[GigabyteCoin]

That's the scam.

They get you hooked thinking they are only taking 5% or whatever it was... and from pretty much everybody who bets there, they do only take 5%.

But all of the "smart money" gets taxed at 60% when they inevitably take all of the losers money who only paid 5%.

So in essence, they are doing exactly as you suggested... "they're just taking a cut of the action." But it's a 65% cut!

[joosters]

It’s not quite as bad as that - see my other comment; the calculation of the charge doesn’t mean you pay 5%+60% commission on winning bets. That kind of fee would be impossible to sustain, no-one has that kind of profit margin on their betting. The commission % charge and the PC % charge don’t work in the same way.

On the flip side, a great many people pay far higher than 60% of their net profits to Betfair... most will have paid over 100%...