Does Matched Betting Affect Credit Score?
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Many people are interested in matched betting, mainly because they hear just how much cash you can win from a few well-placed bets.
However, plenty of people don’t bother taking part in matched betting because they seem to believe it will impact them financially. So does matched betting affect credit score? Let’s take a look.
Does Matched Betting Affect your Credit Score
If you want a short answer, then it is no. In most cases, matched betting will not impact your credit score. You don’t need to overly worry about it (see our tips at the bottom of the post), but it never hurts to look into things a little further for assurance.
Disclaimer – all advice and guidance is researched and agreed upon in the matched betting community; however, please do not consider this official financial advice. As with all things financial, if you are uncertain about anything that affects you, please seek professional financial advice.
Whenever you register for a new bookmaker or online casino, there may be a soft mark on your credit report; this is because they may carry out a credit check to double-check your ID age and to guard against money laundering.
If you regularly check your credit report, you will see these checks. These are soft checks. Lenders won’t be able to see them, nor should they have any impact on your credit score. Most soft checks on your credit report should disappear within a year.
Using a credit card to fund your matched betting can impact credit scores regarding managing your credit card as part of your finances. Like any expenditure not specific to matched betting, credit rating can be affected if you misuse your credit card (especially when borrowed money is not immediately paid back).
As ever with a credit card, if you eat up the amount of money you have available, you will see your credit score plummet. If you miss payments on your credit cards, you will see your credit score plummet. Always try to use a debit card wherever possible or consider other options (see below).
A Bank Can't Differentiate Between Matched Betting and Pure Betting.
It’s important to mention that it is certainly possible your matched betting activities could be looked at negatively by your bank. Repeat transactions that suggest you are repeatedly gambling could lead to declined loan requests (if you attempt to borrow cash from this same bank account).
Matched betting will require regular deposits into your online sportsbook accounts (bookmakers). These recurring transactions could appear as if you have a gambling addiction to the bank, and they may not loan you cash.
Try to keep your matched betting in one account. Below we look at options around your bank account and ‘gambling’ transactions.
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Does Matched Betting Affect Your Mortgage Application?
When a bank or lender considers applications for a home loan, spending habits will be a part of this. Since they cannot differentiate between gambling and matched betting on your bank statements, this activity can affect your ability to qualify for a mortgage.
Does matched betting affect mortgage applications? The number of transactions and amount of money you spend is likely to be considered low risk by mortgage lenders. It should have little-to-no impact on your eligibility or creditworthiness, but this is by no means guaranteed.
Suppose you are applying for a loan or mortgage sometime soon. In that case, you may want to stay clear of recurring betting transactions on your bank account. An option is to temporarily ease off your matched betting or have a hiatus from it when you are about to make any significant financial changes or applications such as major loans and mortgages.
Other options help reduce the impact of matched betting on your finances, such as using an e-wallet (though you may have to use a bank card).
Some matched bettors use a separate bank account for matched betting. A different bank account can help you better monitor your finances and reduce the need for onerous matched betting spreadsheets.
Profit Accumulator or OddsMonkey also offer an excellent choice of matched betting service.
See our guide to the best matched betting sites if you want to compare every paid and free service that is currently on offer.
Does Matched Betting Count as Income for Tax Purposes?
No! A great thing about matched betting in the UK is that any extra cash you earn from it is entirely tax-free! You do not have to pay anything on tax on money earned, and of course, this means you do not have to declare matched betting in any way (this may be different in other countries).
Remember, matched betting is fully legal in the UK, and safe, but of course, if you have any concerns about betting due to previous issues with gambling then it may be best to stay away as (even though we don’t gamble) you will be placing multiple bets at the bookmaker and betting exchange. Be Gamble Aware! for more advice.
Does Matched Betting Affect Credit Score - Final Thoughts
So, does matched betting affect credit score? No. It is unlikely to impact your credit score. While you may find that bookmakers will carry out a soft search on your credit report, this is unlikely to have any income on your score.
You shouldn’t use your credit card to fund your matched betting.
Matched betting should not affect your credit score. The other areas we’ve looked at are not reasons to avoid matched betting. Still, take sensible precautions to ensure you don’t run into problems. Before you take out a loan or are looking to get a mortgage, you may wish to scale back or take a break from matched betting.
Hopefully, the information has been of use and provides some reassurance. As ever, though, if you are concerned with anything related to your finances and banking, it’s best to seek professional financial advice.