Source Of Funds

[motorhead]

The irony is that the Gambling Commission have stated on a few occasions that they havn't asked bookies to do this. The bookies have initiated it themselves.

to what end? cause they are now 15k down a year with me for the upcoming years....
I also love this thing about them finding out about my profits and losses, I could be up 100k on pinnacle for all they know. that alone should disprove this whole fake gambling issues interest they display.


just out curiosity since it has been mentioned it here; how would one get its balance negative?
the only times that happened to me was when bf wrongly settled horse races and I withdrew on purpose to avoid them taking the money back.

[ShaunWhite]

I could be up 100k on pinnacle for all they know.

Linking accounts has been discussed. The positive is that restrictions still remain at the discretion of the operator and it's effectively a code of conduct with exceptional incompetence being grounds for an enquiry. The GC couldn't obviously involved in every decision.

Again doing what you can, it's been a good time for establishing even some sort of contact to tell them in advance what your betting patterns are likely to be. Even if you don't get a reply then it's on record. If your behaviour is planned then it gives them less grounds to investigate you or to perhaps help you if the automatic checks kick in unreasonably. The worst thing you can do right now is hide and hope they won't get you, be upfront and proactive and you come across as more professional and business they want. Nothing is guarenteed but I'm not going to just do nothing.

"when bf wrongly settled horse races and I withdrew on purpose to avoid them taking the money back"
I'd ban you just for that

[Derek27]

just out curiosity since it has been mentioned it here; how would one get its balance negative?
the only times that happened to me was when bf wrongly settled horse races and I withdrew on purpose to avoid them taking the money back.

This is just one example.

viewtopic.php?f=5&t=16012

[Simoba]

From my experience, I had to provide documents showing source of funds and details of savings / investments to prove that I could sustain the level of bets that I as placing. I have no income unrelated to Betfair, apart from a small private pension and interest on savings. We then agreed a monthly figure, which is fine by me. Do be prepared to provide lots of documents about your financial status though. They know more about my finances than my good lady wife ! If for example you are getting an income from Air BnB and can prove it to them, then you should be ok. 3 friends of mine just walked away from betting / trading on Betfair as they don't want their financial details known by a bookmaker / exchange.

hi thanks for the reply. what kind of docs did you provide if you have no income unrelated to betfair? I've already mentioned the airbnb thing in the chat and csv file airbnb uses as a statement and they already said that won't be accepted.
I just don't have anything to give em, I earn my income outside of UK, what amount did you agree to if you don't mind my asking?

Hi, as I said above, I provided documents (banking statements) of saving accounts and investment accounts, to show I could sustain any large deposits that I wished to make (as when the World Cup was on or Cheltenham etc). As somebody notes below, it really is best not to withdraw and then deposit large amounts, as in my experience, a large deposit seems to flag things up. The amount they allowed me is relevant to my financial position, as yours will be. If you have bank statements from whatever country you may reside in, that show deposits / income from air bnb or whatever source, then send them that. Or proof of savings / available assets. This is the way it is now, the way it has changed in the last few years is really surreal. From VIP accounts, personal account managers, Xmas hampers, corporate days out.... now having to jump through hoops and provide endless documents to deposit sums that were previously never a problem. I can see both sides of the coin.

[ShaunWhite]

t.... now having to jump through hoops and provide endless documents to deposit sums that were previously never a problem.

At least gambling proceeds can count as income if they're regular.

My concern over that though is if it counts as income it's one small step from being taxable. For a long time now I've been questioning the wisdom of people promoting gambling as being 'professional' and having 'professional' traders, if you're not careful you'll get what you're asking for, 40% PC and then 40% tax, 'lucky hobbyist' suits us all much better. It probably couldn't happen because losses would theoretically have to be deductable but I wouldn't put anything past the HMRC, and it would be a piece of cake to do it in part via the restortion of the old 9% betting tax we all used to hate. Controlling consumption with taxation is the norm these days too so they could find that appealing. However you look at it though it's just a typical Tory shambles.

[ANGELS15]

t.... now having to jump through hoops and provide endless documents to deposit sums that were previously never a problem.

At least gambling proceeds can count as income if they're regular.

