"Friend" owes me over £700

Gambler101

OP youve lost your money and your friend. Move on not worth the hassle of chasing a bum for money he will never have to repay you.

You now know that Match betting is EV+, lending money is EV-

The_Urbanite

You should only have given him the £200 you were prepared to lose and let him back and lay with just that, with his own accounts. Why on earth would you then effectively lend him more money by allowing use of your exchange account?

I think he's exploited your good nature here. Trying to get your money back will be a futile exercise. If he was in dire financial straits, let his family or the bank deal with it!

daytona0

eho81 wrote: »

and was telling me how he was about to lose his flat as his benefits were being stopped. I told him about matched betting and lent him £200 to get him started.

Yea, that's when the alarm bells should be ringing...

A "friend" comes up to you talking about losing his flat and benefits... In a rare instance your friend could be disabled, out of work and having the job centre put the squeeze on them (etc) but NORMALLY there is at least some element of self-infliction...

Your suggestion is for your friend to gamble....

See any problem with that?

I use the word "gamble" instead of "matched betting" because gambling is an addiction which, if you are compulsive, can absolutely destroy your life. Not everyone can do "matched betting" responsibly, so it was a bit of a leap of faith you took when you backed someone who probably needed a tin of beans more than a bet.... Maybe gambling has already had a negative effect on your friend? IDK.

Why didn't you instead help your "friend" to brush up their CV or sort out their benefits issue? Seems a bit more practical long term?

Ah well, back to your situation...

You'll probably be able to claim back any initial capital you physically handed over, I think that is entirely fair. The rest depends on how clear your evidence is.... bit skeptical given that your friend was using your betting exchange account. Also, the betting exchange and the bookies are separate entities.... Also, you wouldn't be entitled to any of his winnings above the initial capital because that's his money.

Go to small claims court and let us know how you get on. The situation is a mess and you probably would have fared better if friend had their own betting exchange account which allowed you to keep itemised records of how much was lent and not paid back etc. Plus a contract of sorts detailing how much was lent, how much was owed back and when it was due to be paid. But I don't think you are that organised.

chesky

It was totally immoral to have introduced him to betting in the first place, particularly given his situation. You deserve to lose it.

Gambler101

And allowing someone to access your betfair account is breaching their T&Cs lol

System

The loan is in reality only enforceable if there is a written agreement. If it went to county court and there wasn't one then unless he acknowledges the arrangement, either verbally in court or with you providing copies of emails or texts from the past where he does you've got no leg to stand on.

Without a formal arrangement in place, money lent to friends and family should be treated as gifts you hope may be repaid one day.

MEM62

I'll admit I am completely clueless on the mechanism by which you made this loan and it makes no sense to me. Why didn't you just lend him the cash? However, dealing with it purely as a loan the loan to your friend was as risky as your matched betting and, on this occasion, you have lost. Your money is gone and there is absolutely no point in spending more money chasing this debt as it will only increase your losses. You will find that the friendship is at an end also.

Draw a line, write it off and chalk it up to experience.

Somerset

redpete wrote: »

, you allowed him to bet using your account and those bets lost.

No, the bets won.


OP won't see the money back. The £200 a) can't be proved and b) would be called a 'gift' by the defendant. The exchange losses wouldn't be understood, as they aren't here, and was an insane thing to do.


P.S. Hope you've changed passwords on the exchanges.

sheedateli

Better to note that if it was on friend side, we should give him some time so that he might get out of his situation first and then maybe he will settle your claims too.

Ebe_Scrooge

sheedateli wrote: »

Better to note that if it was on friend side, we should give him some time so that he might get out of his situation first and then maybe he will settle your claims too.

What was the name of that Monty Python stage play ? Ah yes, "Spamalot" :rotfl: