Online sport betting
Discussion
Up until a year ago i had never put on a bet. Now i find myself putting one on each weekend along with some other friends. I very rarely win and was curious as to how much in the red i was. From the start of the football season to now i am £80 in the red. I can think of 10 different things i could of spent that money. I feel that it is a huge waste of money and not one i am too happy about.
The problem i seem to have now is that i cannot resist and associate football betting with my usual weekend routine. I put on £5 max on a coupon but as i have realised it has all added up. I want to get out of this before things spyro out of control.
Anyone else had this problem and how did you overcome it ?
The problem i seem to have now is that i cannot resist and associate football betting with my usual weekend routine. I put on £5 max on a coupon but as i have realised it has all added up. I want to get out of this before things spyro out of control.
Anyone else had this problem and how did you overcome it ?
Do you enjoy it? Can you afford £5 a week? If the answer to both those is yet, then I'm not sure you have a problem. I'm not sure you've shown any signs that this habit is spiralling out of control. If you'd started on 50p a week and it had now become £5 a week, then it may be an issue.
Having said that, I rarely bet.
Having said that, I rarely bet.
It's way to easy nowadays to bet especially with all in the in play options now, I gave up using them about 18 months ago after I worked out I was probably spending £100 a month. Don't think I was close to addiction as it was an easy choice to stop was just annoyed at how much I was spending but can understand why people get hooked.
Still have the occasional bet but only do it when I'm at the races or maybe out with the mates and we pop into a bookies between pubs.
Still have the occasional bet but only do it when I'm at the races or maybe out with the mates and we pop into a bookies between pubs.
UK345 said:
I very rarely win
That is one of the few facts amongst all the hype around gambling. Focus on it.IMO gambling and losing are inextricably entwined. They have to be - otherwise the bookies and casinos would be out of business.
If the punters who claim to be "winners" were telling the truth, wouldn't they give up their day-jobs and use their skills to become bookies instead? In reality they make a lot of noise when they get an occasional win but, over time, are still losing.
Ozzie Osmond said:
UK345 said:
I very rarely win
That is one of the few facts amongst all the hype around gambling. Focus on it.IMO gambling and losing are inextricably entwined. They have to be - otherwise the bookies and casinos would be out of business.
If the punters who claim to be "winners" were telling the truth, wouldn't they give up their day-jobs and use their skills to become bookies instead? In reality they make a lot of noise when they get an occasional win but, over time, are still losing.
With sports betting the bookies have their "book" odds which work in a similar way such that if three punters walk into the store one backs win, the other lose, and the third draw; whatever the outcome of the match the bookie makes profit. However, where they make their money is they tempt people into higher odds bets which are more heavily weighted in their favour (accumulators, first goal scorer etc).
As the OP has pointed out, these bets rarely win but the customer has the "it was only a fiver" mentality so happily goes in each week to lose their cash. When walking past the window of a bookies the poster in the window will likely have "rooney to score first and united win 3-1, £10 pays £150" or similar (highly unlikely, also probably greater than 15/1 of actually occurring), rather than "man city to beat newcastle 1/9" (highly likely).
We recently had a mortgage application declined for something along these lines.
Applicant had multiple transactions on his bank statements, mainly to and some from, "WHO Ltd".
Lots of amounts, mostly under £40, quite a few times a day, most days of the week.
Turns out "WHO Ltd" is William Hill Online. The lender calls up and says that they have to take any regular payments over £300pm, as ongoing commitments as if they were loans. The average figure across 3 months was £800pm...........when added to the affordability calculator as if it was a huge loan or mortgage in the background, reduced the lending figure massively and therefore declined the case...................
I argued that it wasn't a credit commitment, he wasn't overdrawn and could be reduced or stopped at any point but they weren't interested. Let's just say his Wife wasn't too pleased with him.............
Applicant had multiple transactions on his bank statements, mainly to and some from, "WHO Ltd".
Lots of amounts, mostly under £40, quite a few times a day, most days of the week.
Turns out "WHO Ltd" is William Hill Online. The lender calls up and says that they have to take any regular payments over £300pm, as ongoing commitments as if they were loans. The average figure across 3 months was £800pm...........when added to the affordability calculator as if it was a huge loan or mortgage in the background, reduced the lending figure massively and therefore declined the case...................
I argued that it wasn't a credit commitment, he wasn't overdrawn and could be reduced or stopped at any point but they weren't interested. Let's just say his Wife wasn't too pleased with him.............
Dr Slotter said:
Presumably that is because gambling can be, and is recognised as a clinical example of, an addiction in the same way drugs are. Would they have the same response to someone with a two track days a month 'addiction' or a pair of shoes and an handbag 'addiction'?
Are you asking if someone who manages credit scores recognises addictions that are not "taboo" then no. They work in financial services not mental health services.Sarnie said:
We recently had a mortgage application declined for something along these lines.
Applicant had multiple transactions on his bank statements, mainly to and some from, "WHO Ltd".
Lots of amounts, mostly under £40, quite a few times a day, most days of the week.
Turns out "WHO Ltd" is William Hill Online. The lender calls up and says that they have to take any regular payments over £300pm, as ongoing commitments as if they were loans. The average figure across 3 months was £800pm...........when added to the affordability calculator as if it was a huge loan or mortgage in the background, reduced the lending figure massively and therefore declined the case...................
I argued that it wasn't a credit commitment, he wasn't overdrawn and could be reduced or stopped at any point but they weren't interested. Let's just say his Wife wasn't too pleased with him.............
I've also heard similar stories to that, whilst nothing like that scale ( Applicant had multiple transactions on his bank statements, mainly to and some from, "WHO Ltd".
