Can betfair or any other exchange close my account without doing anything wrong?

[Lex7777]

I opened my account years ago and have been on the betfair exchange for years, just logged in after a long time.

However, for a long time, I haven't deposited money and I haven't made a bet. Surely this won't get my account closed.

I'm just saving up capital atm.

-Address
-There is no identity issues
-I'm not money laundering
-I'm not committing fraud
-No cullusion
-I'm not opening multiple accounts
-I'm not going to use software
-I'm not going to deposit or withdraw from a suspicious method
-I haven't opted for time out
-Affordability checks
-Compliance

Will I have to go through an affordability check even if I deposit a few grand only once? And leave that few grand in there and withdraw only the winnings every week?

Hence I am doing nothing wrong, if I am a profitable trader, they usually take commission.

All things considered, can betfair or any other exchange still close my account and could I get it reopened?

[Lambretta]

The short answers is yes, they can. For whatever reason they decide. My account was closed for reasons still unknown - they offered different reasons in every interaction - after four years of a great many conversations with a great many people, they finally allowed the account to be reopened last year, but it's extremely limited in terms of depositing.

So, they can close an account without notice and without clear reason but, with much endeavour, you can get it reopened.

Hope that helps.

[Lex7777]

The short answers is yes, they can. For whatever reason they decide. My account was closed for reasons still unknown - they offered different reasons in every interaction - after four years of a great many conversations with a great many people, they finally allowed the account to be reopened last year, but it's extremely limited in terms of depositing.

So, they can close an account without notice and without clear reason but, with much endeavour, you can get it reopened.

Hope that helps.

Thank you for your reply.

Is this only with with the betfair exchange? If you don't mind me asking, how much can you deposit?

You said reasons still unknown. Have you had issues with other exchange websites?

[wearthefoxhat]

I opened my account years ago and have been on the betfair exchange for years, just logged in after a long time.


I'm just saving up capital atm

Will I have to go through an affordability check even if I deposit a few grand only once? And leave that few grand in there and withdraw only the winnings every week?

Hence I am doing nothing wrong, if I am a profitable trader, they usually take commission.

All things considered, can betfair or any other exchange still close my account and could I get it reopened?

Taking a measured view:

You have an existing betfair account, I'd assume with the same address/email/country where betfair is allowed. (if different, that would cause them to flag the account).

If you shovelled in a few grand out of the blue, this will be dependant on your deposit limits, but may still be flagged up for checking. (I'd not recommend it unless you've already proven affordability). However, if it got through okay, and there were no further deposits, only withdrawals, then no problem.

Bear in mind, from what I've read on this forum, they could close your account, unfairly, due to compliance, and then you have to find out why. Sounds like it could take a while, with persistence.

You're currently saving up capital. I'd suggest, deposit % of your disposable income, ie: £100 or £150 max a month, for 10 months. You would be unlucky to trigger an affordability check for that amount, but it may happen. During each month, test out your strategy for small stakes. If already a winning one, then it will re-inforce your confidence. By month 10, you'd have £1000+ to £1500+ in the account ready to go to war and a bullet proof strategy.

[Lex7777]

I opened my account years ago and have been on the betfair exchange for years, just logged in after a long time.


I'm just saving up capital atm

Will I have to go through an affordability check even if I deposit a few grand only once? And leave that few grand in there and withdraw only the winnings every week?

Hence I am doing nothing wrong, if I am a profitable trader, they usually take commission.

All things considered, can betfair or any other exchange still close my account and could I get it reopened?

Taking a measured view:

You have an existing betfair account, I'd assume with the same address/email/country where betfair is allowed. (if different, that would cause them to flag the account).

If you shovelled in a few grand out of the blue, this will be dependant on your deposit limits, but may still be flagged up for checking. (I'd not recommend it unless you've already proven affordability). However, if it got through okay, and there were no further deposits, only withdrawals, then no problem.

Bear in mind, from what I've read on this forum, they could close your account, unfairly, due to compliance, and then you have to find out why. Sounds like it could take a while, with persistence.

You're currently saving up capital. I'd suggest, deposit % of your disposable income, ie: £100 or £150 max a month, for 10 months. You would be unlucky to trigger an affordability check for that amount, but it may happen. During each month, test out your strategy for small stakes. If already a winning one, then it will re-inforce your confidence. By month 10, you'd have £1000+ to £1500+ in the account ready to go to war and a bullet proof strategy.

Yes, it is with the same country, address and email.

Thank you for the detailed reply.

My work only just about earns above the minimum wage, so I really hope they do not limit the deposit amount, although I intend to just keep the capital in the account.

I am looking to move jobs after late summer to a better paying one.

That seems like a good strategy.

[Euler]

Betfair won't close your account for winning or for normal usage, but if you do something weird, then they may get interested. Here are the most common reasons for closing an account: -

https://www.betangel.com/betfair-accoun ... estricted/

[ShaunWhite]

If you don't mind me asking, how much can you deposit?

If in doubt ask Betfair. Terms vary and whatever reply you get here won't apply to everyone.

You mention 'not using software'... That's not necessarily a positive as people who go to the bother of using software are probably more savvy than those who don't. It certainly won't be seen as a negative.

[jamesedwards]

I opened my account years ago and have been on the betfair exchange for years, just logged in after a long time.


I'm just saving up capital atm

Will I have to go through an affordability check even if I deposit a few grand only once? And leave that few grand in there and withdraw only the winnings every week?

Hence I am doing nothing wrong, if I am a profitable trader, they usually take commission.

All things considered, can betfair or any other exchange still close my account and could I get it reopened?

Taking a measured view:

You have an existing betfair account, I'd assume with the same address/email/country where betfair is allowed. (if different, that would cause them to flag the account).

If you shovelled in a few grand out of the blue, this will be dependant on your deposit limits, but may still be flagged up for checking. (I'd not recommend it unless you've already proven affordability). However, if it got through okay, and there were no further deposits, only withdrawals, then no problem.

Bear in mind, from what I've read on this forum, they could close your account, unfairly, due to compliance, and then you have to find out why. Sounds like it could take a while, with persistence.

You're currently saving up capital. I'd suggest, deposit % of your disposable income, ie: £100 or £150 max a month, for 10 months. You would be unlucky to trigger an affordability check for that amount, but it may happen. During each month, test out your strategy for small stakes. If already a winning one, then it will re-inforce your confidence. By month 10, you'd have £1000+ to £1500+ in the account ready to go to war and a bullet proof strategy.

Yes, it is with the same country, address and email.

Thank you for the detailed reply.

My work only just about earns above the minimum wage, so I really hope they do not limit the deposit amount, although I intend to just keep the capital in the account.

I am looking to move jobs after late summer to a better paying one.

That seems like a good strategy.

If you are in the UK then as soon as you make any reasonably sized deposit I would expect an affordability check to be made. Probably soft for the first time, so they will check your credit record without speaking to you unless they find anything untoward in there. But be prepared for requests for proof of income to follow, especially if you deposit £1k+

I deposited £650 into and withdrew £1000 from a brand new account with a newish UK bookmaker yesterday without any intrusive questions, although I expect they will have credit checked me.