Very concerning regards recent articles. The more I read about it the more I am getting sucked into it all but it's just the morality of it all and the inconsideration of those making the decisions that is rattling me.
The GC's recent comments, nay THREAT...
https://www.gamblingcommission.gov.uk/n ... statistics
Basically stating that independents or those opposing are not allowed to question the statistics the GC analyse from nor are they to use any of their own data to disagree with theirs, otherwise they will be sanctioned with being reported to the Statistics Regulators. (personally I'd say go for it)
Then of course we have heard about Alan Potts's account being closed on Betfair and now a Grade 1 winning owner Carl Hinchy in the Racing Post:
Hinchy has attempted to provide proof of wealth to a number of firms in order to continue his hobby, but has drawn the line at requests to see his account details. "I gave them a tax return showing I'd paid the best part of a million pounds in tax, a letter from my accountant saying I'd done a share sale of one of my businesses for a lot of money, I have properties in England and Spain, but they still want to look at my bank statements.
It just beggars belief that someone that has that amount of money can be subjected to intrusive checks when it's plain as day & apparent that he can afford a bet whenever he wants (based on the above quote). Hell, if a trained expert Accountant can't convince some numpty on the other end of the call or email that they can afford it, then what hope do us mere mortals have? Then it mentions the £thousands he has spent on horses, training costs and the net losses that incurs etc and yet he is not restricted from that but when he wants a "bet" on them all of a sudden he is required to show detailed bank accounts.
If there was some logic behind their requests and an explanation of why they need that 'detailed' information then we could possibly comprehend it all but it isn't, it's just outright demands regardless.
I have a steady job & income, I have an excellent credit score and to a certain extent could, if requested, provide evidence to defend my case. Looking at Hinchy's experience above I'm more than buggered anyway!! As we know though there are a LOT of people out there who don't fall into my category and are e.g. retirees with a lot of disposable savings or those very successful Pros we all know who make a living from Gambling (or trading) and who may not be able to provide such evidence (?).
Alas though, even if I am able to provide evidence through credit score checks or proof of earnings I'd be reticent to provide "detailed bank statements". I believe that one is not allowed to redact any statements? Where does GDPR fit into all this and if such information is stored by an Operator (hopefully they have secure systems in place?) or it is passed onto whomever then what is it being used for, according to GDPR we have a right to know? Yet that seems to be unanswered, probably because no one knows. I mean why would they need to see I'd gone to the pub last night and had 4 pints or I've paid my TV Licence and I (and many of you) may have other sensitive information we obviously don't want 3rd parties to know. (no kinky replies please
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My approach to my gambling probably doesn't apply to everyone else's strategies and the amount of credits/debits from their accounts but basically the last time I credited any money into my Betfair Account was a year ago (literally as I type). If I were to subtract the initial amount I credited, then I'm in profit tenfold. I'd say most members here are also just using profit they make to re-invest in the markets?
So, let me quote from the GC's open letter...
The term ‘Problem gambling’ means gambling to a degree that compromises, disrupts or damages family, personal or recreational pursuits
In response to the above quote, my BF Account is not not Bank Account. Like everyone, my Bank Account is where my earnings are credited from my Employer, then from that monthly income I pay my bills and all my living expenses. The remainder each month is mine to dispose of, spend or save as I see fit. However, my BF Account and the money inside it is not set up with direct debits to pay my bills and all my living expenses. So, whatever is in that BF Account does NOT compromise, disrupt or damage family, personal or recreational pursuits.
Fortunately my BF account is in profit, so in my eyes I've actually made money I didn't have in the first place. I am not adding more funds into my BF account via money I have earned through my employment nor do I intend to add more to it...no emoji on here for "fingers crossed".
So let's say I fall into the miserly proposed losses per day, week or whatever scenario and trust me I will almost on a daily basis. Or let's go all hog and say I lost all my money in my BF account, the question then is has that "compromised, disrupted or damaged my family, personal or recreational pursuits"? NO, it hasn't, because that money in my BF Account was profit I made, which I didn't have in the first place and has not (since the initial credit a year ago) been credited any more funds from my Bank Account and is an account that has no direct debits which pay my living expenses so does not compromise, disrupt or damage family, personal or recreational pursuits. So why do I need to provide bank statements for a BF account in profit/loss that doesn't "compromise, disrupt or damage family, personal or recreational pursuits?"
(bit of a mouthful but I know what I mean
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On the flipside and what I can agree with is, if I lost it all and then credited 'x' amount every day, week or month and continued to lose money over a period then yes I'd expect to have a phone call from BF and have to explain and maybe show evidence that I'm able to afford additional funds to account for losses before it compromises or disrupts my family life. I mean, BF and any other Operator/Bookie know the signs in advance anyway through their databases and algorithms.
I'm sure the GC and those lobbyists see it differently but the whole process so far stinks of personal agendas and gains for those in power.