Lots of amounts, mostly under £40, quite a few times a day, most days of the week.
Turns out "WHO Ltd" is William Hill Online. The lender calls up and says that they have to take any regular payments over £300pm, as ongoing commitments as if they were loans. The average figure across 3 months was £800pm...........when added to the affordability calculator as if it was a huge loan or mortgage in the background, reduced the lending figure massively and therefore declined the case...................
I argued that it wasn't a credit commitment, he wasn't overdrawn and could be reduced or stopped at any point but they weren't interested. Let's just say his Wife wasn't too pleased with him.............
) , I use a separate bank account to my main current accounts to make deposits purely for how it may be perceived by anyone wanting to see my account statements.In your clients case, would they look at it differently if he had say £300pm deposits but £500pm withdrawals or do they only consider the expenditure?
Phateuk said:
Sarnie said:
We recently had a mortgage application declined for something along these lines.
Applicant had multiple transactions on his bank statements, mainly to and some from, "WHO Ltd".
Lots of amounts, mostly under £40, quite a few times a day, most days of the week.
Turns out "WHO Ltd" is William Hill Online. The lender calls up and says that they have to take any regular payments over £300pm, as ongoing commitments as if they were loans. The average figure across 3 months was £800pm...........when added to the affordability calculator as if it was a huge loan or mortgage in the background, reduced the lending figure massively and therefore declined the case...................
I argued that it wasn't a credit commitment, he wasn't overdrawn and could be reduced or stopped at any point but they weren't interested. Let's just say his Wife wasn't too pleased with him.............
I've also heard similar stories to that, whilst nothing like that scale ( Applicant had multiple transactions on his bank statements, mainly to and some from, "WHO Ltd".
Lots of amounts, mostly under £40, quite a few times a day, most days of the week.
Turns out "WHO Ltd" is William Hill Online. The lender calls up and says that they have to take any regular payments over £300pm, as ongoing commitments as if they were loans. The average figure across 3 months was £800pm...........when added to the affordability calculator as if it was a huge loan or mortgage in the background, reduced the lending figure massively and therefore declined the case...................
I argued that it wasn't a credit commitment, he wasn't overdrawn and could be reduced or stopped at any point but they weren't interested. Let's just say his Wife wasn't too pleased with him.............
) , I use a separate bank account to my main current accounts to make deposits purely for how it may be perceived by anyone wanting to see my account statements.In your clients case, would they look at it differently if he had say £300pm deposits but £500pm withdrawals or do they only consider the expenditure?
Phateuk said:
If you put £10 on red 1,000 times you'd likely end up slightly out of pocket due to zero.
£10 x 1,000 = £10,000 gambled. Over that number of spins you would get the calculated odds which dictate that you lose 1/37th of your money.The gambling session will therefore cost 1/37th of £10,000 which leaves you £270 out of pocket.
But don't do it in USA! They have both a "0" and a "00" on the wheel meaning you will lose 1/19th of your money. i.e. 2/38.
So in Las Vegas the same session of roulette would cost you £526. A huge difference!
BUT WATCH OUT FOR THIS. Assuming you start with £100 in your pocket and make the £10 bets you will have lost ALL of your money long before you get to the 1,000th spin! Each spin costs you 27p i.e. 1/37th of £10. £100 divided by 27p means you will run out of money at about 350 spins...
Or even sooner in Las Vegas at only about 200 spins.If you enjoy it, reduce the amount, if you don't, stop going - what's the issue? I rarely bet but have some money in an account for the odd time I want to do a ridiculous accumulator with 50p in the hope of winning ££££ 
I find it quite fun, but if you're looking at it as £ since starting, it's probably not for you 
I find it quite fun, but if you're looking at it as £ since starting, it's probably not for you Sarnie said:
We recently had a mortgage application declined for something along these lines.
Applicant had multiple transactions on his bank statements, mainly to and some from, "WHO Ltd".
Lots of amounts, mostly under £40, quite a few times a day, most days of the week.
Turns out "WHO Ltd" is William Hill Online. The lender calls up and says that they have to take any regular payments over £300pm, as ongoing commitments as if they were loans. The average figure across 3 months was £800pm...........when added to the affordability calculator as if it was a huge loan or mortgage in the background, reduced the lending figure massively and therefore declined the case...................
I argued that it wasn't a credit commitment, he wasn't overdrawn and could be reduced or stopped at any point but they weren't interested. Let's just say his Wife wasn't too pleased with him.............
How far back do they/you look, Sarnie? Say if you were gambling a few hundred pound a month but stop 6months before you apply, is it going to be noticed?Applicant had multiple transactions on his bank statements, mainly to and some from, "WHO Ltd".
Lots of amounts, mostly under £40, quite a few times a day, most days of the week.
Turns out "WHO Ltd" is William Hill Online. The lender calls up and says that they have to take any regular payments over £300pm, as ongoing commitments as if they were loans. The average figure across 3 months was £800pm...........when added to the affordability calculator as if it was a huge loan or mortgage in the background, reduced the lending figure massively and therefore declined the case...................
I argued that it wasn't a credit commitment, he wasn't overdrawn and could be reduced or stopped at any point but they weren't interested. Let's just say his Wife wasn't too pleased with him.............
43034 said:
How far back do they/you look, Sarnie? Say if you were gambling a few hundred pound a month but stop 6months before you apply, is it going to be noticed?
Standard requirements is usually up to 3 months personal salary fed statements. It's very rare for a lender to ask for more than six months, if you are self employed they may ask for six months business bank statements.....It's worth nothing that there are still actually lenders who don't ask for ANY bank statements.............
Gassing Station | Finance | Top of Page | What's New | My Stuff