Source Of Funds

News, chat and debate about the Betfair betting exchange.
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LWBF
Posts: 20
Joined: Fri Feb 05, 2021 10:10 pm

jimibt wrote:
Sat Feb 06, 2021 9:27 pm
jamesg46 wrote:
Sat Feb 06, 2021 9:20 pm
to75ne wrote:
Sat Feb 06, 2021 9:07 pm


if your ok with the government/taxpayer bailing out gamblers your either naive, taking the piss, stupid or playing the devils advocate. i will keep an open mind on which one it is.
I am ok with it.... It's not like It's directly affecting me & good for you for keeping an open mind, it's far more constructive than ranting at people over your personal opinion.
and there endeth another broken thread - whilst i applaude the OP for his/her transparancy, yet again the responses show that we're just a bunch of sharlatans. Hands up who pays tax on their activities from betfair - anyone?? ... OP, well done for asking an awkward question. Forum (in general) pat yourselves on the back for taking a high moral stance, based on HMRC/PAYE contributions - next!!
Thanks!

I was a bit apprehensive about posting as I knew it would probably be contentious...and it didn’t disappoint 😆.

It has garnered some constructive feedback, though, so it was worth it.

I appreciate the help/insight.

Hopefully this will help someone else, too.
LWBF
Posts: 20
Joined: Fri Feb 05, 2021 10:10 pm

jamesg46 wrote:
Sat Feb 06, 2021 11:35 pm
LWBF wrote:
Sat Feb 06, 2021 11:18 pm
jamesg46 wrote:
Sat Feb 06, 2021 8:32 pm


Firstly without business generating tax for the purse either through income tax or VAT the government wouldn't have that money to lend out to the very same business that generated it... what a scumbag does Is expect interest back on a loan of tax payers money. Secondly, some of us see Betfair as a viable business opportunity so in a way, it's only adaptation to the structure of his normal business model. Thirdly, we should care more about the big corporate that are actually stealing from the purse, using the furlough scheme to cover holiday pay over the Christmas break (my ex employer did it and they employ thousands.) Also using the furlough scheme to pay for employees to in isolation instead of ssp... there is all sorts of wrongs going on. Somebody adapting to survive isn't worthy of a tongue lashing from you or I. He may well of put in 100s more than he will ever get out through paying his own taxes and creating jobs that also pay taxes... it wasn't his fault he was forced to close up, I for one am routing for him.
Thank-you 👍🏻 and I completely agree 👏🏻
Some people are so righteous that they forget, you take out what you put in. I know nothing about your business or you but I sincerely hope you make it! Keep us posted & best of luck!
Appreciate it, James!

Will do 👍🏻
LWBF
Posts: 20
Joined: Fri Feb 05, 2021 10:10 pm

The Silk Run wrote:
Sun Feb 07, 2021 12:19 am
jamesg46 wrote:
Sat Feb 06, 2021 11:35 pm
LWBF wrote:
Sat Feb 06, 2021 11:18 pm


Thank-you 👍🏻 and I completely agree 👏🏻
Some people are so righteous that they forget, you take out what you put in. I know nothing about your business or you but I sincerely hope you make it! Keep us posted & best of luck!
Here, here Jamesg46 well said sir, on point, and current !!! And I do admire admire OP LWBF for sharing his honesty.
Thanks!
LWBF
Posts: 20
Joined: Fri Feb 05, 2021 10:10 pm

to75ne wrote:
Sat Feb 06, 2021 8:44 pm
jamesg46 wrote:
Sat Feb 06, 2021 8:32 pm
MemphisFlash wrote:
Sat Feb 06, 2021 7:33 pm
let's hope they do then you will be knackered.!!!
Maybe the police will look into it as well.
Was your business really in trouble, do you even have a businees or did you
steal that money from the government and regualr tax paying people.
only scumbags do what you did!!!
Firstly without business generating tax for the purse either through income tax or VAT the government wouldn't have that money to lend out to the very same business that generated it... what a scumbag does Is expect interest back on a loan of tax payers money. Secondly, some of us see Betfair as a viable business opportunity so in a way, it's only adaptation to the structure of his normal business model. Thirdly, we should care more about the big corporate that are actually stealing from the purse, using the furlough scheme to cover holiday pay over the Christmas break (my ex employer did it and they employ thousands.) Also using the furlough scheme to pay for employees to in isolation instead of ssp... there is all sorts of wrongs going on. Somebody adapting to survive isn't worthy of a tongue lashing from you or I. He may well of put in 100s more than he will ever get out through paying his own taxes and creating jobs that also pay taxes... it wasn't his fault he was forced to close up, I for one am routing for him.
do you really believe its the governments job and hence the taxpayers of the uk responsibility to underwrite a gamblers debts? because that is in effect what it will probably be?

thats some business plan to generate income by gambling.
If you’d bothered to properly read some of my previous responses, you’d see this has nothing to do with “bailing” me out of/“underwriting” “gambling debts”...at all.

