📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!

Income support & Matched betting/bingo

Options
Hi can anyone offer advice on the following.
For the last few months I have been claiming income support as I had to give up work to take care of my baby. Before this I started Matched betting and online bingo with the guidance of a tutor. I’ve probably made around £1500 from bingo in around 5 months and around £1500 from Matched betting in around 8 months. I currently have savings of £1100 and my Matched betting account has around £900 so total savings of around £2000.
I have just received a letter stating they want to do a benefit review and need a copy of my recent bank statement. Obviously my bank statement shows transfers from my account to online bookies/bingo and also any winnings going into my account. Should I have declared my winnings! Am I going to get in trouble for not declaring? I’m panicking now that I’m going to get in trouble. Should I have declared my Matched betting account as savings? Pls help x

Comments

  • ANNOYED1
    ANNOYED1 Posts: 69 Forumite
    Sixth Anniversary 10 Posts Name Dropper Combo Breaker
    Betting winnings are counted as capital not income. So if you have have savings over £6000 within them months then you need to declare it. But betting is not counted as income or a job. Only the winnings are counted as capital but the stake in not.
This discussion has been closed.
Meet your Ambassadors

🚀 Getting Started

Hi new member!

Our Getting Started Guide will help you get the most out of the Forum

Categories

  • All Categories
  • 351.2K Banking & Borrowing
  • 253.2K Reduce Debt & Boost Income
  • 453.7K Spending & Discounts
  • 244.2K Work, Benefits & Business
  • 599.2K Mortgages, Homes & Bills
  • 177K Life & Family
  • 257.6K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 16.2K Discuss & Feedback
  • 37.6K Read-Only Boards

Is this how you want to be seen?

We see you are using a default avatar. It takes only a few seconds to pick a picture.