Urgent help needed

[decomez6]

. I had other sources of income and they wanted derails of everything. Like I borrowed my friend 4k a few years back and got it returned this year. They wanted to know where this come from and did I pay taxes etc on the cash.its really really intrusive.

sounds like the ' Farage Bank saga'.
-are you politically inclined ? .
the funds could potentially be from china , Russia or the black market .BF is cleaning house in anticipation of the NEW world order.

the UK gov is setting up necessary legislation to deal with AI and monetary foreign interventions with a keen focus on Cash transactions post the covid -19.

a winning Trader or punter needs 4 grand from a friend ? take a few years to pay them back ? ..... potential red flags

[Derek27]

Also I may add. I have never once called Betfair shite.

That could easily have been aimed at me.

[Paulbee1122]

I lent my friend 4k as was going through a divorce. So he repaid myself. You views seems very kind of conservative and if I'm OK jack fuck everybody else. I have no political affinity no. I worked very hard for many years and found something I was good at and had an edge. I think over the next year or so you may read many comments on situations similar to myself.

[Paulbee1122]

And sorry Derek if I come accross as slightly snappy. I'm a little stressed but is what it is.. I will explore the betfair situation further. As far as matchbook and smarkets are concerned they point blank banned me for winning. End of story with them. Both a buisness decision to close your account. So they are obviously putting cash into markets. Which I suspected anyway. I have written 10 different emails to Jason Trost but as yet no reply.

[Kai]

I have written 10 different emails to Jason Trost but as yet no reply.

Could try emailing Peter Jackson at Betfair if you haven't already

That seemed to do the trick for someone the other day : viewtopic.php?p=336998#p336998

[ShaunWhite]

I would be very wary of the making a living angle. Remember the taxman is always around. Its a complex legal area but in general Betting earnings aren't taxable but saying its earning a living arguably could be said to be a job and therefore earning by way of trade. I'm not a lawyer by any means and if anyone is expert in this area by all means jump in but if I was a taxman, sorry taxperson I would be very interested.

Not surprisingly lots of us have looked into this and there's no issues. But some seek the advice of specialist accountants (poker pros, gamblers etc) to make sure they've been seen to be up front should there be any accusations of grey areas/evasion.

[Euler]

I do not hold a full time job. I trade on betfair or did full time and I do the vids at Sunderland greyhounds so I have profited from that source the last 5 years also. If you want to know specifics I traded over 1.7 million last year with a 50k profit. About the same previous years aswell. Source of funds is how I keep failing. Then I get the dreaded email. We have made a company decision to close your account. Re smarkets I have sent Jason Trost numourous emails. But no reply. I thought he stated on here we do not close account for winning. Really. Lol.

That's a pretty decent RoI

If you bet on matchbook or smarkets they are often the market maker, so it's perfectly possible to be banned. Especially if you are doing something that is hurting market makers.

[Paulbee1122]

Yes mate. They made some Rick's on the dogs but that's not my issue. If I do my homework and see a good price. Ie I make it a 5/4 shot and they are trading at 3.5 of course I'm going to take the trade. But obviously they don't want people who have any sort of idea. They want losers. Like normal bookmakers want casino players. Ladbrokes was the worse ones. They said my max stake in greyhounds was limited to £1 per race but I can deposit £1800 a day to play on their casino. Them bastards are the crooks not us. At the end of the day OK they have fucked me up but only a matter of time all their shops will be closed. So who wins. Nobody.

[Crazyskier]

I can't contribute much Paul, other than to commiserate as being a similar age, I'd love to be profitable and consistent enough to live off my trading earnings. That for sure is the 'Holy Grail' for myself and many others hereabouts.

What I can say is that I was subjected to a £1,000 monthly limit (see -----> viewtopic.php?f=15&t=26024&hilit=deposit+limit) and since then I have worked tirelessly to make sure that I almost never deposit and only withdraw once per month.

Thankfully, I've had no issues since then, and the comment Shaun made about withdrawals actually helping as it adds the deposit amount to that monthly deposit limit is true.I can only hope that you find a (legal) workaround.

CS

[ShaunWhite]

. So who wins.

Well I'm hoping it's the exchanges and therefore us. Same affordability issue admittedly but at least you're allowed to win.

Bookies would have changed their practices years ago if gamblers had shown some solidarity and boycotted them for weeks on end, months if necessary. Affirmative action. I haven't had a bookie account since 2010 purely on principal and no amount of winnings, deals or great prices would have changed that. People only seem to get scruples when they personally get hit but happy to patronise them if they're winning.

Why do bookies do it? Because gamblers have let them.