I obtained the loan for my business, legitimately, about 7 months ago.

After several months, my business had effectively been put on hold due to economic restrictions arising from COVID policy.

I used a fraction of the loan to make a relatively safe bet in a market I have decent knowledge in.

It’s looking likely I will win the bet and now, before paying out, Betfair is asking for source of funds, after not making any funds checks when I actually placed the bets/when I created my account.

I will be able to pay back the loan and any required interest.

Hence this is not in any way the same as the gov bailing out the banks - a lot of that was basically a subsidy.

I am paying back all of my loan and extra interest.

So the gov will profit from this.

I’m just concerned Betfair will manipulate this to try and not pay me winnings.
Last edited by LWBF on Sun Feb 07, 2021 2:18 am, edited 5 times in total.
LWBF
Posts: 20
Joined: Fri Feb 05, 2021 10:10 pm

LWBF wrote:
Sun Feb 07, 2021 1:28 am
to75ne wrote:
Sat Feb 06, 2021 8:44 pm
jamesg46 wrote:
Sat Feb 06, 2021 8:32 pm


Firstly without business generating tax for the purse either through income tax or VAT the government wouldn't have that money to lend out to the very same business that generated it... what a scumbag does Is expect interest back on a loan of tax payers money. Secondly, some of us see Betfair as a viable business opportunity so in a way, it's only adaptation to the structure of his normal business model. Thirdly, we should care more about the big corporate that are actually stealing from the purse, using the furlough scheme to cover holiday pay over the Christmas break (my ex employer did it and they employ thousands.) Also using the furlough scheme to pay for employees to in isolation instead of ssp... there is all sorts of wrongs going on. Somebody adapting to survive isn't worthy of a tongue lashing from you or I. He may well of put in 100s more than he will ever get out through paying his own taxes and creating jobs that also pay taxes... it wasn't his fault he was forced to close up, I for one am routing for him.
do you really believe its the governments job and hence the taxpayers of the uk responsibility to underwrite a gamblers debts? because that is in effect what it will probably be?

thats some business plan to generate income by gambling.
If you read some of my previous responses, this has nothing to do with bailing me out of gambling debts, at all.

I obtained the loan for my business, legitimately, about 7 months ago.

After several months, my business had effectively been put on hold due to economic restrictions arising from COVID policy.

I used a fraction of the loan to make a relatively safe bet in a market I have decent knowledge in.

It’s looking likely I will win the bet and now, before paying out, Betfair is asking for source of funds, after not making any funds checks when I actually placed the bets/when I created my account.

I will be able to pay back the loan and any required interest.

Hence this is not in any way the same as the gov bailing out the banks - a lot of the loans/debt the banks took on were written off/were basically a subsidy.

I am paying back all of my loan and extra interest.

So the gov will profit from this.

I’m just concerned Betfair will try and manipulate this to not pay me winnings.
And the banks were bailed out for a problem THEY CAUSED.

The bounce back loans were for business owners who had been negatively impacted by COVID economic policy.
LWBF
Posts: 20
Joined: Fri Feb 05, 2021 10:10 pm

LWBF wrote:
Sun Feb 07, 2021 1:28 am
to75ne wrote:
Sat Feb 06, 2021 8:44 pm
jamesg46 wrote:
Sat Feb 06, 2021 8:32 pm


Firstly without business generating tax for the purse either through income tax or VAT the government wouldn't have that money to lend out to the very same business that generated it... what a scumbag does Is expect interest back on a loan of tax payers money. Secondly, some of us see Betfair as a viable business opportunity so in a way, it's only adaptation to the structure of his normal business model. Thirdly, we should care more about the big corporate that are actually stealing from the purse, using the furlough scheme to cover holiday pay over the Christmas break (my ex employer did it and they employ thousands.) Also using the furlough scheme to pay for employees to in isolation instead of ssp... there is all sorts of wrongs going on. Somebody adapting to survive isn't worthy of a tongue lashing from you or I. He may well of put in 100s more than he will ever get out through paying his own taxes and creating jobs that also pay taxes... it wasn't his fault he was forced to close up, I for one am routing for him.
do you really believe its the governments job and hence the taxpayers of the uk responsibility to underwrite a gamblers debts? because that is in effect what it will probably be?

thats some business plan to generate income by gambling.
If you’d read some of my previous responses, you’d see this has nothing to do with “bailing” me out of/“underwriting” “gambling debts”...at all.

I obtained the loan for my business, legitimately, about 7 months ago.

After several months, my business had effectively been put on hold due to economic restrictions arising from COVID policy.

I used a fraction of the loan to make a relatively safe bet in a market I have decent knowledge in.

It’s looking likely I will win the bet and now, before paying out, Betfair is asking for source of funds, after not making any funds checks when I actually placed the bets/when I created my account.

