Gambling/mortgage enquiry

Thnufc123

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

bearcat16

Possibly.

Using PayPal will insulate your bank account or credit card pretty well, but a mortgage provider may well ask what all the PayPal payments/credits are for. If you don't answer honestly and then are accepted for a mortgage, that could be fraud.

But the real problem you'll face when you come to apply for a mortgage is the bankruptcy.

Thnufc123

I'm not bankrupt and will never touch trading again. In fact my bank balance would stand at around 15 k. My gambling is very low risk as I've been gambling for 2 years and I've been in profit every month from the people I follow.

Arleen

Thnufc123 wrote: »

I'm not bankrupt and will never touch trading again. In fact my bank balance would stand at around 15 k. My gambling is very low risk as I've been gambling for 2 years and I've been in profit every month from the people I follow.

Not even most seasoned trader in the world with serious technology backing is profitable every month.

Thnufc123

Not trading. I lost on trading. It was a one off mistake and I'll never touch it again. It's sports betting I profit on and I'm always in profit on it every month

Arleen

Thnufc123 wrote: »

Not trading. I lost on trading. It was a one off mistake and I'll never touch it again. It's sports betting I profit on and I'm always in profit on it every month

same rules apply. You are free to continue living in the delusion land, and following some "tipsters" until you will be back here on the bankruptcy board. Because the reality of beating the bookies is that the pros out there, people who make a living out of it and trade in hundreds of thousands every week, have ROI at no more than 5% weighted average.
That is why they have a large bankroll and manage it properly, making sure to not have too much in the play at any time, as with such tiny advantage the downswing may strike, and hit hard usually wiping out people who don't know how to do bankroll management.

Given how much money you claim you've made and in how short of time (you couldn't have done that for more than 2.5 years or so), you could not have had managed bankroll properly, likely having most/majority of it riding on every week of betting and just waiting to be wiped out by a bad month. This is a quite universal skill for making money of anything which involves the big element of randomness - from sports betting, through poker, to day trading and running a business.

Thnufc123

I understand. But I couldn't have got 20k from anywhere else! I only work part time in minimum pay! I do have bankroll management and spreadsheet every bet I place. I average around 10 points a month so £100 a point equals £1,000 per month. Honestly, I can promise you I will not go bankrupt! I just want to know by placing £500 worth of bets per day will effect me getting a mortgage despite always having a bank balance to pay bills

Arleen

Thnufc123 wrote: »

I understand. But I couldn't have got 20k from anywhere else! I only work part time in minimum pay! I do have bankroll management and spreadsheet every bet I place. I average around 10 points a month so £100 a point equals £1,000 per month. Honestly, I can promise you I will not go bankrupt! I just want to know by placing £500 worth of bets per day will effect me getting a mortgage despite always having a bank balance to pay bills

You are focued on results rathern than actual odds behind them. Otherwise you wouldn't respond with that, but would for example show me your EV line, and how you are over or under it, and then you would also know how much did you know because of upswing, and how much because you've made the right bets.

But as you refuse to listen to reason, I guess you will have to learn the hard way. You've already wasted 7k once, and take my word for it, as someone who spent many years in the gambling world (gotta do something besides IT contracting), it will happen again with some other money spin. No matter what you may be saying now.

waamo

The Bookie always wins in the end. If they didn't they wouldn't be in business. There is a reason they are splashed all over every high street in the land.

If merely following tipsters guaranteed a profit more people would do it and bookies would guard against it.

In fact if it's that successful why are you in a minimum wage job? Why not follow these tipsters full time?

Shakin_Steve

I'm not totally understanding this. When you eventually apply for a mortgage, the bank will ask for three months of bank statements, payslips and check your credit file. If you stop your gambling activities, say, six months before applying, how can it show up?

Shakin_Steve

Just to clarify: I am making no judgement about your win/loss probabilities, that's up to you.