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What is considered too excessive betting/gambling?

Discussion in 'General Discussion' started by Bassmansam, Mar 30, 2017.

  1. Bassmansam

    Wise Guy

    Joined: Nov 22, 2007

    Posts: 2,322

    Earlier this month I applied for a mortgage and on Tuesday they asked for more my last 3 months bank statements. When i sent off my statements I started to wonder what they may think of all of my deposits to Sky bet , about 40-50 per week. Now of course I came across articles saying banks do not like gambling at all.. so GD, have i screwed myself with this?

    I currently live at home and pay 100 rent and take home 1612 a month so I do have a a lot of disposable cash. I barely go out drinking/restaurants/cinema lately so I'm still saving around 800 per month. Just worried what the bank will think.
     
  2. wedrum

    Mobster

    Joined: Aug 11, 2016

    Posts: 4,216

    Location: Cheshire

    40-50 deposits or £40 to £50 ?
     
  3. Diddums

    Capodecina

    Joined: Oct 24, 2012

    Posts: 17,927

    Location: London

    Hard to say, but this is exactly the reason I tell people who get in to matched betting to use a separate account. Even for any other "fun" activities, I think keeping it all in a separate account is good practice.
     
  4. Bassmansam

    Wise Guy

    Joined: Nov 22, 2007

    Posts: 2,322

    I would easily spend that in a pub if I went every week.
     
  5. adolf hamster

    Soldato

    Joined: Oct 18, 2012

    Posts: 6,905

    my general rule for anything addictive is when you first find yourself saying/thinking "i can quit any time"
     
  6. mattyg

    Soldato

    Joined: Jun 17, 2007

    Posts: 7,317

    A mate of mine once put £100k down in order to try and win back some that he had lost...........Luckily his wife found out at that point. Threatened to leave and he sorted himself out.

    Now he collects houses......He earns a lot....He put £400k cash in with a mate to set up a solicitors firm and had his money back within 12 months....Thats just one finger in one of many pies.

    He put his gambling down to having too much money at too early an age.
     
  7. Cambofrog

    Wise Guy

    Joined: Jun 2, 2007

    Posts: 1,180

    Location: Bradford

    They will just request you take their test on the mathematics of probability.
     
  8. Begbie

    Capodecina

    Joined: Oct 20, 2004

    Posts: 23,092

    Location: .....

    Having a spare 400k about doesn't sound like he had too many problems.

    One mans 100k is another mans 100.

    I struggled with a mortgage on a higher wage, and not too far off the same outgoings. Probably about £150-200. In the end I was advised to wait, I also have a very good credit score (according to experian).

    There was one thing on it that scared most major banks off, which has now cleared. So I get to go through the whole joyful experience again! :(
     
  9. pokerking

    Wise Guy

    Joined: Aug 13, 2011

    Posts: 1,381

    Location: Leeds

    I did gamble a while ago, every pay day I was excited put £70 on skybet and lost most of ths time, felt bad for a few days then waited for the next pay day. Slowly putting more on and it got to a point where I thought I can win big and used my rent £600 and lost it all.

    Never felt so low and bad in all my life, cost me debt and a failed loan as the bank Halifax did not seem too impressed with my deposits and banking history.

    I think it does impact decisions where somebody has to look at your statements.
     
  10. Bassmansam

    Wise Guy

    Joined: Nov 22, 2007

    Posts: 2,322

    The latter
     
  11. balky12

    Mobster

    Joined: Oct 6, 2011

    Posts: 4,208

    Too much is when you find yourself betting further just to make money back, imo.

    It varies. I could do £100 a month and be 'fine' with losing the lot. £300 and my social life will suffer. Anything over £500 and I'm putting strain on feeding myself and house bills.

    However if I go to the horse races I will go with a few hundred, but then I Would be saving in advance...

    When the fun stops. STOP. :D

    I am always slinging money on BET365, got a mortgage 6/7 months agp, nothing was said and I had no problems.
     
  12. asim18

    Capodecina

    Joined: Dec 5, 2006

    Posts: 15,410

    They dont care about your little gambling habit. They just want to see your statements to make sure you'll be a good slave for them for the next 30 years.
     
  13. Cambofrog

    Wise Guy

    Joined: Jun 2, 2007

    Posts: 1,180

    Location: Bradford

    I agree with you asim.
    Op... just pay in cash ???!!!111
     
  14. Vonhelmet

    Caporegime

    Joined: Jun 28, 2005

    Posts: 48,116

    Location: On the hoods

    And the alternative is...
     
  15. Dis86

    Capodecina

    Joined: Dec 23, 2011

    Posts: 20,069

    Location: Northern England

    I wouldn't say it's a crazy amount.
     
  16. Holst1981

    Hitman

    Joined: Dec 1, 2015

    Posts: 812

    £50 a week seems like a lot to me.
    That's £2500 a year if you lose it all.
     
  17. Bassmansam

    Wise Guy

    Joined: Nov 22, 2007

    Posts: 2,322

    If i lost every week i would of given up long ago. Not sure if banks approve even if you are in profit though.
     
  18. Cambofrog

    Wise Guy

    Joined: Jun 2, 2007

    Posts: 1,180

    Location: Bradford

    OP, you just need to show that your gambling credits exceed your gambling debits to a mortgage provider via your bank statements. Easy.
     
  19. HangTime

    Man of Honour

    Joined: Oct 25, 2002

    Posts: 27,476

    Location: Hampshire

    Being profitable doesn't tell the whole story because they are looking for risk factors, and somebody who makes frequent gambling deposits will be deemed a higher risk (i.e. might they reach a situation in the future where they cannot afford to pay their mortgage).

    I used to sometimes deposit a couple of grand a month but have reined that in as may need to apply for a mortgage this year.
     
  20. Bassmansam

    Wise Guy

    Joined: Nov 22, 2007

    Posts: 2,322

    Yeah, thing is where i don't pay much rent(£100) I am quite comfortable financially and that's why I can bet that much and it doesn't affect me. Just not sure the bank will see it that way..