Being asked for verification documents is part of the process when matched betting and sports spread betting. However, when you receive an email from a bookie asking for source of wealth documents, it can be rather worrying. After all, it’s likely that your money is split across numerous bookmaker accounts, and so your bank statement probably doesn’t make pretty reading. You may start to panic that you are going to lose your betting exchange account, but there is no need to worry.
When you receive this email from a betting exchange, you will be asked to send in the following:
• A copy of your photo ID, such as a driving licence or passport
• A recent bank statement that shows your source of wealth, such as investment returns or a salary
• A recent e-wallet statement showing a deposit, your account details, and how your account is funded
• A recent credit or debit card statement, which shows your details and a deposit
If you do not provide the documents mentioned above, a betting exchange may either close or suspend your account, and so it’s important to comply with their request. It can feel invasive, but the documents will not be shared with any third parties.
Why do betting exchanges want this information?
Quite simply, it’s part of their licence conditions. They need to know that you are who you say you are, and they need to fulfil their responsible gambling requirements, which means checking that their members can afford their level of sports trading activity.
It’s also to prevent money laundering.
If your bank statement does not show a regular income, you may be feeling worried. Most people reading this will probably fund their matched betting activity with a card that is only used for sports trading and betting purposes, which means the statement is simply filled with outgoing payments to bookmakers. If this sounds familiar, all you need to do is inform your bookie that you make your money through sports spread betting or matched betting. Unlike traditional bookmakers, betting exchanges love matched bettors, so you have nothing to worry about.
If you don’t already use a separate bank account for your sports trading activities, now maybe the time to set one up. Regular gambling activity can have a negative impact on your ability to secure a mortgage or any other type of loan, so it’s a good idea to keep this separate.
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