"Gnoming" on Bet365

Hi guys,
So I am in university and have been matched betting for a while now, recently to take advantage of the Bet365 Risk free In play i have been sending my flatmates £100 to bet on it (£50 matched, risk free is a punt) and if anyone wins I split with that person 50/50 if not they withdraw the £100 and it goes back to me (Its a win win since I have money that they don’t have so they get the oppurtunity to win big too).
Anyway after this a couple of others wanted to do it so i had them set up a bet365 account and agreed that I send them £275 they keep the £75 for themselves and deposit the £200 then match their bets for them so effectively we’re both guaranteed £75 after a potential £1200 rollover qualifying loss.
Now word has got out and a few others want it cause they obviously want a free £75, it is a great situation for me but i was just wondering if there is anything I need to be careful with here? I plan to do it for only people I can trust to send me back a potential £1200 from a bet365 and only do it for one person at a time so that my mind is only on one account, I will be doing each person’s own house on their device so IP and internet etc. will not be a problem either. But are there any legalities I need to be careful of? With me sending £275 to lots of people will it be a problem with any banks, technically because I am getting that person to put the bets on and charging them £75 for me to match it etc., its not like i’m using their identity so no fraud etc. Just want to make sure I’m not in for trouble?
Any thoughts would be appreciated.

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Stanman
0

March 10, 2016 at 12:30 pm

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navillus 3 March 10, 2016 at 12:38 pm

Can`t see a problem wish I thought of it. I think its the same as a financial adviser , advising you to buy shares in Microsoft etc. The only problem I can see is that Bet 365 are red hot on punters only taking the offers, so I would be cutting the 75 down to fifty and using the other twenty five for “mug bets”.. I suppose your doing business studies or politics lol !!!

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Stanman 0 March 10, 2016 at 12:47 pm

Yeah I agree but then I also thought with all these new peoples accounts they would only gub after the sign up bonus is done am i right? I’m looking at doing this for the start up offers the risk free in play bets were just how others were interested. So am i right in saying that even if they gubbed i would’ve already taken their free £200 am i right?
And no I’m studying Marine Biology hahaha

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ThadCastle 0 March 10, 2016 at 12:54 pm

My only concern would be that if you got to the £1200 in betfair, withdrew to their account and then they just refuse to send you it back…? otherwise I like the idea

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patrick
Blocked
9 March 10, 2016 at 12:58 pm

The biggest risk is in getting your money/share back from your mates.
I take it you are using your own exchange account in your name.

If you are talking about the welcome offer by using the full £200 deposit bonus it could be that all your rollover bets win and you end up with say £1,500 in your mates Bet365 account and losses of £1,300 in your exchange account.

A problem might occur if your mate thinks you have won£1,500 with Bet365 and wants a much bigger share than £75.

It can be difficult to explain matchbetting to someone and make it clear there are corresponding loses in your exchange account.

Even if you get your money back from your mate in this case he could still remain unconvinced and think you have conned him and it could affect the relationship.

If you are doing their opening offers for them you should be making £225 in total so by giving them £75 you are only giving them a 3rd of the profit and leaves you £150 per each new account.

7 new accounts = £1,050

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Stanman 0 March 10, 2016 at 1:23 pm

Thadcardle like i said I would only be doing it with people i could trust to send the money back.
And Patrick I agree with you in that it is difficult explaining to other people trust me i have tried! But I think by explaining to people first that if they win on their account i will lose on mine it should be okay.
Out of curiosity where did you pluck £225 from, is there something I’m missing?
The reason I have been sending them £75 is because i know I should be making roughly £150 if i had to wager all the way through and it is so that they know that they are in profit no matter what (because they half don’t believe that the profit really is guaranteed and they are scared that somehow they will lose money) so that insurance is what I am using as an incentive if you like. Maybe if i lose less I should give them a little more but then I gave them what I promised and if other people find out that I gave one person £95 and the other only £85 (due to an even split after qualifying losses it might get nasty and i want to avoid that).

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Blank 0 March 10, 2016 at 1:24 pm

1 thing worth considering is, as you’re at uni, where do these friends live? Are they in shared accomodation/halls/house share? Could mean more than one account at an address which could cause problems.
I guess a problem would be getting gubbed before completing sign up, and using same physical or IP address might make this more likely – I guess your friend would still expect their £75 and there could be qual losses

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Jeff Heaney 1 March 10, 2016 at 1:24 pm

I would be very careful who you trust to do this as if the £1200 ends up in there bet365 and they refuse to give it back legally you would not have a leg to stand on. It would not be a criminal matter it would be civil and the only way you could pursue it would be through a small claims court which would cost you money. Plus it’s your word against his so it would be difficult to prove either way.

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Stanman 0 March 10, 2016 at 1:41 pm

Blank, I have thought about this and with my friends who live in the same house their internet sharing would be a problem if one person had already done it, however if they placed the bets on campus using the universities internet (available to 15,000+ people) surely thats okay?
Jeff I realize that the biggest issue is trust, and agree with what you said hence why i would be selective about who i could trust. So will just have to hope I have good judgement over my mates ay? The main thing I wanted to check here is that i’m not breaking any laws? Also technically when the money is being won through the bookies/exchange its tax-free right?

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patrick
Blocked
9 March 10, 2016 at 2:02 pm

With the deposit bonus of £200 you should convert into £180.

You also get a 1st time mobile app bonus of £50 which you should convert to £45 giving £225 in total.

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Stanman 0 March 10, 2016 at 2:50 pm

I completely forgot about the mobile bonus, thats something i’d do on top and split that. But extracting £180 from £200? Is that taking into account a potential £1200 wager with really tight odds or..?

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patrick
Blocked
9 March 10, 2016 at 3:30 pm

Yes it is,so I can see your objection to it.

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FoG_BLoG 58 March 10, 2016 at 4:05 pm

I don’t think you’re going to get into much trouble or are doing anything wrong by the bookies. If the person signed up is making the bets then the bookie cant really do anything. There is no fraud there. You are just giving advice/tips and a small loan and charging for it.

I don’t see revenue chasing you for tax if you’re only doing it small time, but technically one of the accountants on here said before that you would be providing a service, so although normally bookie profits are tax free – you would technically have to pay tax.

Anyway, I’m not an accountant or a lawyer so don’t blame me if you get in hot water! Just the way I see it.

How much money are you going to be making off this? If its 75 per week then okay, I guess I’m thinking that if you are doing 10 or so sign ups per day and raking in thousands in a week then the revenue commissioners might have a different view.

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jamiea
Blocked
29 March 16, 2016 at 4:27 pm

Im assuming you flat mates have the same address, Im tempted to do a bet 365 post cheltenham in my wifes name while my exchange is healthy but t and cs say you cant have more than one account at the same address.

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