Getting a Mortgage with Gambling Winnings

minimike2

This is a joke right?

If someone tried to do a self cert with me using gambling winnings as income I would tell them where to go! I would lose my license if i did that.

Ever heard of that guy that won loads of money gambling then lost £2mil........


LOL

tomstickland

There are people who make an income from market inefficiences. This is very different from punting money on horses because they think they are going to win. There are several academic papers out there on the theory of it all, because betting markets are a good starting point in analysing other markets, so economists love it.

Someone with a grasp of probability theory can put themselves in a position of finding a long term positive expecation, rather like finding yourself with a heads/tails bet paying out at more than 2.0.

SouthCoast

Just a question.

If you are a self employed professional gambler, do you have to pay tax on your earnings?

tomstickland

No tax is payed on gambling winnings.

SouthCoast

Thanks.

I have just found myself a new job where I do not have to pay tax.

stuckin

Yes my main part of gambling is trading, if you back a horse at high odds which you know is gonna be heavily back later in the day, you then trade out when the horse odds drop, meaning you make a profit no matter if it wins or loses. it is essentially like the stock market with buying and selling, just there are more people betting on horses who don't know anything about racing therefore helping people like me trade out.
Thats what part of the analysis is knowing when a horse is gonna "drift".

And the reason why i haven't saved up 200000 over the years is because it has taken me 8 years to be in the profit i am now, i started with lower stakes and slowly tested my theory over years until i trusted it enough to make a healthy amount every month.

tomstickland

Trading is still gambling, but more in the sense of speculation on the stock market. If you back and then the odds rise then you have a loss situation.
However, I can see that trading is more akin to what a bookmaker does than a mug.

hearts

I'm a Gambler too and the one thing ALL gamblers know is that the £2000 a month winnings can soon turn into £2000 losses.

The important word is GAMBLE.

With regard to Trading. Chelsea opened at 1.23 tonight and never lowered pre match. Starting at 1.31 I think. This as an example shows that even trading is a gamble. Later and we are into the Match Chelsea are 1.03/4 with not much time to go. A lot of money changes hands at this stage. They lost. So those laying the 1.03 took a hefty hit for little profit.

My point is, any gamble can lose.

stuckin

NEVER trade on football it isnt worth it, too many people trying affecting the markets.

jackhulk

Sorry to bump such an old thread but interested to hear from OP if he got a mortgage or not, and if so how did you go about it please?