Betfair account closed - Funds with-held

[Euler]

It's definitely deposits that trigger the bureaucratic masochism that is the compliance department: -

https://x.com/philbetting/status/1799846444397965432

[LeTiss]

That's astonishing really. To have a longstanding customer suspended because of a £500 deposit.
I'm hoping Labour will be easier for the bookmaking industry to convince

The Tories have made a huge mess of this gambling affordability issue

[napshnap]

It's definitely deposits that trigger the bureaucratic masochism that is the compliance department: -

https://x.com/philbetting/status/1799846444397965432

"masochism"... I think the "sadism" fits better here, they don't hurt themselves.

[Consty1]

It's definitely deposits that trigger the bureaucratic masochism that is the compliance department: -

https://x.com/philbetting/status/1799846444397965432

Quite alarming how many people in the comments have had similar issues or currently have money stuck

[conduirez]

It's definitely deposits that trigger the bureaucratic masochism that is the compliance department: -

https://x.com/philbetting/status/1799846444397965432

Quite alarming how many people in the comments have had similar issues or currently have money stuck

I have mentioned this before, a new legislation was brought into force in October last year in the UK, it follows on from the US adopting similar laws in 2021.

The legislation is heavily about companies or employees gaining profits through illegal activities such as money laundering, corruption and fraud, but it does extend to the customers of the companies as well.

The Economic Crime and Corporate Transparency Act received Royal Assent on Thursday 26 October 2023.

Any corporate found to have gained or assisted in money laundering, face heavy fines and possible criminal convictions.

Another caveat is companies in the AML sector (this includes on-line casinos etc) are allowed to share information on customers, if there are suspicions of fraudulent activity. This means they can give your name to banks.

I suggest strongly that anyone using any bookmaker, who have to place deposits do it directly from their own mainstream bank and vice versa pay winnings directly from the bookmaker to your mainstream bank account, do not try to hide it through a number of transactions, keep a clean provable paper trail.

Finally this legislation is heavily aimed at the use of crypto currencies when most money laundering goes on and unfortunately depositing to an on-line gambling site from Revolut who directly trade crypto on your behalf, is not really a good place to deposit from.

[Nero Tulip]

Pretty alarming stuff on that x thread given my current impending 'review' (just payment methods so far) deadline of tomorrow, having emailed them a few times and had no response other than various out of office replies and a service acknowledgment that they'll get back to. Feeling pretty anxious really, hopefully they don't take issue with the few deposits I made a couple of years ago (non since).

[hecojef928]

I completely agree with everyone here. Megarain, I’m truly sorry to hear about your situation. It’s ridiculous that someone who has generated so much commission and shown such loyalty over the years could have their account terminated so abruptly. Unfortunately, this seems to be happening more frequently lately.

I’ve made some strides with my Betfair trading, after spending years learning the ropes. However, this is exactly why I don't think I could ever go full-time with it. Instead, I’m using the money earned from Betfair to diversify my income streams and transition to financials. The idea of quitting my full-time job to rely solely on Betfair, only to have my account suspended at any moment, is unimaginable.

While there are strategies to avoid suspension, like managing deposit amounts and following certain practices, it feels like being on a ticking clock. When that time comes, you need to be ready. The unpredictability of when or why your account might be suspended adds a layer of risk that’s too great for a primary income source. For now, I’ll continue using Betfair as a side venture rather than my main source of income.

It’s a real shame—you’d expect them to show more respect to loyal, high-commission customers. This situation underscores the importance of diversifying income streams and not putting all your eggs in one basket. Ironically, it’s not the uncertainty of the markets we need to worry about, but Betfair themselves!

Absolute madness! Good luck with whatever you decide to do next!

[Kai]

I’m using the money earned from Betfair to diversify my income streams and transition to financials.

That pretty much echoes my thoughts as well.

Very sensible post overall, well said

[kopthelot]

I've had my account closed after 19 years as well. They are withholding funds. Account has been suspended for two months and on Wednesday finally told me it's closed permanently.
I work in the industry and have spoken to on old colleague that works in compliance and he thinks the most likely thing that's happened is the Gambling Commission have basically gone in there and kicked off big time so Betfair are now getting rid of anyone that meets certain criteria for fear of getting a huge fine or even worse.
Also the reason account managers and live chat staff won't elaborate will be because they will be unaware of the above and it will be on an internal need-to-know basis.
All in all it's just a shocking way to treat long term loyal customers.
Make no mistake the gambling industry in this country is on its knees and I fear for it in the long term.

