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Betfair - Has anyone made a profit from this firm?

£0.00 @ Betfair
Hi, I opened an account with Betfair.com and deposited £25 via paypal. I then proceeded to place these funds on the Grand National and subsequently won £238.75. I then added a VISA DELTA Barclays deb… Read More
csiman Avatar
banned1d, 2m agoPosted 1 decade, 2 months ago
Hi,

I opened an account with Betfair.com and deposited £25 via paypal. I then proceeded to place these funds on the Grand National and subsequently won £238.75. I then added a VISA DELTA Barclays debit card to my account.


I just tried to withdraw this amount but was informed I need to have deposited at least an equal amount to the funds I am trying to withdraw, namely £238.75. Am I missing something here as that infers that you would never be able to draw any profit from a Betfair account?

Seems very odd. Any betfair experts out there who can tell me, hopefully, I am wrong........
Other Links From Betfair:
csiman Avatar
banned1d, 2m agoPosted 1 decade, 2 months ago
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(23) Jump to unreadLocked
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#1
Ive not had any problems withdrawing money from them and have actually withdrawn more than ive ever deposited in my time with them........
#2
Sounds bizarre? Have you asked them if you can just return £25 to your PayPal account, the same you deposited, and then withdraw the 'winnings' to your other designated account?
#3
incidentally, the pages listing the withdrawal options don't have that confusing statement (about the deposit being equal to the withdrawal) on the Bank Transfer page, so perhaps you could just do a Bank Transfer (not same day) to your current account?
banned#4
Thanks for the quick replies. Maybe it was due to the fact the settled amount had only just appeared. I will try again now and let you know.
#5
It looks like the problem is because you added the Visa Delta Barclays Card AFTER depositing the first £25 using the PayPal. Therefore it would flag up security issues [maybe?].
banned#6
ok. Max withdrawal is £10.

Screen states:-

Your current Available to Withdraw balance is
(GBP) 248.75

UK Licence (GBP)
248.75
Australian Licence (GBP)

Note: Funds must be transferred to your UK Licence Wallet prior to withdrawal.



You may withdraw up to £10.00 today on card Barclays.
Please note you cannot withdraw more to a UK MasterCard Credit Card than you deposited with that card and cannot withdraw anything to international MasterCards. These rules are imposed by MasterCard.
Please note you can only withdraw from the UK Licence Wallet. In order to withdraw funds that are currently in the Australian Licence Wallet you must first transfer them to the UK Licence Wallet.
Please note you cannot transfer any funds out of the Australian Licence Wallet until you have completed a Know Your Customer (KYC) check. Please click here for further details.
Owing to a recent change in policy by VISA, you can only withdraw up to a maximum of USD48,000 or currency equivalent per day to any VISA card (including all debit cards).
There are certain restrictions when using payment cards at Betfair. Please ensure that you are familiar with Betfair's Card Policy.
banned#7
rayman
It looks like the problem is because you added the Visa Delta Barclays Card AFTER depositing the first £25 using the PayPal. Therefore it would flag up security issues [maybe?].


I get what you are saying thanks. Guess I'll have to see what they say in their email response to my query (as original post).

Thanks all for your help.
#8
Betfair introduced this some time ago to ‘combat’ money laundering.
banned#9
sintass
Betfair introduced this some time ago to ‘combat’ money laundering.

Introduced what? So will I be able to withdraw the funds?
banned#10
QUOTE=sintass]Betfair introduced this some time ago to ‘combat’ money laundering.[/QUOTE]
Introduced what? So will I be able to withdraw the funds as at the moment it suggests I need to deposit at least the same amount in total as what I wish to withdraw. In other words, a new customer could never walk away with any profit in the short or long term whatsover. Surely this is illegal.
#11
csiman

Introduced what? So will I be able to withdraw the funds as at the moment it suggests I need to deposit at least the same amount in total as what I wish to withdraw. In other words, a new customer could never walk away with any profit in the short or long term whatsover. Surely this is illegal.


Have you even tried to withdraw back onto your paypal?
#12
i won,deposited £10 only won £40 but used paypal to deposit and then transfered it to paypal
#13
loupomm
i won,deposited £10 only won £40 but used paypal to deposit and then transfered it to paypal

Exactly :friends:
#14
The market is so dynamic at BF that it's pretty much impossible to make a long term profit. My advice would be to take the winnings and run.
BF is choka full of sharks, pros and bookies. You simply can't beat the BF book in the long term. It looks easy, but the 5% commission rate pretty much kills any chances to win. The only winners on BF are BF.
When I bet nowadays, I simply bet on accas and multiples and go for the one big 'strike and they are out' on Ladbrokes and Bet365.
Just a bit of banter from a past gambler who now knows that 'it can't be done'.
#15
this happened to me so i rung them up and they sorted it out over the phone
#16
I'm pretty sure that you have to withdraw the money to the card that you deposited money from, its common for most betting companies to do this.
Hope that helps.
#17
Scribbles
The market is so dynamic at BF that it's pretty much impossible to make a long term profit. My advice would be to take the winnings and run.
BF is choka full of sharks, pros and bookies. You simply can't beat the BF book in the long term. It looks easy, but the 5% commission rate pretty much kills any chances to win. The only winners on BF are BF.
When I bet nowadays, I simply bet on accas and multiples and go for the one big 'strike and they are out' on Ladbrokes and Bet365.
Just a bit of banter from a past gambler who now knows that 'it can't be done'.