I will be able to pay back the loan and any required interest.

Hence this is not in any way the same as the gov bailing out the banks - a lot of that was basically a subsidy.

I am paying back all of my loan and extra interest.

So the gov will profit from this.

I’m just concerned Betfair will manipulate this to try and not pay me winnings.
Emmson
Posts: 3363
Joined: Mon Feb 29, 2016 6:47 pm

All the moral indignation on display here is what is reprehensible. This forum loses it big time from time to time.
rik
Posts: 1583
Joined: Sat Jan 25, 2014 5:16 am
Location: London

LWBF wrote:
Sun Feb 07, 2021 1:28 am

I used a fraction of the loan to make a relatively safe bet in a market I have decent knowledge in.

It’s looking likely I will win the bet and now, before paying out, Betfair is asking for source of funds, after not making any funds checks when I actually placed the bets/when I created my account.
Long term bet? why likely to win, what did you bet on?
User avatar
Euler
Posts: 24701
Joined: Wed Nov 10, 2010 1:39 pm
Location: Bet Angel HQ

There is a simple rule of thumb to use when dealing with moral hazard.

Imagine whatever you are doing being splashed across every major news outlet tomorrow with a picture of your face and all your details laid bare.

Pause for a moment, imagine how that would feel and then make your decision.
User avatar
LeTiss
Posts: 5386
Joined: Fri May 08, 2009 6:04 pm

Euler wrote:
Sun Feb 07, 2021 1:35 pm
There is a simple rule of thumb to use when dealing with moral hazard.

Imagine whatever you are doing being splashed across every major news outlet tomorrow with a picture of your face and all your details laid bare.

Pause for a moment, imagine how that would feel and then make your decision.
Good advice, Peter

I'll stop shining my shoes before I go shopping from now on :lol:
invisiblelayer
Posts: 245
Joined: Fri Sep 10, 2010 7:08 pm

Never mind loans, what would it look to folk who watch news channels me sitting in my underpants betting on horses and fixed to a screen most afternoons. The people who watch the news would be fuming no matter what, but I'd be hopeful a Guardian reader humanist type would take pity on me though cus that will mean I'm a good person and that's what counts what they think, they'll see it's them nasty bookmakers forcing me to lump on slots and Casino before they limit my stakes as no payslips for 8 years. I could also get Peter Shilton on side on Twitter, harvest a few likes and retweets to give me a buzz.
invisiblelayer
Posts: 245
Joined: Fri Sep 10, 2010 7:08 pm

In all seriousness, that Shilton Twitter account is embarrassing. Clearly a complete useless gambler that can't take responsibility and wants it all banned. Going after shirt advertising last time I looked like it's the Devil.
User avatar
LeTiss
Posts: 5386
Joined: Fri May 08, 2009 6:04 pm

invisiblelayer wrote:
Sun Feb 07, 2021 3:30 pm
In all seriousness, that Shilton Twitter account is embarrassing. Clearly a complete useless gambler that can't take responsibility and wants it all banned. Going after shirt advertising last time I looked like it's the Devil.
I first joined Ladbrokes in 1989. Peter Shilton had been a Saints player for 5 years until 1987

My bosses had some extraordinary tales of Peter Shilton's problem gambling.
In fact, Ladbrokes wrote to Southampton FC and explained that Shilton owed them money.

The Saints Chairman payed the debt, and immediately shifted him out to Derby
invisiblelayer
Posts: 245
Joined: Fri Sep 10, 2010 7:08 pm

LeTiss wrote:
Sun Feb 07, 2021 3:39 pm
invisiblelayer wrote:
Sun Feb 07, 2021 3:30 pm
In all seriousness, that Shilton Twitter account is embarrassing. Clearly a complete useless gambler that can't take responsibility and wants it all banned. Going after shirt advertising last time I looked like it's the Devil.
I first joined Ladbrokes in 1989. Peter Shilton had been a Saints player for 5 years until 1987

My bosses had some extraordinary tales of Peter Shilton's problem gambling.
In fact, Ladbrokes wrote to Southampton FC and explained that Shilton owed them money.

The Saints Chairman payed the debt, and immediately shifted him out to Derby
Not sure if I should be saying lol or not! Love a good footballer story, shows just how gifted some are despite issues, Gazza...Mickey Thomas, heard some incredible stuff with Mickey.
Trader Pat
Posts: 4327
Joined: Tue Oct 25, 2016 12:50 pm

invisiblelayer wrote:
Sun Feb 07, 2021 8:13 pm
Not sure if I should be saying lol or not! Love a good footballer story, shows just how gifted some are despite issues, Gazza...Mickey Thomas, heard some incredible stuff with Mickey.
One of the best sporting autobiographies I've read is Paul Merson's which is why I'm always amazed he can criticise any current players professionalism or approach to the game with a straight face.

His book is even called "How Not to Be a Professional Footballer" :D
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