BetFair- are we exchanging with Aussies only?

[WeetBixKid]

Is betfair.com.au limited to Aussie money ? Or is the money we see on their exchange somehow pooled from various international punters? Anyone know?

 

[iluvparis]

Nope - can be matched by anyone in the world who has access to the site

 

[Lensen]

It's an international exchange.

 

[54Dogs]

Just like we can trade on UK markets, other countries can trade on ours. Funds used to be held in 2 separate (Aus and UK) wallets which restricted trading unless money was switched between them but now it's all in one wallet.

 

[Duritz]

Good chat

 

[Joe Hawkins]

Do they limit foreign punters or only Australians?

 

[HeathySure]

Do they limit foreign punters or only Australians?

They dont limit at all

 

[X_box_X]

It may work out better to be a contractor with Betfair rather than setting up your own bookmaking business.

Less work, no need to hire any staff, you don't need to pay any taxes, no need to apply for an ABN, and Betfair does all the advertising for you. Yes, you have to pay commission on your winnings, but if you're a good enough contractor, you are only paying the bare minimum of commission anyway.

The other issue is that there are a lot less mug punters who use Betfair, so it's harder to get a decent ROI, and a lot of markets have low liquidity. I can't see this being much different from other bookmakers, though. A lot of corporate books would have markets available to be bet on that doesn't welcome a single cent of action.

* I may have used the word "contractor" instead of "trader" for shits and giggles, which seems to be appropriate based on the tone of this thread.

 

[FallingLiefs]

It may work out better to be a contractor with Betfair rather than setting up your own bookmaking business.

Less work, no need to hire any staff, you don't need to pay any taxes, no need to apply for an ABN, and Betfair does all the advertising for you. Yes, you have to pay commission on your winnings, but if you're a good enough contractor, you are only paying the bare minimum of commission anyway.

The other issue is that there are a lot less mug punters who use Betfair, so it's harder to get a decent ROI, and a lot of markets have low liquidity. I can't see this being much different from other bookmakers, though. A lot of corporate books would have markets available to be bet on that doesn't welcome a single cent of action.

* I may have used the word "contractor" instead of "trader" for shits and giggles, which seems to be appropriate based on the tone of this thread.

you dont pay taxes?

 

[X_box_X]

you dont pay taxes?

On my winnings? No.

 

[WeetBixKid]

Thanks. Did some more digging, they're licensed in:

Australia, Bulgaria, Denmark, Gibraltar, Italy, Malta, Spain, UK and USA

But these countries have banned it:

Canada, China, Cuba, Congo, Eritrea, France, Greece, Greenland, Iran, Iraq, Israel, Ivory Coast, Japan, Lebanon, Libya, Mexico, Noth Korea, Portugal, Somalia, Sudan, Thailand, Turkey, Monaco, Myanmar, Netherlands, North Korea, Philippines, Portugal, Puerto Rico, Romania, Singapore, Somalia, Sudan, Syria, Tajikistan

Some big markets there without access!

 

[Sabbathen]

Imagine being able to gamble in North Korea, doesn’t their media report anything they compete in they win even when they lose? They’d have to pay out every single time just to keep the lie going haha.

 

[HeathySure]

Imagine being able to gamble in North Korea, doesn’t their media report anything they compete in they win even when they lose? They’d have to pay out every single time just to keep the lie going haha.

do you know the odds for Kim Jung Un breaking his dads world record golf score of 34 for 18 holes??

 

[checkraiseulite]

On my winnings? No.

not to the government.

but you will to betfair in premium charge when you start winning real money.

 

[noffle]

not to the government.

but you will to betfair in premium charge when you start winning real money.

Yes or no depending on your system. If you were straight betting on events then there's no way you'd end up paying premium charges, but you might if you're successfully trading. Even then you could always mix in some straight betting or arbs where you might only break even but you would generate enough commission to avoid premium charges.

Part of the commission that betfair takes though would go to the government so I guess that's like tax.

 

[scottyjc]

Regarding AFL punting - if I lay Richmond to win this weekend, and the game is drawn

I assume I get paid out?

Conversely - if i back the pies to win, and it’s a draw, I’m assuming I don’t get paid out?

From reading the market rules this is my best understanding - advice?

 

[iluvparis]

Regarding AFL punting - if I lay Richmond to win this weekend, and the game is drawn

I assume I get paid out?

Conversely - if i back the pies to win, and it’s a draw, I’m assuming I don’t get paid out?

From reading the market rules this is my best understanding - advice?

No it pays out under the dead heat rule