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Income support & Matched betting/bingo
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Aimeeleah88
Posts: 1 Newbie
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
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
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Comments
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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.0
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