Matched betting is often an ideal form of sports betting for both experienced and casual punters, as it’s risk-free to a point and allows you to earn a lot more than usual.
Naturally, matched betting is legal and allowed if you’re not breaking the rules imposed by the betting sites you’re using. However, does it affect your credit score? That’s an entirely different story, so let’s take a look. READ FULL STORY
How Does Matched Betting Work?
Matched betting is a form of sports betting where you strive to use bonuses, promotions, free bets, and other sportsbook incentives to make a profit.
It’s not a typical form of sports betting as you’re not only relying on luck but on elements you can control. That way, it’s less risky and certainly more lucrative. You can also find free bets offers with no deposit to increase your bankroll, that way your earnings can be even greater.
Naturally, even with matched betting, you still need to win your bets to make a profit, at least some of them.
However, you can always place two opposing wagers on the same event, so they effectively cancel each other out. That way, no matter which one you win, you might make a profit, but you’ll certainly qualify for free bets and other bonuses and promotions.
All the Ways in Which Matched Betting Might Affect a Punter’s Credit Score
As matched betting is a strategy you’ll have to use constantly to make a profit, you’ll certainly make many deposits and withdrawals on various sports betting platforms. These transactions might not look good in the eyes of banks and other financial services.
However, they can’t affect the credit score based on their type alone because this is not something that affects your credit score. Credit scoring only determines that your financial accounts are in good order, not what type of transactions you’re making.
They also don’t count as profit in most countries, so they can’t be classified as income. And as some of you already know, only income is looked into when an institution determines whether you’re eligible for a mortgage. You can even use matched betting profits for your house or apartment deposit, which won’t affect your credit score either.
What’s more, mortgage organizations and other types of lenders don’t even look for this type of information. They also can’t see when sportsbooks and other gambling sites perform searches to verify your age, identity, and address.
This is called a soft credit check, and it’s only used to verify your identity, i.e. to determine you are who you say you are. Betting sites are required to complete them by law, and you don’t have to worry about them relating in any way to a credit check or your credit score, as they have nothing to do with that.
Due to all of this, you don’t have to worry about matched betting profits influencing your credit score.
However, you might want to take the safest route possible and use a separate bank account for matched betting. That way, lenders and mortgage companies won’t even see these transactions, so you won’t have to worry about them not looking too kindly on them, as this is always a possibility, even though it’s unlikely.
If you don’t want a separate bank account, you can always use an e-wallet or a prepaid card, as long as these are accepted at the majority of online bookies you aim to use for matched betting purposes.
How to Check Your Credit Score?
You can check your credit score using various services and apps found online. The ones you should use depend on your location, so simply google them to see which ones are the best for your region.
You can also check with your credit card issuer or your lender, as both can show you your current credit score and how you fare.
In the end, it’s essential to learn about the things that influence your credit score, so you can keep a check on it without actually checking your current score. The main things typically affecting credit scores are:
- Debt amount
- Bill payment history
- Amount of new credit
- Credit history
- Types of credits used
Should I Declare My Matched Betting Profits to the Tax Authorities?
This depends on where you’re from and whether betting profits are considered income and thus taxable.
In the UK, gambling profits are not income, and they are 100% tax-free. The same is true for Canada.
However, they are considered income in the US, making them subject to federal and state taxes. In countries like the US, you must declare your matched betting profits to the tax authorities so you can pay the proper taxes. Check how this system works in your country so you’re always within the boundaries of the law when placing bets.
For example, in Kenya, you have to pay a 15% tax on your betting profits, which also means that you have to pay the same tax on matched betting profits.
Bear in mind that you should always use the top Kenyan bookmakers to find the best offers for matched betting, one of the proven betting companies is Odibet, click here to learn about Odibets registration. This will ensure you have enough free bets and other bonuses for your matched betting strategy.
Can Professional Gamblers Get Loans and Mortgages?
This is tricky primarily because gambling profits are not consistent in size. Lenders always look for consistency and assurance that you’ll be able to pay them back, no matter what type of lender they are, a smaller one-person firm or a massive bank.
In general, they might look more kindly on poker and blackjack earnings and sometimes on matched betting, but that’s never certain.
So, it’s essential for you to have a more steady flow of income or to have a long and good track record with gambling-related earnings. As long as you can provide proof that you’ll be able to pay them back, you shouldn’t have a problem getting your loans or mortgage approved.
Bear in mind that you’ll likely get a higher interest rate than a regular person with a standard job and a more consistent income.
What Do Banks and Mortgage Lenders Look for?
Even though many don’t know all the things mortgage lenders and banks look for when determining your credit or mortgage eligibility, it’s much easier to understand than you think.
They only want to ensure you can pay back the loan or mortgage after a specific period has passed. This means that they need to ensure you are and will earn enough to pay them back. It’s as simple as that.
This usually includes checking your:
- Credit score and credit report
- Current level of income (only from regular work, not from betting)
- Job security
- Existing debts
Naturally, they might see your gambling transactions if you’re using the same bank account, and they may or may not look kindly on them. However, if you have a consistent flow of income and expenses within the normal range, they won’t care about your gambling habits as long as they don’t point toward problem gambling.
Bottom Line
All in all, matched betting doesn’t affect your credit score, so you have nothing to worry about. Lenders and mortgage companies might see your betting transactions, but these rarely influence their decision to lend you money or approve a mortgage, as long as you have regular income and a good credit score.
Despite that, it’s best to keep matched betting separate from your regular bank account to stay completely safe. This is also good for keeping your gambling habits in line, having a good bankroll, and staying safe while using betting sites.