My concern over that though is if it counts as income it's one small step from being taxable. For a long time now I've been questioning the wisdom of people promoting gambling as being 'professional' and having 'professional' traders, if you're not careful you'll get what you're asking for, 40% PC and then 40% tax, 'lucky hobbyist' suits us all much better. It probably couldn't happen because losses would theoretically have to be deductable but I wouldn't put anything past the HMRC, and it would be a piece of cake to do it in part via the restortion of the old 9% betting tax we all used to hate. Controlling consumption with taxation is the norm these days too so they could find that appealing. However you look at it though it's just a typical Tory shambles.

Totally agree with you on these points. It amazes me when I see people pushing for betting proceeds to be taxed and I have a horrible feeling that it may eventually happen. It would be like turkeys voting for christmas.

[motorhead]

so I've doubled the break even point of my deposits and as I'm withdrawing on a regular basis, they upped my (monthly) deposit allowance to a bit over 2k which is great.

[jamesedwards]

so I've doubled the break even point of my deposits and as I'm withdrawing on a regular basis, they upped my (monthly) deposit allowance to a bit over 2k which is great.

Good news. Did they do this automatically or did you ask them for a review?

[Naffman]

so I've doubled the break even point of my deposits and as I'm withdrawing on a regular basis, they upped my (monthly) deposit allowance to a bit over 2k which is great.

Good news. Did they do this automatically or did you ask them for a review?

You must have an outside job? I make consistent withdrawals and still on £100 p/m

[wearthefoxhat]

so I've doubled the break even point of my deposits and as I'm withdrawing on a regular basis, they upped my (monthly) deposit allowance to a bit over 2k which is great.

Good news. Did they do this automatically or did you ask them for a review?

You must have an outside job? I make consistent withdrawals and still on £100 p/m

Any withdrawals made during the month count towards the deposit limit.

So if you've withdrawn £400 and the monthly deposit is £100, and then you busto, you can deposit up to £500.

[Derek27]

Good news. Did they do this automatically or did you ask them for a review?

You must have an outside job? I make consistent withdrawals and still on £100 p/m

Any withdrawals made during the month count towards the deposit limit.

So if you've withdrawn £400 and the monthly deposit is £100, and then you busto, you can deposit up to £500.

Where did you get that information from? It sounds far too reasonable for Betfair.

[wearthefoxhat]

You must have an outside job? I make consistent withdrawals and still on £100 p/m

Any withdrawals made during the month count towards the deposit limit.

So if you've withdrawn £400 and the monthly deposit is £100, and then you busto, you can deposit up to £500.

Where did you get that information from? It sounds far too reasonable for Betfair.

You gotten me thinking when you said it's far too reasonable for Betfair.

I based my reasoning on the NDL info within the Betfair Help section.

NDL.png

I then asked Chat GPT to see how it interprets it.


Holy crap, looks as though I was wrong!

GPT NDL.png

[Derek27]

Any withdrawals made during the month count towards the deposit limit.

So if you've withdrawn £400 and the monthly deposit is £100, and then you busto, you can deposit up to £500.

Where did you get that information from? It sounds far too reasonable for Betfair.

You gotten me thinking when you said it's far too reasonable for Betfair.

I based my reasoning on the NDL info within the Betfair Help section.


NDL.png


I then asked Chat GPT to see how it interprets it.


Holy crap, looks as though I was wrong!


GPT NDL.png

I think Chat GPT is talking through its PCI socket. Your original understanding seems more in line with what Betfair said. What Chat GPT said isn't consistent with withdrawals increasing your budget.

[ShaunWhite]

This part is bollocks

Screenshot_7.jpg

.
I'd ask it some questions such as

How can 500 - 1300 be zero.
How can a net deposit of zero exceed the limit of 500
Clarify "In most cases".
Clarify the terms "net deposits" and "deposits". (I think this is what it's tripping over on)

ChatGPT often starts with crap and you have to coach it towards a sensible response.

[Derek27]

This part is bollocksScreenshot_7.jpg
.
I'd ask it some questions such as

How can 500 - 1300 be zero.
How can a net deposit of zero exceed the limit of 500
Clarify "In most cases".
Clarify the terms "net deposits" and "deposits". (I think this is what it's tripping over on)

ChatGPT often starts with crap and you have to coach it towards a sensible response.

That makes perfect sense, it says "Betfair would consider...".