Gotta disagree im afraid. Its no more impossible to make a long term profit on betfair than it is on any other betting site/bookmakers. If you are looking for an occupation to make a consistent long term profit, do not choose sports betting!

Betfair consistently have better odds that any other online or high st bookmaker. It makes no difference that there are loads of "pros", "sharks", whatever you want to call them. Even with the 5% commission, you will still make much more money using betfair that you would if u placed exactly the same bets at traditional bookmakers.
#18
Ian182
Gotta disagree im afraid. Its no more impossible to make a long term profit on betfair than it is on any other betting site/bookmakers. If you are looking for an occupation to make a consistent long term profit, do not choose sports betting!

Betfair consistently have better odds that any other online or high st bookmaker. It makes no difference that there are loads of "pros", "sharks", whatever you want to call them. Even with the 5% commission, you will still make much more money using betfair that you would if u placed exactly the same bets at traditional bookmakers.


Yeah. Instead of losing 7% on your investment, you merely lose 1 or 2% on Betfair. You say Betfair offers consistantly better prices than the high street. That may be true on the non-triers, but it certainly isn't true with anything that is there to race proper. You'll be lucky to get a couple of ticks above SP on the 'triers'. Take off the 5%, and you are probably making a loss against the High Street on any serious bet. Then you have the outrageous reduction factors that snatch part of your stake as well as your potential profit, when there is a NR.
What I say isn't gospel. It's just my honest opinion on Betfair. Apart from their customer service being utter sh|te. That IS gospel.
The only real advantage of Betfair as I see it, is that Betfair won't knock you back on a bet like Ladcrooks.
banned#19
james132
I'm pretty sure that you have to withdraw the money to the card that you deposited money from, its common for most betting companies to do this.
Hope that helps.

I deposited the initial money via paypal and there is no option to withdraw into that account which is why I had to add my barclays debit card. It still will only allow a £10 withdrawal to my debit card. Paypal withdrawal / thransfer is not a valid option anywhere on the site.

betfair have not responded to my email either.
banned#20
csiman
I deposited the initial money via paypal and there is no option to withdraw into that account which is why I had to add my barclays debit card. It still will only allow a £10 withdrawal to my debit card. Paypal withdrawal / thransfer is not a valid option anywhere on the site.

betfair have not responded to my email either.


Click the 'My Account' tab, then 'withdraw funds' tab and finally 'withdraw funds by paypal' - third in the list.
banned#21
STATUS

Hi,

Eventually called Betfair and the guy on the phone said first withdrawals must be by cheque so I requested that. Half an hour later I got an email saying the cheque request had been cancelled and I have to use paypal. Logged on to betfair and bizarrely the option to withdraw to paypal is now there. I proceeded to withdraw the full amount of £273.68 so very happy now.

BTW, a great tip is to open 4 online betting accounts each grand national and bet £5 to win on 5 horses within each new account. I had 20 horses covered yesterday all the way up to 66-1. The 100-1 third place runner had me worried but thankfully the the winner was a betfair bet placed at 50-1.

The online acounts have all been re-credited with the losing bets. It's paid off for me the last 4 years. Now I just need to work out some pretty safe bets to place with my credited free bets. Man Utd to win the triple perhaps ;)


Good luck and thanks all for your help.
#22
Scribbles
Just a bit of banter from a past gambler who now knows that 'it can't be done'.

The only information you really give is that YOU can't make a profit. I'm very happy with decent profits through live betting and know few people who play pre-match and/or do pm trading and also make an easy living out of it. It's definitely not easy to find out how to do it, but once you find your niche, it's an easy ride.

Also, you seem a little paranoid ;P BF is full of bookies who profit from it? With lay prices higher than anywhere else, why would any bookie want to pay more for the same? Isn't this a bit suicidal? And if you meant players acting like bookies (profiting from laying instead of backing), didn't you just contradict yourself and agreed that some strategies can be profitable long-term?

Don't lose your hope if you fail to make it and don't listen to people like that. You just have to drop all the stupid systems and start thinking for yourself.
banned 1 Like #23
Optical
Scribbles
Just a bit of banter from a past gambler who now knows that 'it can't be done'.


The only information you really give is that YOU can't make a profit. I'm very happy with decent profits through live betting and know few people who play pre-match and/or do pm trading and also make an easy living out of it. It's definitely not easy to find out how to do it, but once you find your niche, it's an easy ride.

Also, you seem a little paranoid ;P BF is full of bookies who profit from it? With lay prices higher than anywhere else, why would any bookie want to pay more for the same? Isn't this a bit suicidal? And if you meant players acting like bookies (profiting from laying instead of backing), didn't you just contradict yourself and agreed that some strategies can be profitable long-term?

Don't lose your hope if you fail to make it and don't listen to people like that. You just have to drop all the stupid systems and start thinking for yourself.

5 years too late! oO

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