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  • FIRST POST
    • Thnufc123
    • By Thnufc123 9th Mar 17, 12:22 AM
    • 6Posts
    • 0Thanks
    Thnufc123
    Gambling/mortgage enquiry
    • #1
    • 9th Mar 17, 12:22 AM
    Gambling/mortgage enquiry 9th Mar 17 at 12:22 AM
    Hi!

    Over the last couple of years, Ive started to get into the gambling business and usually bet around a few hundred pound a day. I've gained a decent profit of around 20k by doing so by following reliable 'tipsters'. Unfortunately, I recently tried my hand at binary trading (being greedy) and lost around 7k in doing so. This was a complete one off and I know I'll never touch trading again. I'm only 20 and I've got nothing to pay for apart from phone bills and it's obviously unlikely I'll be applying for a mortgage anytime soon. I also deposit money into PayPal and then use PayPal to fund my accounts (bare trading account). I'm just worried that in years to come whether my one off trading madness or me placing a few £100 worth of bets every day (although I know I'm going to be making profit) will effect my ability to get a mortgage in the future? Thank you
Page 2
    • steevio_uk
    • By steevio_uk 10th Mar 17, 3:30 PM
    • 46 Posts
    • 3 Thanks
    steevio_uk
    If you are winning each month, why can you not leave say £1k in Paypal and then use that money?
    Originally posted by stinky_daddy
    Is the correct answer.

    If you're managing your bankroll correctly, working with profit/loss margins and pts/% then you shouldn't be depositing anything at all from your bank account.

    In my experience, if you have to 'top up' your betting account with more money from your bank, then it's to chase a loss.
    • Gaz83
    • By Gaz83 10th Mar 17, 3:42 PM
    • 3,534 Posts
    • 6,733 Thanks
    Gaz83
    I'm curious to know what the OP plans to do when he starts being banned from gambling websites.
    "Facism arrives as your friend. It will restore your honour, make you feel proud, protect your house, give you a job, clean up the neighbourhood, remind you of how great you once were, clear out the venal and the corrupt, remove anything you feel is unlike you... [it] doesn't walk in saying, "our programme means militias, mass imprisonments, transportations, war and persecution."
    • steevio_uk
    • By steevio_uk 10th Mar 17, 4:39 PM
    • 46 Posts
    • 3 Thanks
    steevio_uk
    The only logical answer is to start arbing 'mug bets' on the exchange to stay within an acceptable P/L range to the bookie, or to full on go to the Exchange.
    • waamo
    • By waamo 10th Mar 17, 10:32 PM
    • 1,528 Posts
    • 1,746 Thanks
    waamo
    I still want to know who these tipsters are who seem to be never wrong.
    This space for hire.
    • Thnufc123
    • By Thnufc123 10th Mar 17, 10:58 PM
    • 6 Posts
    • 0 Thanks
    Thnufc123
    Thank you ahah! Finally a relivant answer. Cheers!
    • daytona0
    • By daytona0 12th Mar 17, 12:27 PM
    • 2,228 Posts
    • 2,636 Thanks
    daytona0
    Give the guy a break, he has only asked a simple question.

    The OP is quite correct, he can easily earn £20k in 2 years if he follows a successful tipster or two. No doubt there are a lot of inplay bets and odds-on bets, so depending on your starting pot and your percentage per bet then of course it is possible to earn such a high amount.

    So to the people who are lecturing him and telling him its not possible, until you know what you are talking about.. stick to the financial side of things.

    As per the mortgage question, I have no idea if it would affect you, there are more qualified people on here than me to answer that.
    Originally posted by moncs
    Well that immediately begs the question why op cannot build up their bankroll to 100k (it wouldn't take as long as the increase is exponential) and just skip the mortgage altogether...

    I suspect that the Op is reluctant to do this because they actually got lucky to win it...
    ent.
    • glosoli
    • By glosoli 12th Mar 17, 1:01 PM
    • 465 Posts
    • 267 Thanks
    glosoli
    There are ways to work this to keep your bank statements clean, i.e keep the bookie account fully funded so that you never require to deposit, or simply keep the funds in your PayPal and only use this to deposit.

    Of course if you apply to a lender, who has a policy of checking bank statements, and they note that you are frequently depositing funds to bookmakers, then it will ring alarm bells, however this is totally avoidable with a few simple precautions.

    I am a mortgage adviser, and also participate full time in matched betting, so I can see both sides of the coin here.
    • enthusiasticsaver
    • By enthusiasticsaver 13th Mar 17, 4:50 AM
    • 3,547 Posts
    • 6,178 Thanks
    enthusiasticsaver
    I know nothing about gambling (thank goodness) but as a former mortgage advisor gambling payments out of a bank account would be a red flag. If it just shows as Paypal though that may protect you slightly. I would focus on finding a better paid full time job.
    Debt and mortgage free and saving for early retirement
    • smithers1981
    • By smithers1981 13th Mar 17, 12:51 PM
    • 684 Posts
    • 506 Thanks
    smithers1981
    Been doing matched betting for 18 months and all betting activity goes through a separate bank account.

    Open a new bank account purely for betting purposes.
    'Better to Live a Day as a LION than 100 years as a lamb'
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