Gambling Review White Paper update

[Naffman]

I was thinking that doing half the action on betfair and half on betdaq and then using each as source of income towards the other could be the way forward.

If you're profitable the simple solution is to avoid depositing. They'd only count as sources of income if you've been drawing a regular wage from them anyway.

But all this will be academic if Betfair volumes don't improve so rather than chatting about it, how about everyone getting some decent numbers though.

Definitely agree but I reckon it's too late for most people now unless you just don't withdraw for a few months...I got flagged the day of Royal Ascot 2021 so have tried to do it since then.

And BF don't care gambling profits, I could win and withdraw 100k today and I'd still be limited to depositing £100p/m

[Sonny]

I was thinking that doing half the action on betfair and half on betdaq and then using each as source of income towards the other could be the way forward.

And BF don't care gambling profits, I could win and withdraw 100k today and I'd still be limited to depositing £100p/m

I seem to recall reading in this forum that BF would accept gambling profits as income. Maybe it needs to be a somewhat regular withdrawal each month?

I'm not so much worried about limits on depositing than a ban from using the platform altogether. Isn't that a real threat if you're not the model citizen in the eyes of the GC?

Does anybody have any insight on how regulations (& taxation) are in Ireland?

[JohnT]

I was thinking that doing half the action on betfair and half on betdaq and then using each as source of income towards the other could be the way forward.

If you're profitable the simple solution is to avoid depositing. They'd only count as sources of income if you've been drawing a regular wage from them anyway.

But all this will be academic if Betfair volumes don't improve so rather than chatting about it, how about everyone getting some decent numbers though.

Definitely agree but I reckon it's too late for most people now unless you just don't withdraw for a few months...I got flagged the day of Royal Ascot 2021 so have tried to do it since then.

And BF don't care gambling profits, I could win and withdraw 100k today and I'd still be limited to depositing £100p/m

There was a time when you had until end of month to re-deposit any amount that had been withdrawn.

[Naffman]

If you're profitable the simple solution is to avoid depositing. They'd only count as sources of income if you've been drawing a regular wage from them anyway.

But all this will be academic if Betfair volumes don't improve so rather than chatting about it, how about everyone getting some decent numbers though.

Definitely agree but I reckon it's too late for most people now unless you just don't withdraw for a few months...I got flagged the day of Royal Ascot 2021 so have tried to do it since then.

And BF don't care gambling profits, I could win and withdraw 100k today and I'd still be limited to depositing £100p/m

There was a time when you had until end of month to re-deposit any amount that had been withdrawn.

You still can

[paspuggie48]

I was thinking that doing half the action on betfair and half on betdaq and then using each as source of income towards the other could be the way forward.

If you're profitable the simple solution is to avoid depositing. They'd only count as sources of income if you've been drawing a regular wage from them anyway.

As per my previous rant, this is my approach. I've not credited any more funds into my BF account in a year and will (hopefully) not need to anymore.

What I will be looking forward to when it all kicks off is will they still apply financial checks on my personal bank account when it's evident there is no connectivity or transactions between the two accounts.

Obviously when I do start withdrawing profits and in future I hope they will be considerable, I'm sure they'll be declaring I'm some sort of money laundering mafia boss and want those finite intrusive details

[MobiusGrey]

double post, see below

[MobiusGrey]

I was talking about us as gamblers once everyone knows the exact criteria for the checks you can then attempt to try to insulate yourself from them and prepare if you have one conducted on yourself. For example sort your credit score out, lower stakes but more markets, grow your balance now and don't deposit for example. Gambling isn't going anywhere you'll just have to be a bit more savvy in your approach.

I wouldn't worry to much at the moment the government are f"uckin useless.

Having not been able to make regular profits in Betfair for the past 15yrs I probably couldn't have picked a worse time to now have found something that works for me. I'm averaging around 4-5% ROI per month which I know some of you guys probably make in a day but this is huge to me however it now raises some other questions I wasn't prepared for!

With the new gambling reform and affordability checks I'm on a £600 a month deposit limit, this doesn't represent too much of an issue as I'm hoping I can compound any profits rather than having to deposit anything which I think means nothing will be triggered in the way of further affordability checks however it does mean I'd probably have to keep what I would consider a pretty sizeable account with BF. What is considered a 'large' account with BF, for me to do this properly and work part time I'd need between £30-£50k in BF which seems a bit on the large side, I'd then be making (hopefully regular withdrawls). I have an account that is about the same size as this with IG Index which is probably on the small side for retail trading but I was just wondering if an account that size with BF is going to set all manner of alerts off with GC or if anyone thinks it would be too risky having this size of an account with BF, as in, if BF goes down the Swanee you don't want that much money hanging around. Obviously I'm not looking for anyone to say what size account they have, I don't care, I'd just like to know if £30k is considered an account size that is just too large! Thank you.

[Euler]

It seems to me that's it's people making large deposits, or loss that trigger an alert to compliance.

[Derek27]

...or if anyone thinks it would be too risky having this size of an account with BF, as in, if BF goes down the Swanee you don't want that much money hanging around.

I keep getting emails from my bank telling me that the first £50K or so (if I had that much) is ring-fenced and protected by an external authority, can't remember its name, but isn't Betfair signed up to the same authority?

[MobiusGrey]

I keep getting emails from my bank telling me that the first £50K or so (if I had that much) is ring-fenced and protected by an external authority, can't remember its name, but isn't Betfair signed up to the same authority?

Ah interesting, I know it is with IG Index but they're governed by the FCA not the GC, even though it's spreadbetting. Go figure.

[Derek27]

I keep getting emails from my bank telling me that the first £50K or so (if I had that much) is ring-fenced and protected by an external authority, can't remember its name, but isn't Betfair signed up to the same authority?

Ah interesting, I know it is with IG Index but they're governed by the FCA not the GC, even though it's spreadbetting. Go figure.

That's it. It's the GC that protects our funds. If Betfair goes bust customer funds should be ring-fenced and can't be spent on reducing company liabilities.

[MobiusGrey]

That's it. It's the GC that protects our funds. If Betfair goes bust customer funds should be ring-fenced and can't be spent on reducing company liabilities.

Got it, thanks

[LeTiss]

It seems to me that's it's people making large deposits, or loss that trigger an alert to compliance.

I'm wondering if sudden changes in normal levels of deposits or losses also trigger it?

If you're someone who deposits £50-£100 normally, but are suddenly putting down £500.
Or perhaps if you normally only lose £250 per month, but this month you've lost £1000.

[foxwood]

Monies held in trust account - https://www.betfair.com/aboutUs/Trust.Deed/

[Naffman]

It seems to me that's it's people making large deposits, or loss that trigger an alert to compliance.

I'm wondering if sudden changes in normal levels of deposits or losses also trigger it?

If you're someone who deposits £50-£100 normally, but are suddenly putting down £500.
Or perhaps if you normally only lose £250 per month, but this month you've lost £1000.

It seems to me like it’s only Betfair enforcing these strict checks, I could deposit £2k into Smarkets right now and they wouldn’t blink, but am limited to £100 per month with the former