Obtaining loans whilst Matched Betting
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Looking at getting a loan for home improvements early next year. I do not have a separate bank account for match betting and everything is in one pot. Obviously ploughing 1000’s of pounds into gambling won’t look good. Do they look at the fact you have withdrawn more from bookies than you have put in? Anyone any experiences of borrowing money whilst Matched Betting?
+0October 27, 2016 at 8:40 pm
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They really shouldn’t be looking at the details of your bank account transactions, rather will be asking what your regular income/outgoings are, and checking your credit score, which won’t be affected by gambling either.
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I borrowed some money on my credit card right before this year’s Cheltenham Festival! Made a shed load of cash and paid the credit card off a few days later. Agree with Arb – what you spend your money on has no bearing on your credit report. If you have a good credit history you’ll be fine.
+0Cheers for that! In that case, I shall carry on earning my holiday spends!
+0As long as you have an income then things are fine! The fun begins when your sole income is from this.
I really don’t know what will happen if and when I need to look To go back into employment. I’ve updated my cv and log everything so I’m sure it would be favourable / highly interesting in an interview.
+0Speaking as an employer, so long as you were able to make a case for why you feel the time spent away from career progression has broadened your perspective on life, or given you more time to spend with your family, or been a satisfying intellectual challenge, or some or all of these, I’d say it would be fine. Especially if your pre-MB working life was relevant.
Ironically, it’s probably easier for you than for people who do this in parallel with their normal job, possibly to the detriment of their work performance and/or social life. Regardless of how profitable it one claims it to be, the perception from any prospective employer could be that you were distracted from work by your “gambling habit”, unless that employer really understands MB. Hence I’d never mention it in an interview. Doing it “full-time” makes it clear that you really were making good money.
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I think that a lot of ppl employers/lenders outside our little circle won’t see it the same way that we see it. Obviously not everyone fully understands what we do. And winning or losing it is still addictive so an employer might still be worried about it having an impact on your job.
At the back of the head there would be a worry.
As for getting a loan there have been threads here before where I think it caused a problem with a lot of gambling transactions going through. I could see how it would start causing alarm bells. Lots of gamblers win, all you need is get a bit of luck and – so I don’t think they will take a positive balance into account – they will see you won £1000 and in the back of their heads will be a little voice saying “well he could just as easily lose €1000 next month, then I will never get my payments”.
Rightly or wrongly there is a stigma attached to gambling (probably rightly, the more I get involved in this scene the more my eyes are open to how crooked the whole thing is esp the bookmakers). Maybe inside our little circle we have forgotten about it, but that perception exists in the outside world.
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@ beakerh I don’t think you will have a problem with a simple loan for home improvements but it might be different if you were looking to buy a new house and required a mortgage, in those circumstances then I think they would want to look at your current account statements. I’m surprised people don’t use a separate account for MBing you can even get money for opening a new current account. Open a donor account with your existing bank and then use it to switch to another bank, you should be able make over £100 doing this.
This means you still keep your existing account and have another new account (that you have been paid for opening) and can use this account for all your MBing transactions. If you ever then need a mortgage you show the loan company the statement of your existing current account not the statement of the new account you are using for betting.
+0I have a Mrs who doesn’t trust me having a separate bank account haha! I will be applying for a loan on phone / internet so they won’t be wanting to see my bank statement, just wasn’t sure whether the fact we pour money into gambling (or so it seems to the average person) will impact our credit rating.
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Jeez arb, you are describing me there, its pretty sobering.
I remember during Cheltenham how it affected my productivity at work and Saturdays I dont have a social life until about 30 minutes after the last Channel 4 race.
+0As someone who works for a bank I can confirm that in some cases, where a case is being manually reviewed, ‘speculative’ transaction such as those relating to betting, can be viewed negatively and can even be given as explicit reasons.
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I’ve always said on here that I will take 3-6 months off betting and/or matched betting before going to apply for a mortgage.
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