This is a question of concern for many new matched bettors with many putting off matched betting as they don’t want to risk getting their mortgage application rejected by the bank or having their credit score affected.
We have put together the article below to help you better understand whether matched betting does actually affect your mortgage application and/or credit score and if so what steps you can take to reduce the risk.
Does Matched Betting Affect Your Credit Score
As part of their anti-money laundering procedures, bookmakers often perform a check to confirm you are who you say you are when you sign up for an account with them.
This is not considered a credit check as you are not applying for credit from the bookmaker.
Instead, this is classified as a soft search.
A soft search is a search made on your credit file that doesn’t affect your credit score. Any potential lender can not view these soft searches, therefore it will not affect their lending decision.
Generally speaking, Matched Betting should not have any impact on your credit score. The only caveat to this is if you took out a loan to start matched betting.
In this scenario, if you missed repayments on the loan, this would impact your credit score.
However, we would never recommend taking out a loan to start Matched Betting. Instead, you should start will the smaller matched betting offers and build up your bank slowly over time.
Does having a Betting Account Affect Mortgage Applications?
There are a number of things you need to consider if you are planning to apply for a mortgage while matched betting.
Please be aware that every mortgage application is different and it is important that you do your own research before making a mortgage application.
- Credit Report – As discussed above, your matched betting activity should not affect your credit score, therefore it should not appear on your credit report that is viewed by the lender.
- Matched Betting Income – Any income you make from matched betting can not be counted as income in your mortgage application.
However, you can use your matched betting income to save for the deposit on your house.
- House Deposit – If you have used matched betting profits to save for the deposit then the lender may ask you to provide proof of where the funds came from.
- Bank Statements – Mortgage lenders will ask for a minimum of 3 months of bank statements so they can check your income and spending over that period.
If you do not use a separate bank account, then your matched betting transactions may appear to be gambling in the eyes of the mortgage lender.
How they react to this will vary greatly and will depend on the person you are dealing with.
The important thing to highlight is that you are making a profit and that withdrawals from bookies outweigh your deposits.
To avoid this scenario, I use a separate bank account for all my matched betting transactions.
- Separate Bank Account – If you do have a separate bank account for your matched betting transactions, your mortgage lender may still ask to see bank statements for this account if they see large transfers between your matched betting account and your main bank account.
- Take a Break – Some matched bettors have taken the decision to take a break from matched betting for a period of 3-6 months before making their mortgage application.
By doing this they are avoiding any betting transactions showing up on their bank statements for the period that will be reviewed by the mortgage lender.
Once their application is approved, they can return to matched betting.
- Top up your Accounts – An alternative to taking a break from matched betting would be to deposit sufficient funds in your bookmaker and betting exchange accounts so that you would not have to make any withdrawals or deposits from your bank account for a period of 3-6 months.
You could also use online e-wallets such as Skrill or Neteller to transfer funds between accounts during this time (however, be aware that deposits made using e-wallets are sometimes disqualified from certain offers, so check the terms and conditions of any offer first).