Matched Betting Affected Mortgage Application

xyellowx

if you can bet and never lose keep at it you soon wont need a mortgage you can pay cash

denial2010

benwolves wrote: »

Luckyfool your definition there may come in handy! And denial which bank was that with if you don't mind me asking? So worried that this could hamper any chances of getting a mortgage.

A small little building society called Stafford Railway.

https://www.srbs.co.uk

bwlv1

Thanks for the replies, will repost in the MB board and see what they think over there.

Cheers All

ess0two

luckyfool wrote: »

I can understand the First Direct concern, I wouldnt be keen to lend someone a large amount of money who makes 4 figure bets. Having said that, First Direct are unusual in the degree to which they forensically analyse your bank statements looking for reasons not to do the mortgage. Your bets are unlikely to be a problem with most other lenders. Many don't even want to see bank statements anyway.

4 figure bets?? big assumption.

clearing_out_my_pockets

ess0two wrote: »

4 figure bets?? big assumption.

benwolves wrote: »

the highest one just touched four figures

Not that big an assumption

Conrad

benwolves wrote: »

the matter of fact was the bets actually don't result in any loss they actually show a small profit,

Ok, so it's a magical money bag with never a loss - so why don't Banks invest in these one way bets to profits then?

Also for someone to make and take in money, someone has to give out money somewhere down the line - money is never free and just drops off a tree, ergo, some people make a loss.

Lastly imagine you are the company owner of the matched betting firm - you need to extract a proportion of your customers money so you can pay your own mortgage, buy a BMW etc. In other words his customers are earning wages, then spending with his service and in return he gets a cut - so again it cannot be a 100% guaranteed way for you to make money.

I find all these things frequented by very neave people, sorry.

Conrad

dmg24 wrote: »

explain matched betting as an issue of maths as opposed to gambling, in that (if you do it correctly) you will never make a loss.

A first in the history of man - a commercial endeavour with no losses!

Why aren't wall street traders setting up thier own systems to take advantage of this no losses endeavour - free billions.

Trust me if there was a method to make profits with no or minimal outgoings, the city boys would be onto it.

redpete

Conrad wrote: »

Ok, so it's a magical money bag with never a loss - so why don't Banks invest in these one way bets to profits then?

Because it doesn't give the level of return that they would want, and as it largely relies on bonuses offered by betting firms there is a limit to how many you can exploit

Also for someone to make and take in money, someone has to give out money somewhere down the line - money is never free and just drops off a tree, ergo, some people make a loss.

Of course, the matched better makes the money from the betting firm and mug punters who are on the other side of the bets they make.

Lastly imagine you are the company owner of the matched betting firm - you need to extract a proportion of your customers money so you can pay your own mortgage, buy a BMW etc. In other words his customers are earning wages, then spending with his service and in return he gets a cut - so again it cannot be a 100% guaranteed way for you to make money.

The betting firms make their money from mug punters, not matched betters; if matched betters formed more than a tiny proportion of their customers then they would start to be concerned. Exchanges like Betfair make their money by taking a commission from every winning bet - for the matched better this commission is built into the calculations to decide whether a matched bet will make money or not.

I find all these things frequented by very neave people, sorry.

Take time to understand how it works from the GIOL forum and you will see that it might be you who is naive.

pjcox2005

I haven't done matched betting but understand the basic idea. I can see from the forum that given a bit of time commitment and knowledge on how to make the most out of offers, people can earn a very decent side income (as mentioned it relies on bookies offers, which are intended to attract novice gamblers, and hence won't ever been the billions quoted).

It is interesting how others can mock when it appears they haven't actually taken the time to have a quick look at the sticky on the matched betting forum. A forum that Martin and the MSE team have left on the site so they presumably see if as having success (although with the health warning of making sure you understand).

Good luck with the mortgage app, it sounds like other firms may not be so picky. Maybe if you see a mortgage you intend to apply for, run it past the forum first to find out others experiences as to whether this would be an issue in order to minimise any damage to your credit rating.

originalmiscellany

Am in the process of moving mortgage companies to First Direct - I think I might hold off starting using matched betting until all the paperwork is through from them!

Oopsie.