What To Do About Betfair?

Like many other loyal Betfair users, I'm quite disgusted with the recent hike in commission rates. It's clear that it will effect more than the claimed 0.5% of Betfairians. Take Leonthefixer for example. He has just resurrected his blog at Don't Give Up Your Day Job in order to vent his anger at the situation. Worth a read under normal circumstances but even more so now.

As I mentioned in an earlier post, I received an email saying I was one of the 99.5% who will not be effected by this. Having read Leon's post and numerous postings in forums etc., if I was to be a bit more consistent, I don't think I'll be too far away from it this time next year. So what can I do about it?

Like many traders out there who use dedicated software like Bet Angel Pro, I'm stuck with it. Betdaq and WBX are simply not catered for by these software vendors. Hopefully this will now change after the uproar that Betfair's actions have caused. The other exchanges now have a glorious opportunity to attract disenchanted Betfair users and finally make the exchange industry more competitive.

As I trade the fast paced pre-race horse and greyhound markets, I have to use software to have any chance of being successful. However, I do not need to rely on software for slower paced markets. So, for the meantime, I will continue to trade the horse and greyhound markets on Betfair using approved API software.

My football trading though will be switched to Betdaq once I can get an account set up. I can easily use a web interface for the type of football trading/betting I do. If software vendors produce solutions for Betdaq, then perhaps I'll switch completely.

By removing my football trading from Betfair, this will not contribute to my account and will lessen the impact of commission charges should I reach the point where I am successful enough to incur them.

To this end, I have just emptied my Betfair account of all funds bar £250. That's plenty given my staking levels and I'll remove any profit on a daily basis so that the money available to Betfair to earn interest on is minimised.

It's been a sad week and, even though I am not effected and could theoretically carry on as I am, I feel it is important for me to make some small gesture to show my disgust at their monopolistic behaviour and demonstrate support for all the other traders that will be hit by this quite outrageous commission charge.

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