Looking for advice reference casino winnings

Shakin_Steve

SuperExcelMan said:

penners324 said:

Is he declaring these winnings to hmrc? He may well be considered a professional poker player.....

Also the bank may think that as well and require he have a business account 

All gambling winnings are tax exempt in the UK, whether amateur or professional. Doesn’t matter if it’s football, roulette, poker, slots, everything is tax free. For now.

Google it if you disagree.

This is why I was hesitant to post in the first place, people go off on all sorts of (incorrect) tangents.

born_again

Rob5342 said:

Could he open another account with a different bank and have it refunded to that? It only takes a few minutes in the app.

About the worst idea going.

All they will see is a gambling credit (but casino should not transfer anywhere but original payment anyway AML) & new bank should lock acc down.
At least credit going back to the ACC that funded the casino. They can see a payment going to them & should have no issues with that.

But if they are going to keep playing, then have a separate acc for just this purpose. Then if ever locked down, it will not effect daily life.

grumbler

born_again said:

Rob5342 said:

Could he open another account with a different bank and have it refunded to that? It only takes a few minutes in the app.

... casino should not transfer anywhere but original payment anyway AML...

Not true. When net deposits from the 'original payment' method are zero or negative, a withdrawal can be available to any other method with with zero net depostits. 
E.g.
Deposited £100 from 'A'
Won £1000. Balance £1100.
Withdew £100 to 'A'
Deposited £5 from 'B'
Can withdraw £5 to 'B' and £1000 to either 'A' or 'B'

https://support.betfair.com/app/answers/detail/a_id/38/c/424/

Aslan69

I’ve dealt with decent-sized withdrawals from casino accounts before, and the main thing I noticed is banks do sometimes double-check big or repetitive incoming payments from gambling sources, since they’re strict about anti-money laundering stuff. I used to play online more and found it smoother to withdraw bits at a time rather than lump sums. Also, I always kept records, like casino statements, in case my bank ever raised questions, though it never escalated for me. Using something like Skrill or another e-wallet helped reduce direct casino-to-bank transfers for my own peace of mind. If experimenting with different sites, I came across a reliable one with free spins casino in germany.

blueste

Shakin_Steve said:

friolento said:

Rob5342 said:

Could he open another account with a different bank and have it refunded to that? It only takes a few minutes in the app.

To avoid money laundering, casinos generally refund pay winnings to the card the deposit was made with. It's part of their licence if they are licensed in the UK. Non-UK casinos might have different rules, and might be on the risk list of UK banks....

A separate account for gambling is a good idea. So if the son did use his regular current account for his gambling undertakings, he might want to move those to a different account before attempting to withdraw his £5k to the debit card he used originally. Or just get his winnings in cash, which seems a possibility. He can gradually deposit this into a new current account, or use the money to cover his living costs for the next x months.

He's just informed me (he's full of shi.....surprises) that he originally paid for £100 worth of chips in cash. That's it, no more deposits. Complicates matters even more. The casino have offered to pay to his debit card, but god knows what that would show up as.

Your honestly over thinking this. Like a poster on the previous page I "matched bet" and have done for over 15 years. Profiting from Matched Betting requires having accounts with virtually every online bookmaker licensed in the UK as well as a betting exchange account. As a result I can deposit and withdraw sums of up to £10,000 every week. I have withdrawn over £100,000 from my betting exchange account this year alone. I pay for a service (Oddsmonkey) that has member forums as part of the service, I have never once seen anyone say their bank has questioned money coming in/going out or experienced any problems whatsoever. I doubt your son is in a unique position within the poker community either.