canbet 8% of 25%? cashback

[mike548]

hi guys..my 1st post.

does anyone know the deal with Canbet and their 25% cashback?

looked on the site at the details and it says this:

The rebate is an amount equal to 25% of the cumulative settled stakes minus returns for all bets placed on UK, Irish, South African, horse and greyhound racing. The rebate is limited to 8% of your total monthly turnover on these products.

can anyone decipher that as my maths isn't up to much.

[trickrick]

I'm not a mathematician either but I would guess at..

Say you spend £1000 on bets and your returns for the month (and being an unsuccessful punter your winning bets are £200).. Therefore £800 is the net turnover..25% of this is £200 and if you apply 8% to that the rebate would be £16 rebate..

Erm..probably totally wrong.... Anyone else want to have a stab?

[Seen]

I would say if you lost £800 of your total stake of £1000 you could claim back £80 as 25% of £800 is £200 but 8% of your total turnover of £1000 is £80

if your turnover was £5000 and you lost £800 then you could claim back the full £200 as the rebate limit is 8% of £5000 which is £400

I think?

[mike548]

they are just trying to rope people in with ambiguous advertising.

I emailed them but no reply yet.

[mike548]

this is the email and the reply


This is unclear to me.
Say I bet $100 dollars each day of July= $3100 and I lost $500
How much cashback would I receive?
cheers
mm

Dear Michael,
Thank you for your email
You should receive a cashback amount of $125.00.



work that out!

[Seen]

I was right, then.

[mike548]

I still don't get it.

If you have a big enough turnover you get the full 25%. Is that it?