Betfair account closed - Funds with-held

[conduirez]

My friends issue was sorta expected.

He had a cash punter who lost £300k in 4 months.

A lot of hedging initially took place on Betfair, before going elsewhere.

To get the cash into Betfair he had no option but to deposit chunks in some weeks.


My deposit was v different. I think I might have deposited £8k into my bank in one month, and sent Betfair £3k via debit cards such as Wise (removed) and then Revolut, as I didn’t want Betfair appearing on my bank statements.

It’s clearly wrong my account should be closed - bit am mentally determined not to pay 40% PC, so it’s the same thing.

Having 'Betfair' or any other gambling-related outfit appear on your bank debit card transactions can be VERY harmful for your credit score and future lending decisions. I use Paypal exclusively for deposits and withdrawals then transfer it for free overnight into my current account to avoid being flagged as a gambler.

CS

Just so others realise, if you deposit your Betfair account through PayPal via a bank card, your bank will know where the funds went.

[Archery1969]

I am slightly confused here why Peter / Euler has not had anything to say. He must be very close to the Betfair logic. Not expecting him to intervene but if this starts becoming the norm then the Betangle subscriptions will take a serious nose dive as nobody is going to bother etc.

No offence to anyone, just my thinking.

[Euler]

I am slightly confused here why Peter / Euler has not had anything to say. He must be very close to the Betfair logic. Not expecting him to intervene but if this starts becoming the norm then the Betangle subscriptions will take a serious nose dive as nobody is going to bother etc.

No offence to anyone, just my thinking.

I've already spoken to MegaRain personally on seeing the thread.

I'm obviously interested in trying to protect the interests of ALL Bet Angel customers. But that precludes having that discussion in public.

[Crazyskier]

My friends issue was sorta expected.

He had a cash punter who lost £300k in 4 months.

A lot of hedging initially took place on Betfair, before going elsewhere.

To get the cash into Betfair he had no option but to deposit chunks in some weeks.


My deposit was v different. I think I might have deposited £8k into my bank in one month, and sent Betfair £3k via debit cards such as Wise (removed) and then Revolut, as I didn’t want Betfair appearing on my bank statements.

It’s clearly wrong my account should be closed - bit am mentally determined not to pay 40% PC, so it’s the same thing.

Having 'Betfair' or any other gambling-related outfit appear on your bank debit card transactions can be VERY harmful for your credit score and future lending decisions. I use Paypal exclusively for deposits and withdrawals then transfer it for free overnight into my current account to avoid being flagged as a gambler.

CS

Just so others realise, if you deposit your Betfair account through PayPal via a bank card, your bank will know where the funds went.

Correct. You need to send a BACS transfer to Paypal for deposits, and make BACS withdrawals. All completely free and untraceable by the banks.

CS

[JohnT]

Surprised no one has asked if it has anything to do with PC avoidance.

[Derek27]

Surprised no one has asked if it has anything to do with PC avoidance.

From the screenshot Megarain posted, he certainly doesn't seem to be avoiding his fees.

[JohnT]

If they closing his account for winning why are they taking six months about it?

His story just doesn't add up.

[The Silk Run]

Having 'Betfair' or any other gambling-related outfit appear on your bank debit card transactions can be VERY harmful for your credit score and future lending decisions. I use Paypal exclusively for deposits and withdrawals then transfer it for free overnight into my current account to avoid being flagged as a gambler.

CS

Just so others realise, if you deposit your Betfair account through PayPal via a bank card, your bank will know where the funds went.

Correct. You need to send a BACS transfer to Paypal for deposits, and make BACS withdrawals. All completely free and untraceable by the banks.

CS

Even better if you have offshore banking with the Vatican

[BettingAutomation]

What was the strategy you used to win over 4 million pounds? Just asking for a friend.

[The Silk Run]

What was the strategy you used to win over 4 million pounds? Just asking for a friend.

[Derek27]

If they closing his account for winning why are they taking six months about it?

His story just doesn't add up.

They're not closing his account for winning, they're closing it for fuck knows why. Winners and losers have their accounts closed with little information or reasoning given. Betfair are not the best of communicators, but to anyone who reads this and other forums, it's a common problem.

[Hepburn]

40% ouch. Like the tax man has a tax man.

[Archery1969]

If they closing his account for winning why are they taking six months about it?

His story just doesn't add up.

They're not closing his account for winning, they're closing it for fuck knows why. Winners and losers have their accounts closed with little information or reasoning given. Betfair are not the best of communicators, but to anyone who reads this and other forums, it's a common problem.

Then it needs calling out on the internet and social media. Write to MPs and the gambling commission.

Hell I know some nasty journalists who will be worse than a dog with a bone if they smell some kind of scull dugary going on.

Time these betting companies were put in their place. They offer a service and should be 100% transparent.

[megarain]

To clarify some sort of time line.

About 12 months ago, a previous account manager asked for documents/bills etc and I sent. The account was ok.

In Nov of last yr, my previous account manager asked for a ton of documents which I provided, specifically for the July/Aug time frame.
I provided everything and was informed everything was ok.

Last month, a new account manager asked for the SAME July/Aug documents again. I asked WTF was going on, and he corrected himself and asked the statement for Revolt, from which I had deposited 1k. This was funded by a 2k trf from my bank, which he had the statements from.

These people are a pain to deal with and I have got bored of it. Euler has offered his help, but I refuse to pay 5-8% comm and 40% PC and deal with the CS on what seems a regular basis that there are errors in market times/silks/names/events not turned in play.

On multiple occasions I would ask CS if such and such (cricket) games would be provided on the exchange. They sometimes replied No. I would ask why, they say business reasons. Fair enough .. then 10 mins later they are added (Never, ever a hint of an apology or explanation). and a wasted 2 hrs of elevated blood pressure has ensued. They can keep it.

[megarain]

As an aside, am interested on what you think my chances are to get the 300 quid API fee back.

I spent maybe 8k on API development - the programs are not for sale (before anyone asks)