Gambling Review White Paper update

[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.

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

What?
I've clearly missed that in your previous posts......BF restrict you to £100 per month deposits?

That's a ridiculously low amount, especially for someone who trades

[whimsies]

I have been limited to 300 p/m for over a year and I make a small profit each month, it was all about my income. As for my wife’s account she created while in aus and uses a uk IP address as living in uk they don’t care about no restrictions and she has no income.

[MobiusGrey]

I tried to ask BF customer service if they would have any issues in me increasing my account size using my £600 deposit limit each month for up to a year whilst compounding profits up to a healthy bank roll. I thought I would be up front in the first place.

They transferred me to the Safer Gambling team who wanted 'a chat'.

[LeTiss]

I have been limited to 300 p/m for over a year and I make a small profit each month, it was all about my income. As for my wife’s account she created while in aus and uses a uk IP address as living in uk they don’t care about no restrictions and she has no income.

That's a farce

[LeTiss]

I tried to ask BF customer service if they would have any issues in me increasing my account size using my £600 deposit limit each month for up to a year whilst compounding profits up to a healthy bank roll. I thought I would be up front in the first place.

They transferred me to the Safer Gambling team who wanted 'a chat'.

Blimey. I had no idea so many BA customers were getting caught up in this

[Kai]

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

Wouldn't people also get flagged when using the Safer Gambling features on the Betfair website?

Seen a racing trader somewhere a few days ago willingly put a Daily Loss Limit on his account

Seems madness to me, especially since he doesn't seem to need it

[Naffman]

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

What?
I've clearly missed that in your previous posts......BF restrict you to £100 per month deposits?

That's a ridiculously low amount, especially for someone who trades

It's all about taxable income, you could make £50k a month on here and they'd still have you down for £100 deposit p/m if you're gambling for a living but technically 'unemployed'.

BF really are the strictest of the strict regarding affordability, luckily I don't really need to deposit but the market still needs people putting money in.

[MaxLiability]

If you were making 50K a month you'd bound to have taxable income even if only from savings interest. I'd be surprised if any full timers are heavily restricted with deposits. Anyone earning a living on here will probably have an account manager and they're usually clued up enough and take care of their clients.

They must have given you some reason for being restricted to 100pm, speak to your account manager or request one if you don't currently have one assigned.

[ShaunWhite]

Anyone earning a living on here will probably have an account manager and they're usually clued up enough and take care of their clients.

Nope AMs are like hens teeth. But most full-timers (I know of) don't deposit. Although I appreciate some need to deposit because they have a particular rhythm to their year and don't want money tied up , and it's those who will probably have issues. But otherwise it just becomes more like regular self employment whereby you don't blur your personal and business accounts and keep shifting money between them. Moving money is often the first sign people don't have enough to go around.

[ShaunWhite]

If you were making 50K a month you'd bound to have taxable income even if only from savings interest.

Or some expensive hobbies, sex, drugs and rock'n'roll are very popular amongst the 50kpm bunch.

[Euler]

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

Wouldn't people also get flagged when using the Safer Gambling features on the Betfair website?

Seen a racing trader somewhere a few days ago willingly put a Daily Loss Limit on his account

Seems madness to me, especially since he doesn't seem to need it

I heard that one had a limit put on after an account review. Maybe this is a novel way of explaining it? Not sure, so much mis-information out there.

[Naffman]

If you were making 50K a month you'd bound to have taxable income even if only from savings interest. I'd be surprised if any full timers are heavily restricted with deposits. Anyone earning a living on here will probably have an account manager and they're usually clued up enough and take care of their clients.

They must have given you some reason for being restricted to 100pm, speak to your account manager or request one if you don't currently have one assigned.

That is true, my bad. Betfair taking care of their clients lol

They asked what job I had, said unemployed so they said that's £100p/m then, asked again and they asked if my job description had changed, it hadn't so they kept it at £100.

[AnxiousBettor]

I used to use a BFSB in a client's name for value betting. One month I hit the £500 limit within the first week so I then contacted Betfair to lift the limit. I manage to talk them out of requiring a P90 but they still wanted payslips and a bank statement. When editing the bank statement I don't think I put enough zeros on as I was trying to make the client look rich but Betfair declined to increase the limit.

[MaxLiability]

Nope AMs are like hens teeth. But most full-timers (I know of) don't deposit. Although I appreciate some need to deposit because they have a particular rhythm to their year and don't want money tied up , and it's those who will probably have issues. But otherwise it just becomes more like regular self employment whereby you don't blur your personal and business accounts and keep shifting money between them. Moving money is often the first sign people don't have enough to go around.

Fair enough I thought they were allocated to all PC payers. Certainly worth having if you're ever offered one as customer service staff are pretty clueless.

Thankfully I keep a decent amount in my account because I run many markets at once. Only deposit a tenner when registering a new card, but I can see it'd be a nightmare for newcomers if they're triggering a review after every deposit. I'd guess a lot of us old timers might not be doing this for a living if we had to jump through the hoops new traders have to.

[MaxLiability]

I used to use a BFSB in a client's name for value betting. One month I hit the £500 limit within the first week so I then contacted Betfair to lift the limit. I manage to talk them out of requiring a P90 but they still wanted payslips and a bank statement. When editing the bank statement I don't think I put enough zeros on as I was trying to make the client look rich but Betfair declined to increase the limit.

What's the £500 limit? Deposits?