Question about exchanges?

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Northwestuk1
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Northwestuk1

Question about exchanges?
« on: January 26, 2021, 05:06:12 PM »
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I have seen so many posts in forums and on social media groups and on trustpilot about people constantly being banned from betfair / smarkets..

Basically i came out of work last March due to the pandemic and haven’t been able to get back into my line of work since then.

So with the last bits of money i had, i started using that to match bet / arb etc.. i have managed to turn a small amount into a fairly decent amount since i finished work last March.. This is my only way of making money at the moment and with seeing people being constantly banned from exchanges I’m a bit worried they might try and ban me.

I could give them basic i.d but If i was asked for wage slips and things like that  i wouldn’t be able to provide them... so they would probably just take my money and not give me my account back.

My question is, do people think that if you stay under a £1000 balance in your exchanges do you think that would help you stay under the radar?? 

That is what I’m trying to do at the moment.. There is just something that tells me that when people start going into the thousands in their exchange thats when people start asking questions.

What do you think?

Any answers or advice is greatly appreciated!

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arbusers
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arbusers

Re: Question about exchanges?
« Reply #1 on: January 27, 2021, 08:29:11 AM »
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Hello Northwestuk1 and welcome to the forum. Congrats on the success you had so far and good luck from now on.

I don't want to discourage you, but people who are starting this smart betting journey should have an income generator behind them, just in case something goes wrong with betting. Even though we wish all the success of the world for you, the odds are against you.

Indeed, exchanges are very greedy and they have an insatiable thirst for profit. That means, there is always a possibility they ban you or inflict charges that will not allow your business to grow old.
So far, when they ask for source of wealth, they do not specifically ask for recent pay slips. A tax declaration of the previous year is sufficient to prove that you indeed have an income. In addition, you can tel them that your income comes from betting, but in this case they might ask you for more documents including correlated bets or winning bets in other bookmakers accounts under your name.

Of course £1000 is a very low threshold, and most probably no-one will care for an account like this, but you never know when they go that low. We have seen first class well known bookmakers asking for proof of wealth after low 3 digit withdrawals. That said, the 1000 threshold is not a guarantee that you stay under the radar.

And of course, you are right to say, that when balances (and volumes) go higher, then questions are coming.


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Northwestuk1
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Northwestuk1

Re: Question about exchanges?
« Reply #2 on: January 27, 2021, 09:34:59 AM »
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Thanks very much for the reply 👍
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