[ShaunWhite]

, and the comment Shaun made about withdrawals actually helping as it adds the deposit amount to that monthly deposit limit is true.

That's what the site says but the guidance is more than just a calc it seems, withdrawing too often looks 'needy'.

But most self employment is similar in that blurring personal money and working capital is frowned upon so it's about portraying that 'professionalism' that will hopefully mean they'll cut us some slack and see us for what we are, aka businesses or serious side-hustles not just 'punters' ..... and sadly a fond farewell to the wild west.

I dunno CS, I'll do anything right now to mitigate my risk. I'm not going down saying shoulda woulda coulda because it's been too many years invested for that, and not enough years left for me to start something else. These aren't laws they're guidelines, so the onus is on us to give them the best possible reason to wave us though so they don't get fined if we later do something daft. Iykwim.

Anyone who speaks to them realises that Betfair don't want to lose customers, but equally can't afford to wind up the GC or get bollocked for deaths. I think the evidence is that they're limitting rather than just banning. They're not getting rich from limitted accounts so it's an indicator of something positive about their attitude. Small mercies?

[Paulbee1122]

I must of been one of the unlucky ones. But I'm appealing the decision. I'm in a slightly better frame of mind about it all.. If this is the end well so be it. I have enough to live on until I get my army pension at 57. I just visualised retirement being maybe 2/3 hours trading a day then golf etc. But this is going to leave a big void. Without having a bet I do not have much interest in racing. Even though I may go racing between 30/40 days a year. If I'm not having a bet be pointless me going. But I do love sitting near the parade ring and seeing these beautiful animals close up. Maybe time now to sort my health issues out and more time for family. Anybody else over 50 on here. The pains at morning are awful. The docs put myself on 8 codeine tablets a day but they cause other complications. Anyone have any good remedy rather than taking medication and basically masking the pain. I just put it down to an age thing. Our body are only built to last 75 years so I'm now over 2/3 there. So must just be natural wear and tear over the years. Ps I haven't had any as alaholic drink since pre lockdown and also give up the cigarettes 4 years ago.

[decomez6]

. But I do love sitting near the parade ring and seeing these beautiful animals close up. Maybe time now to sort my health issues out and more time for family. Anybody else over 50 on here. The pains at morning are awful. The docs put myself on 8 codeine tablets a day but they cause other complications. Anyone have any good remedy rather than taking medication and basically masking the pain. I just put it down to an age thing.

in older age you get to appreciate how lucky one is to be alive. Nature comes as double edged sword , Naturing or elimination by natural selection .
Its easy to see why you done very well with the cards you r dealt .

many in the armed forces end up with PTSD ,which then result into marriage breakdowns and then cascades into family separation. kids grow with loving father who is not emotionally available.
this things are absolutely not trivial. You would want to make up for lost times. Also working very hard to provide financial stability to your family. This ends up in inducing more stress and vulnerability into you health .

i personally would recommend a mild ketogenic diet with restricted feeding window and more enjoyable physical exercise.( keep those fags and booze at arms length)
the secret is AUTOPHAGY :
your body will heal itself given the right nutrients and the right resting periods.
you will be amazed how little of the pain killers you need . the clarity of thought is also amazing .

all the best

[Paulbee1122]

Thank you my friend. I will certainly look into that. You have a great day ahead.

[greenmark]

I must of been one of the unlucky ones. But I'm appealing the decision. I'm in a slightly better frame of mind about it all.. If this is the end well so be it. I have enough to live on until I get my army pension at 57. I just visualised retirement being maybe 2/3 hours trading a day then golf etc. But this is going to leave a big void. Without having a bet I do not have much interest in racing. Even though I may go racing between 30/40 days a year. If I'm not having a bet be pointless me going. But I do love sitting near the parade ring and seeing these beautiful animals close up. Maybe time now to sort my health issues out and more time for family. Anybody else over 50 on here. The pains at morning are awful. The docs put myself on 8 codeine tablets a day but they cause other complications. Anyone have any good remedy rather than taking medication and basically masking the pain. I just put it down to an age thing. Our body are only built to last 75 years so I'm now over 2/3 there. So must just be natural wear and tear over the years. Ps I haven't had any as alaholic drink since pre lockdown and also give up the cigarettes 4 years ago.

"Our body are only built to last 75 years so I'm now over 2/3 there."
Annuity companies work on 86 as the average now.
But if you're taking that many painkillers there's ssomething going on that needs addressing. I'm 63 and have a few niggles, but take no painkillers. They have rarely helped me for more than 20 minutes.
If you feel like sharing your problems I think there are sympathetic folk on here and quite a few older than you. So there might be a pool of untapped knowledge for you to explore.