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This might come as a surprise to you, but the more volume you trade, the higher commission you pay (in percentage terms) on sports betting exchanges. BetFair c
by dist-epoch 1y ago
This might come as a surprise to you, but the more volume you trade, the higher commission you pay (in percentage terms) on sports betting exchanges.
BetFair calls it the Expert Fee :))
If you make more than $100k profit, you pay 40% extra Expert Tax on it :)
https://support.betfair.com/app/answers/detail/expert-fee-faqs https://support.betfair.com/app/answers/detail/expert-fee-fa...
- tough 1y agolol how is that legal
- genewitch 1y ago25% of their 40% take goes to lawmakers?
- tough 1y agooh, I see, incentives alignment eh
- bartread 1y agoAh, yes, now that's interesting. In the UK you do not pay tax on winnings from gambling so, assuming the government gets a cut, this might be in lieu of tax that they would otherwise not accrue from the professional/expert gambler due to their winnings not being taxable. And modern KYC checks mean, I'd imagine, you can't simply subvert this by running multiple accounts or by periodically shutting down your accounts and setting up new ones.
- bartread 1y ago> This might come as a surprise to you You're right: TIL, so thank you. I've done no more than dip my toe in the water on betting exchanges. That level of expert tax seems... rude. Really rude. But I wonder if some goes to the government in lieu of taxes that would not otherwise be payable on winnings from gambling (at least not here, in the UK, since winnings from gambling aren't taxable).