New premium charges ... a 'work around'

I only wish I was! You haven't quite fully elaborated what the plan is...

lol birchy ... I haven't thought about the logistics of it but just the theory :)

What I'm saying is that theoretically there's scope for people to save money by joining forces!

I started trying to think of ways people could join forces yesterday - but the best I could come up with was 'swapping' money by placing a bet where you know who you will be transacting with - then I thought about what would happen if the selection did the opposite of what you thought it would - the person already paying premium charges is now also going to pay 20% of the money you swapped - which made me think maybe they've brought this in in part as a way to make money laundering through swapping more difficult - not sure if this is credible or not though??

It's still raging away on betfair forum. I think it must be going over my head, as IMO it's not such a big deal for diy botters, but then I do tend towards the simplistic, plus I'm not currently affected!

If your extraction ratio is too high then you either pay the new charge to help compensate betfair for the costs incurred in bringing fresh blood in (yes it may well be too much but that's not for me to judge) OR you can totally avoid the charge by generating more commission yourself - which is also beneficial for the exchange as your activity increases liquidity. Is this correct?

It's a tricky one Fred as to whether us small botters will get hit badly. Most people will realise that there will be accounts that are loss leaders for Betfair but whether the benefits of having them on board bring in more cash than they cost in the long run is debatable. Betfairs view is obviously that they aren't worth clinging onto either because their arrogant view is there are no viable alternatives for these people to move to or they wish to fill those positions themselves much like they did with betfair games.

Less liquidity generally means wider spreads which in theory should benefit us but their bet matching software already removes any likely % blips we can take advantage of and wider spreads may mean we now have to close at worse value if we green up before the off. Bet matching may also mean the prices never hit our poor value estimates too when taking a long term value approach but I guess only time will tell to see the true impact of this.

My own view is that although people will shift the main markets will just be replaced by others willing to accept the 20% payout but it will just affirm betfairs view they do as they wish and any future changes will affect us a lot more than this one.

How long is the rant going to go on on the betfair forum?? Unbelievable.

There may be a plus side to all of this for us diybotters though ... wider spread on betfair and more liquidity on betdaq making it a more viable exchange to bot on.

I'm seriously considering opening a betdaq account, seeing what commission deal they'll do (will they go below 2%?) and getting my bots to fire off bets there in addition to betfair...

WBX would be even more tempting with an API. I've just emailed them again to see if there's any news on it. I contacted ibetx about their API a few weeks back and they said 4-6 months till theirs was ready.

WBX say they are still testing their API systems and will have them up and running in the very near future. Just how long is a piece of string...

Not that I mentioned betfair but their reply also included a plug "Have you heard of our Betfair Commission promise?" LOL

The fuss on the forum is still going on - shows that the majority of posters have serious herd mentality, which is great for those of us who trade in ways that exploit that!
Ratio of posts that understand to those that don't still seems to be about 0.5% - mind you much the same was true on the big thread about the Derren Brown racing program - even after the program had finished...

I guess it just means a bigger allowance for data and transaction charges - might as well use it up that way if it's going to be taken anyway - I haven't worked out yet at what point it's enough to make me switch from free API to paid API (for get requests at least) - but the maths for that can't be too tricky

As per this thread title, after having a very good week last week I found myself wanting a work around last night (Sunday). I've no idea if I've actually incurred charges but I would have gladly taken steps to ensure I hadn't. I have been looking at arbing but still can't figure out how to reliably and automatically move funds from betfair to betdaq.

I don't specifically want to share funds, I just want to have an automated arbitrage tool available that I can run in order to move excess funds from betfair to betdaq, to guarantee that I won't pay any premium charge after having a good winning run. Paying a bit extra commission to do the trade isn't an issue if it's gonna save a bigger chunk and/or give me peace of mind.

It would avoid premium charges because there wouldn't be an overall profit at betfair. The idea is that the betfair account would have lost money on arb bets while the betdaq account gained it. It's a bit awkward though, because like all the best betting strategies it's much easier to do when you know the outcome of an event beforehand lol