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Client asked to explain transfers by bank

Make bookmakers cash cow machines
freaked
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Client asked to explain transfers by bank

Tue Oct 11, 2022 8:14 am

Has it happened any members where an associate/client has been questioned by the bank on the incoming and outgoing transfers, both to the arbuser members account and to the books we have taken profit off?

In a country with no gambling tax, the solution I can think of is explaining the setup and staking ratio of both parties, along with statements showing the profits gained from the books.
Or is there a smarter solution?
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Re: Client asked to explain transfers by bank

Tue Oct 11, 2022 9:26 am

Except if they are arbers or involved, they will never understand what you do and will likely not believe you.
thomas wilson
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Re: Client asked to explain transfers by bank

Tue Oct 11, 2022 9:37 am

it is not unusual in the UK for a bank to tell an arbing customer of their's that they no longer wish to have their business and close the account down, of course there are many other banks to move to, just another problem an arber faces, banks nowadays in the UK ask many questions about transactions which aren't even that large, too many of these and your account faces danger of closure.

I definitely don't think it's a good idea to tell the bank you're running an arbing business, next thing you know you're having a conversation with the inland revenue? ok I don't know if that's true but not worth the risk!
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Re: Client asked to explain transfers by bank

Tue Oct 11, 2022 1:40 pm

A luck of knowledge makes them think that you may be involved in gambling/money laundering activities.
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Re: Client asked to explain transfers by bank

Tue Oct 11, 2022 9:34 pm

thomas wilson wrote:
Tue Oct 11, 2022 9:37 am
it is not unusual in the UK for a bank to tell an arbing customer of their's that they no longer wish to have their business and close the account down, of course there are many other banks to move to, just another problem an arber faces, banks nowadays in the UK ask many questions about transactions which aren't even that large, too many of these and your account faces danger of closure.

I definitely don't think it's a good idea to tell the bank you're running an arbing business, next thing you know you're having a conversation with the inland revenue? ok I don't know if that's true but not worth the risk!
If gambling is tax free, what would the issue be?
Don't you think the bank may inform revenue if the request is ignored?
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Re: Client asked to explain transfers by bank

Wed Oct 12, 2022 5:31 am

[/quote]

If gambling is tax free, what would the issue be?

[/quote]

They simply don't like such type of transactions, it has nothing to do with ''tax free gambling'' imo.
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Re: Client asked to explain transfers by bank

Wed Oct 12, 2022 8:19 am

freaked wrote:
Tue Oct 11, 2022 9:34 pm
thomas wilson wrote:
Tue Oct 11, 2022 9:37 am
it is not unusual in the UK for a bank to tell an arbing customer of their's that they no longer wish to have their business and close the account down, of course there are many other banks to move to, just another problem an arber faces, banks nowadays in the UK ask many questions about transactions which aren't even that large, too many of these and your account faces danger of closure.

I definitely don't think it's a good idea to tell the bank you're running an arbing business, next thing you know you're having a conversation with the inland revenue? ok I don't know if that's true but not worth the risk!
If gambling is tax free, what would the issue be?
Don't you think the bank may inform revenue if the request is ignored?
I mentioned tax after reading about explaining to the bank about running arbing as a business, I have no clue if banks are interested in these things? just best to be careful with what you say as gambling is tax free in UK as long as you are not operating as a business.

banks main concern I think is money laundering, as an arber you will be moving many £k's from one person's bank account to another on a regular basis, I know i did, I never lost a bank account or was under investigation but I know others where that wasn't the case.
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Re: Client asked to explain transfers by bank

Wed Oct 12, 2022 9:27 am

Just take the simple Advise here. I am sure every opinion here has witnessed this one way or the other.

You might take your time to explain to them about your actions and even give a video tutorial. In their head it is straight METAphysics and it screams CROOK.

Once you are involved in smart betting, arbing or value or anything smart that involves Loads of transactions it is wise to use the services of platforms designed for such NOT BANKS.

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