GWAE fumbles PredictIt
February 4th, 2020 at 1:08:18 PM
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first, there was wrong info given beginning about 17:49 when the guest answers a question and says you can withdraw the money immediately. not according to the rules on PredictIt's website which I have copied and pasted and linked
also, although the podcast discusses the fees it does not calculate a total takeout which is essential info for any serious gambler
considering that at some point you would want to withdraw whatever is left from the bets that you have won I calculate their takeout to be 7.5%
this makes their takeout about 60% more than the takeout on a traditional against the spread sports bet paying 10/11
all in all a really bad deal - and a comparison and a calculation of the takeout should have been included in the podcast
from the PredictIt website:
"Whenever you sell a share for more than you paid, or redeem it for $1 when the market closes, we charge a 10 percent fee on your profit. When you sell some, but not all, of your shares in a contract, we will calculate your profit or loss by assuming you are selling your shares in the order in which you bought them.
We do not charge a fee on trades where you break even or sell shares at a loss.
You cannot withdraw funds until 30 days after your initial deposit. We charge a 5% fee on all withdrawals."
https://www.predictit.org/support/how-to-trade-on-predictit
https://www.youtube.com/watch?v=kT5GReSyNdY
also, although the podcast discusses the fees it does not calculate a total takeout which is essential info for any serious gambler
considering that at some point you would want to withdraw whatever is left from the bets that you have won I calculate their takeout to be 7.5%
this makes their takeout about 60% more than the takeout on a traditional against the spread sports bet paying 10/11
all in all a really bad deal - and a comparison and a calculation of the takeout should have been included in the podcast
from the PredictIt website:
"Whenever you sell a share for more than you paid, or redeem it for $1 when the market closes, we charge a 10 percent fee on your profit. When you sell some, but not all, of your shares in a contract, we will calculate your profit or loss by assuming you are selling your shares in the order in which you bought them.
We do not charge a fee on trades where you break even or sell shares at a loss.
You cannot withdraw funds until 30 days after your initial deposit. We charge a 5% fee on all withdrawals."
https://www.predictit.org/support/how-to-trade-on-predictit
https://www.youtube.com/watch?v=kT5GReSyNdY
the foolish sayings of a rich man often pass for words of wisdom by the fools around him
February 4th, 2020 at 6:31:36 PM
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They discuss both the fee on wins and the fee on withdrawals during the podcast. You will hear about the fee on withdrawals closer to the end of the podcast. Its a little deceptive to calculate the total takeout the way you do because you are calculating an upper bound on the true total takeout. This is because you could cycle the money a large number of times before you cash out. Your math only applies to the case where you withdraw after every closed wager.
During the podcast the guest says that he will get back to Richard with the full rules for the promotion and Richard read those rules on a subsequent podcast. This included the time restriction on withdrawals. In addition, the show hosts read and ad from predictit every week with the full rules of the promotion, including the time restriction.
The fees do seem high to me, but all of the information you say they didn't share is actually on the podcast.
The only question to me is whether its deceptive if the time restriction on withdrawals applies even if you are not using the bonus.
During the podcast the guest says that he will get back to Richard with the full rules for the promotion and Richard read those rules on a subsequent podcast. This included the time restriction on withdrawals. In addition, the show hosts read and ad from predictit every week with the full rules of the promotion, including the time restriction.
The fees do seem high to me, but all of the information you say they didn't share is actually on the podcast.
The only question to me is whether its deceptive if the time restriction on withdrawals applies even if you are not using the bonus.
