BetBurger | Live and Pre-game surebets
RebelBetting - Turn betting into investing

Does Betting Affect Credit Score?

Ask anything about smart gambling
User avatar
arbusers
Administrator
AdministratorAdministratorAdministratorAdministratorAdministrator
Contact:
Karma: 622
Posts: 6216
Joined: Thu Dec 30, 2010 4:34 pm

Does Betting Affect Credit Score?

Wed Jan 04, 2023 9:32 am

The quick answer is ''Yes''. But keep reading...

Placing wagers online will do very little to affect your overall credit report, provided that you act smartly. Irresponsible gambling will bring about reactions that’ll have a significant negative effect, but if you are reading these lines, by default, you are not an irresponsible gambler. There is only one thing that you need to concern yourself with, which is how the lender will view your betting transactions.

If you have already gone into an overdraft through wagering, that'll impact your mortgage approval. Your loan lender is more likely to assess how much of a risk you're by looking at your betting and wining history. After all, loan lenders will not want to borrow money if you are not a serious bettor and having a gambling addiction since they would unlikely receive it back.

What Happens When You Apply for a Loan?

When applying for a loan, your adviser will have to conduct an affordability assessment before borrowing money. This is one way of making sure that you are in a position to meet the monthly credit repayments which affect your credit score. Loan lenders will consider many different things when conducting this assessment. The assessment process will include assessing all of your incomings against the outgoings. Also, you will be subject to loan research. Below are more details about the things that loan advisers consider:

Income: Your income acts as proof of employment, and lenders consider daily weekly and yearly salaries. Also, they put into consideration other earnings, which may include sports betting, dividend or rental income.

Credit Reference Check: Many mortgage providers will conduct a loan reference check. Before applying for any loan, you'll need to check your own credit score using the most trusted credit reference agencies.

Outgoings: Outgoings are all of the regular expenses that you make, including rent, mortgage payment, utility bills, insurance and household expenditures like food. Loan lenders keep all these expenses in mind before they can approve or reject your mortgage application process. Unfortunately, any deposit to a bookmaker via your bank account or your credit/debit cards will appear as Outgoings.

All these things will be considered when applying for a loan. And some lenders will also consider all of your gambling activities.

When Will Online Betting Affect a Loan Application?

How could gambling affect your loan application process? Loan lenders tend to consider a few things when assessing your betting activities. These things include:

- How frequently are you placing bets?

- How much cash have you staked in total?

- What types of betting are you involved in?

Mortgage lenders do not punish applicants for placing small bets here and there. The most important word here is sustainability. Is your spending sustainable? And does the lender consider your betting sustainable? Are you keeping within a gambling set budget that does not affect your ability to pay regular outgoings? And is betting affecting your living standard? All these questions have one common answer, which is you should be in control of your betting activities.

All serious punters always have monthly budgets, which prove that they bet for leisure and only spend no less or more than the amount that they have set aside for gambling. After conducting an affordability assessment, the lender will be in a good position to see if you are a responsible gambler. If the final answer to the assessment is no, then you might find it difficult to receive a loan.

How to Get Your Credit Approved

If you’re a sports bettor and worried about getting a loan, there are a few things that you can do to help you enhance your chances of getting a mortgage. These things are:

Stop Gambling/Gamble Responsibly: If you’re really worried about gambling affecting your chances of getting a loan, then you should try your best to stop it. Alternatively, you can limit the amount of cash that you use to bet. Please keep in mind that all this depends entirely on the amount of money you set aside for betting. As mentioned earlier, if you are a responsible gambler, lenders will not have many issues with you.

Regular Savings: A loan lender will see you as a good borrower if you can show that you own a savings account and you are dedicated to paying into it on a regular basis. So apart from responsible gambling, you can also save some amounts of cash regularly.

Good Loan History: A good loan history boosts your chances of receiving a loan. So you should always work to enhance your credit scores.

Positive Profit/Loss statement: If you are a long term winner, meaning you receive more from bookmakers compared to what you deposit, then by default you can prove that gambling is an additional income for you. This comes with asterisks. Some countries are so negative against gambling, that even if you are a pro gambler with an impeccable winning record over the years, this will backfire on you. Not to mention the nerves and the time loss needed when a proof of income is requested by a bookmaker.


Will Betting Debts Affect Your Ability to Get a Loan?

Any debt will affect your ability to receive a loan. And a gambling debt isn’t different. However, if you are placing bets under control and you’re working towards paying off your gambling debt, you should not get worried.

Your lender will be able to give you a loan. Many lenders do not follow the sources of gambling debts, especially when you do not make deposits to betting sites. Also, if you do not disclose this, it will be difficult for the lenders to know that you have a debt.

How Do Loan Lenders Detect Your Betting Activities?

