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It is pretty complicated..there's a thing called the premium charge which you refereed too, it's fairly complicated and I don't know much about it tbh. but they basically take a large part of any winnings, luckily you need to be making something like 250k a year to get it which most people don't.
http://www.betfair.com/aboutUs/Betfair.Charges/
But you don't need 250k profit to get hit with them. From what I can make out you only have to have bet on more than 250 markets + if your total lifetime commission paid < 20% of gross profits, you pay the difference up to 20% as a premium charge (although you're exempt from the first £1,000 of charges).
They note that less than 0.5% of their "most successful customers" will incur these charges. But then if you're making a living from this you've got to be pretty close to that 0.5%.