the lifetime of his account at the time he went bust, was never applicable for a Premium charge.

Sorry mate, I'll get over it, had my spray, too ornery to die! I'll just get in the queue with the rest and pay it!.....lol

lol.... Yes that guy though is an idiot and a gambler and deserves everything that happens to him. If he bets beyond the acceptable risk level for his bank and he makes a quick profit and then he loses it all then he should learn from it.