Increasing deposit limits - Trading as income source

[Acheron]

From https://support.betfair.com/app/answers ... _id/10411/:

Please let us know if you are employing a betting strategy, such as arbing or trading. We appreciate that your source of income may differ from that of recreational customers and, as such, may not be able to provide the information detailed above [pay slips, tax forms and bank statements]. If this is the case, please provide an explanation as to how you use our product, and we will let you know what type of information we will require.

I was slapped with a £100 limit a while back and have never bothered with the challenge process as I haven't been very active on BF since. I'm currently unemployed, no sizable disposable savings, but I might want to get back in soon and if I do I'd look to increase my limit at the earliest opportunity. As a small player I wouldn't expect anything but I'm curious as to what sort of P&L might be necessary for a successful challenge on these grounds - 5 figures minimum or is it more nuanced? By chance, has anyone cited trading as their main source of income in their dealings with BF? What sort of questions were asked? Any thoughts/info welcome.

[ShaunWhite]

By chance, has anyone cited trading as their main source of income in their dealings with BF? What sort of questions were asked? Any thoughts/info welcome.

People who's main source of income is from BF tend not to deposit and just leave enough working capital in place. The reason being that errors can happen, and an inadvertent ban/restriction on deposits means you're out of work. Also self employed (which a full-timer is) traders don't usually shuffle money between personal and business accounts otherwise it looks like like your money is spread thinly.

[Acheron]

Yes such challenges must be relatively rare, although those hit with tighter limits would also tend to have relatively little to meet BF's evidencing standards, be it employment, savings or BF balance. I'm wondering more about the small portion of these cases in particular where a profitable P&L might provide some leeway.

[ShaunWhite]

I can't really comment further as I haven't experienced it. All I know is that (despite appreanaces) Betair want your business, so if you can talk to them rather than going through automated checks then you should find some sort of situation that's agreeable.

[weemac]

If you're unemployed and claiming benefits, DWP will want to know if your BF activity can be construed as income.

[Alpha322]

By chance, has anyone cited trading as their main source of income in their dealings with BF? What sort of questions were asked? Any thoughts/info welcome.

People who's main source of income is from BF tend not to deposit and just leave enough working capital in place. The reason being that errors can happen, and an inadvertent ban/restriction on deposits means you're out of work. Also self employed (which a full-timer is) traders don't usually shuffle money between personal and business accounts otherwise it looks like like your money is spread thinly.

This is not true, once upon a time Betfair allowed any deposits within reason as far as i can remember. I am employed earn a good Salary and i done their challenge as some months i wasn't active. My Trading over the last two years has improved that am able to pay Bills & essentials. I wanted to Trade Cheltenham some few weeks ago, i had a moderate Balance 2k for normal markets. I wanted to deposit the Back owed income from day Job into Betfair which would of put my account decent to Join the High Volume Cheltenham brings. I was told i can only deposit £500, This is a long term account from the days i went to Peters Classes in Hook they were good, loved the food . I was quite surprised , after they trawled through Payslips, and asked what the extra money was for? which was made up of Overtime and back dated income. I wrote a letter of complaint, and now i am just building the bank up for when Goodwood comes. I don't know where this new challenge thing came from?, oh yes they have access to your Credit File, so to have a account now seems like having a loan, it feels like when a Bookmaker shuts down your account. What brought customers to Betfair in the first place was better Value in odds and NO RESTRICTIONS when you won. But like all things in life and business there is a sweetener to pull you in once your in Loyalty goes out the window, same with the Utility and Insurance Companies, at least BA have given its customers loyalty by keeping prices capped and updating the brilliant software year after year and who else gives you great Trading tips on Cheltenham and the great Mr Dallas Knowledge and assistance. Good luck in what you decide to do to get deposit up

[jamesedwards]

I went through this with Betdaq and did get deposit restrictions relaxed somewhat on the back of Betfair P&L history. But it took weeks of back and forth and I had a very robust P&L to leverage.

At least Betfair understand the concept so you have a chance of a fair hearing. Most providers will laugh you out of the room if you try to use trading income as proof of future affordability.

I imagine it will be difficult if you have been inactive for a long period and especially as you have no current income. Perhaps start building up a small bank in the meantime and do some trading at very small stakes so you can demonstrate some consistent profitability?

[Acheron]

I imagine it will be difficult if you have been inactive for a long period and especially as you have no current income. Perhaps start building up a small bank in the meantime and do some trading at very small stakes so you can demonstrate some consistent profitability?

My starting bank is now where I want it and should I manage to have a successful 8-12 months then I'll be in a position to make more deposits and have a chat with BF. The hold-up is an unfinished bot that I'm dusting off - could be several more months of testing/debugging hell so my curiosity is mostly just that at this stage, and you never know what you might learn in the meantime.