When you submit a loan application, you’ll be requested to provide three months of bank statements. Loan providers will examine the bank statements for signs that your expenses and earnings blend smoothly with what you have provided. The mortgage lenders are well-trained to look for any signs of regular betting. Through the bank statements, they will be able to see the regular transactions at your favourite betting sites.

Final Thoughts

We believe that you could use e-wallets like Skrill, Neteller and ecoPayz for your betting activities. Like this, the bank will not see mass deposits and withdrawals to bookmakers, and therefore there will be almost no excuse to damage your credit score for a loan. Again, gamble responsibly.
arbitter101
Gaining experience
Gaining experience
Karma: 16
Posts: 37
Joined: Fri Mar 26, 2021 4:36 pm

Does matched betting affect the credit score?

Sat Jan 07, 2023 8:20 am

I recently came across an article about the same subject, but wanted to narrow it down to matched betting strictly.


Matched betting is a technique which is used by bettors to take profit from bonuses offered by bookmakers and it is widely used in conjunction with betting exchanges, and so many people who utilise this type of strategy are concerned that their activity will affect their credit score negatively in relation with the banks.

What is a credit score?

When wanting to purchase financial services, a credit score is used by financial institutions in order to check if you are eligible or not for for a credit card, loan or mortgage.

It basically depicts the creditworthiness of said individual. The calculation is based on a variety of factors which include credit history, number of open accounts, total levels of debt, etc.

The higher the score, the better.

Companies will run different checks but it really depends on the type of service they are providing and the regulations which are in order.

For instance registering to a bookmaker will cause them at first to perform a small scale soft check, in order to check for your legal age and for anti-money laundering purposes. Banks will not have information about this check being performed.

Matched betting and credit score

Since the bank institution is assessing the risk in relation with your account they will calculate many factors, so a good idea would be that of having a separate bank account for matched betting purposes in order to diminish the chance of being rated negatively when for example one wants to apply for a mortgage by showing a statement from the main account.

If the amount spent monthly on gambling is higher than ones salary, there might be a red flag and an investigation maybe due. At the same time, the amount of winnings is important, so if you win substantially with Matched Betting then it will flatten out.

It is important that if you have accumulated a sum of money through this endeavour, you must not try to hide where it came from as this will complicate things. You will have to explain the source of the money upfront, especially while dealing with banks.

A savings account would be useful for stacking the money generated through this method, it will as well be easier to prove where it came from, and the fact that the money was not withdrawn represents an assurance to the lender.

Conclusion

Matched betting does not affect the credit score but it is good to take some precautions in order to not raise discussions and keep your money well organised, like utilising separate accounts.

Gambling as a whole has no influence upon the credit score either, one can do with his money what one pleases, the important thing is to not gamble with borrowed money, but this is not the discussion. If we strictly limit it to MatchedBetting, it should not affect it whatsoever.
balls of steele
Has experience
Has experienceHas experience
Karma: 10
Posts: 204
Joined: Tue Sep 06, 2016 5:12 am

Re: Does Betting Affect Credit Score?

Tue Jan 10, 2023 5:40 pm

arbusers wrote:
Thu Sep 30, 2021 9:32 am
We believe that you could use e-wallets like Skrill, Neteller and ecoPayz for your betting activities. Like this, the bank will not see mass deposits and withdrawals to bookmakers, and therefore there will be almost no excuse to damage your credit score for a loan. Again, gamble responsibly.

The solution to this problem is called Bitcoin, but unfortunately adaptation is so slow.
bankster
Gaining experience
Gaining experience
Karma: 5
Posts: 55
Joined: Wed Sep 03, 2014 1:41 pm

Re: Does matched betting affect the credit score?

Wed Jan 11, 2023 1:46 pm

I am working in the banking sector, as you can probably understand from my username, and most of the times I m in Switzerland working very close with teams that manage investment portfolios. The amounts of money is so big, that no-one cares if they see gambling transactions.
User avatar
arbusers
Administrator
AdministratorAdministratorAdministratorAdministratorAdministrator
Contact:
Karma: 622
Posts: 6216
Joined: Thu Dec 30, 2010 4:34 pm

Re: Does matched betting affect the credit score?

Thu Jan 12, 2023 7:29 am

bankster wrote:
Mon Feb 28, 2022 1:46 pm
I am working in the banking sector, as you can probably understand from my username, and most of the times I m in Switzerland working very close with teams that manage investment portfolios. The amounts of money is so big, that no-one cares if they see gambling transactions.

However, the vast majority of bettors do not have the size of your clients. Gambling transactions might represent a bigger percentage of transactions among the total transactions. The thread is for these people and not the multimillionaires of investment portfolio banking.

Return to “Newbie's questions”