90% of Betfair customers don’t even know about the £250,000 super-tax on winning bets. This video explains what this premium charge is all about and how it came about. How much will you owe?
See how the worlds largest gambler avoids the tax:
Timestamps
0:00 Betfair’s £250,000 super-tax on winning bets
0:21 When will you pay it and how much will you owe
0:32 Brief introduction to how and why Betfair started
1:05 Betfair’s original unique offering
1:57 When Betfair first introduced the additional tax on winning
2:18 Where you can see your extra charges
2:41 Why was the extra tax introduced?
3:16 How many people are affected by the charge
3:40 When Betfair contradicted their own core values
4:04 Basic level of Premium Charge explained
4:15 Advanced level of Premium Charge explained
4:35 Qualifying criteria for Premium Charge tax
5:14 Exceptions to the extra charges
There is a written article about Premium Charge here:
#Betfair #Betting #Tax
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This is a video about Betfair’s Premium Charge, an extra betting tax on winners.
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I never won on betfair long term. Taking 5% for me is pure greed
I had always thought that the days of the old fashioned "Highwayman" were long gone – then you produced this video and I realised that they still exist – even today! "Stand AND deliver!!!" LOL
You can set it to take 2% commision if u go to a lower tier on the exchange.
If anyone who gets nearly to the point of "premium charges" wil stop playing and cash out, what they going to do about it?
Why dont you move to Smarkets ?
You mentioned when you get to £250k there is a £5k allowance, is that every year or a one off 'present' ? TIA
You do your viewers a disservice Caen. You never talk about Asian Bookmakers and the option for UK customers to use them. They offer a white label exchange. If you have mentioned this in a previous video I apologize. I just haven't seen it. I don't think you can trade on them, is this why you don't discuss them or are you afraid of a backlash from the bookmakers you use? Really though you should be discussing and promoting them. It is directly the competition of the Asian bookmakers that offer the only chance of UK based bookmakers to change their ways. If there was an exodus to Asian Bookmakers they would have to take note. I should add. Asian bookmakers and agents do not penalize winners, the whole point of your video.
I just checked my account and i am premium charged first i heard of this crap. Thanks for highlighting its terrible how can u make money when they are so greedy these companies
caan are affordability checks actually coming in?
When trump is reinstated I want my winnings betfair
Have a read of Trust Pilot reviews of betfarce. Crooks.
Pretty much Betfair have built their own tax haven on these British shores by calling it a commission 🇬🇧
Great video love your channel do you reckon they will simply the tax for example a flat rate Instead of the premium charge?
Do you still have to pay the basic commission per winning bet, on top of the weekly premium charges?
You don't pay income tax for profits in the UK. So if you were making over £150,000 per year, you'd normally be charged 45% in income tax. I guess it works itself out really.
Are you paying 40%. Surely you've matched the 40% criteria after all this time. Or do they charge you 60% anyway?
How to win
What’s the best uk betting site?
You have to take controlled loses and be on both sides of the trade before you hit that number.
Is there not competition out there now to vote with your fingers and switch to like Matchbook or Smarkets.
Caan left out a major point here that actually makes the premium charge a lot more reasonable: it doesnt add up to your commision, but only takes the difference from commision to the 20 (40, 60)%. I am a profitable trader for over a year now (its my only income and i live off of it) and havent paid a single penny in premium charge. This may be the exception, as i had some strategies running that were creating a lot of commision, but still it will never be a flat out 20% (40, 60)% on your winnings. Once you get to those 60%, its very likely commision wont cover it all, but thats a luxus problem because you are already making mad money 😉 (not saying the 60% is fair, i think this value may be a little to high, but i still hope i ll get there once as that means i m making quiete the winnings)
IS IT 250 K OF WINNINGS FROM BETS , OR YOU HAVE LITERALLY TAKE OUT 250 K OF PURE PROFIT INTO YOUR BANK OVER TIME , WHAT I MEAN IS IF YOU WIN £1000 BUT THEN LOSE £900 A DAY LATER SO YOUR ONLY UP £100 WHAT DOES BETFAIR TAKE INTO ACCOUNT !!!!