Managing Betting Funds

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Managing Betting Funds

Postby monkeytennis » Fri Jan 31, 2014 5:03 pm

How do you fund your betting accounts and why? If you don’t use e-wallets what is putting you off?

Managing Betting Funds

Think this Betting School lesson needs anything else added to it? Disagree with anything written above? Let us know your thoughts and your insight could be included in the OLBG Betting School!

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Postby Emooly » Fri Jul 17, 2015 8:53 am

Personally I do not use Skrill as not only do I enjoy \"risk-free matched betting\" but I am also self employed. As such I need to be able to prove my income & expenditure for all my current accounts each tax year... So despite the extra work this entails I instead create a betting portfolio to track where my money is going and my anticipated Vs. actual profit. The portfolio also takes into account the 2-5 days where my funds will be tied up in heading back to my bank\'s building society, which I do not find a problem due to it being part of the plan.

Like I say, though this takes extra time as I have to keep documented my bets and cash flow I don\'t have to disclose a further current account (Skrill) to pass my tax for the year, so in a way it also keeps things simpler. Besides, who can argue with having clearly laid out books as a record for the future being beneficial? I would do this even if I did use Skrill! :) So I believe there is no need to rush to the creation of a Skrill account, particularly if you are still only placing \"free bets\" for sig-up rewards.

Don\'t get me wrong though sometimes I do wish I had Skrill... Lets say I was betting on horse races for example in various markets throughout the course of a day I would probably need it - thankfully I just stick to a few matches a week for now so it is perfectly fine without.

Hope this is useful to some one, Emily ~

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Postby TheHawkz » Fri May 27, 2016 7:15 pm

Hi emily, Why do you have to prove your betting transactions? Betting income is tax free and is not required on tax returns.

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