Betfair account

How does one go to open a Betfair account ?

www.betfair.com/ Click on open account, top left hand corner.Im not sure about the tax laws in South Africa and your money transfers. perhaps someone in south africa can help you out with it.

Thanx

DO NOT fund it with your credit card....they can then give you a hard time.If you get money legally off-shore,fund it from there and you are all clear.
Ignore the bullsh1t in Computaform.....applies to use of credit cards!

I believe we are not taxed on recreational gambling err hmm "investing"

Same as lotto, we are not taxed, but at what point, for example say i win a huge
P6 R500K what then?

You are taxed on winning bets with bookmakers (6%) in south africa and the tote. On betfair you dont pay tax , you pay a commission to betfair on your profit in the market.

Theoretically there is no additional tax on gambling winnings,however there is a clause that allows SARS to make exceptions and classify someone as a Pro gambler and the description is something along the lines of "if you gamble consistently and systematically" Sars can change the rules.They are loathe cos the moment you are re-classified,you can claim all losses!
That is a basic understanding.

joh so much for my small brain.

Is it profitable though to bet on the exchange?

you can lay all the fav on betfair.
act like a bookmaker in RSA.
watch interbet and when the fav got huge on offer..lay on betfair

If you a big winner, you will win more. If you a big losser you will loss less! The best thing about Betfair is that you can trade out of bets, You can put yourself in win win situations.And you get great prices you always bet to around 101 to 105 percent.Bookmakers cant beat it.

But does Betfair have enough liquidity on SA racing?

There is normally about £7,00.00 to £10,000.00 Traded on races before U K racing starts and then it gets smaller as the punters concentrate more on U K racing. There is normally good liquidity on the shorter horses in the markets, but if you looking at backing an outsider you not going to get much at a great price, but if you ask for the same price as on offer at the bookies you should get matched. Kenilworth race one
Kenil (RSA) 19th Jan - 11:40 R1 1000m Plt
Matched: GBP 10,767