[LeTiss]

I've had my account closed after 19 years as well. They are withholding funds. Account has been suspended for two months and on Wednesday finally told me it's closed permanently.
I work in the industry and have spoken to on old colleague that works in compliance and he thinks the most likely thing that's happened is the Gambling Commission have basically gone in there and kicked off big time so Betfair are now getting rid of anyone that meets certain criteria for fear of getting a huge fine or even worse.
Also the reason account managers and live chat staff won't elaborate will be because they will be unaware of the above and it will be on an internal need-to-know basis.
All in all it's just a shocking way to treat long term loyal customers.
Make no mistake the gambling industry in this country is on its knees and I fear for it in the long term.

That's disastrous mate. Gutted for you, but I suspect many of us will be with you on the bonfire soon

Do you have any inkling whatsoever, as to what may have triggered it?

[Euler]

I've had my account closed after 19 years as well. They are withholding funds. Account has been suspended for two months and on Wednesday finally told me it's closed permanently.
I work in the industry and have spoken to on old colleague that works in compliance and he thinks the most likely thing that's happened is the Gambling Commission have basically gone in there and kicked off big time so Betfair are now getting rid of anyone that meets certain criteria for fear of getting a huge fine or even worse.
Also the reason account managers and live chat staff won't elaborate will be because they will be unaware of the above and it will be on an internal need-to-know basis.
All in all it's just a shocking way to treat long term loyal customers.
Make no mistake the gambling industry in this country is on its knees and I fear for it in the long term.

I suspect its more to do with being squeaky clean for the US listing of Flutter.

The main problem being that compliance are torching legit exchange accounts, because they don't mert the same (low) criteria as somebody having a punt. It's utter madness.

[kopthelot]

I think with me it may be that that i used to deposit and withdraw every day and move the money around. I used to arb bets from the bookmakers and get extra EV from the extra places. So for instance on a Friday night i might have £200ew on five horses for the Saturday racing and lets say they are all 10/1 and they've shortened to 6/1 I'm laying to get my £200ew back so lets say the first two win my betfair account has just lost the best part of £3-£4000 so then i'd withdraw from the bookie and re deposit with betfair thus just moving the money around in cycles constantly so even though i might only have £5000 to my name at any one time i could still potentially deposit and withdraw tens of thousands on a busy day/week. I proved to Betfair on several occasions i had these counter bets to cover any heavy losses on betfair and last year they accepted it all and unsuspended the account - no such luck this time.

Betfair is the reason I got in to this industry so I'm gutted to have been kicked out of a game I've enjoyed since I was 18. It's a sorry state of affairs. We are being controlled guys - Alcohol will be next on the agenda.

Another painful thing is you just know that the person who had the power to just kick me out wouldn't of had much knowledge or life experience - i just don't think they could be bothered going through all my documents and evidence etc. It was much easier just to throw me in the bin.

I'm still waiting for my £1400 balance as well, which has been sat there for weeks.

[CricketTraderH]

I completely agree with everyone here. Megarain, I’m truly sorry to hear about your situation. It’s ridiculous that someone who has generated so much commission and shown such loyalty over the years could have their account terminated so abruptly. Unfortunately, this seems to be happening more frequently lately.

I’ve made some strides with my Betfair trading, after spending years learning the ropes. However, this is exactly why I don't think I could ever go full-time with it. Instead, I’m using the money earned from Betfair to diversify my income streams and transition to financials. The idea of quitting my full-time job to rely solely on Betfair, only to have my account suspended at any moment, is unimaginable.

While there are strategies to avoid suspension, like managing deposit amounts and following certain practices, it feels like being on a ticking clock. When that time comes, you need to be ready. The unpredictability of when or why your account might be suspended adds a layer of risk that’s too great for a primary income source. For now, I’ll continue using Betfair as a side venture rather than my main source of income.

It’s a real shame—you’d expect them to show more respect to loyal, high-commission customers. This situation underscores the importance of diversifying income streams and not putting all your eggs in one basket. Ironically, it’s not the uncertainty of the markets we need to worry about, but Betfair themselves!

Absolute madness! Good luck with whatever you decide to do next!

Unfortunately I have just taken the full time plunge and now have had a review that was probably triggered by deposits. I'm pretty certain after reading this thread that my fate is sealed with the account currently being closed. I feel sick by the whole process. The incompetence is off the charts.

[megarain]

So, on May 27 I sent this to [email protected]

Hi,

Thanks for the prompt reply.

My account xxxxxx was closed after being changed from a master account. I have had at least 4 account managers during my time with Betfair,
and in an earlier period, I was encouraged to buy an API key for 300 GBP. I did this and must-have spent 8000 GBP on development.

Following what seems like 12 -24 months of ongoing torture, my account has been closed for 'business reasons'.

I no longer have the energy to fight the closure, but want a refund of the API fee.

I agree your T & C says API fees are non-refundable, but you are denying me using it.

Please get someone competent to review it.

Thx

I got this response, on May 27

Still waiting ...........................

bf complaints reply.jpg

[jamesedwards]

Please get someone competent to review it.

Brilliant.