What could this be? Money related

[MoneyProblem]

NC for this.

I’m going through old statements to sort out some financial bits. Statement of partners from last year. There are a few transactions I can’t understand.

Money comes in from ‘Hillside Sports GP’ and same amount is transferred out to a persons name.

I googled hillside sports and get a Gibraltar company? Is this some kind of dodgy tax thing? Can’t talk to partner until later when he’s home from work and I’m freaking myself out wondering what it can be.

You'll need 3-6 months bank statements for mortgage lenders, they look for things like gambling on them so if his statements are riddled with transactions linked to betting, it won't look good. He needs to stop whatever it is he's doing, even if legal, to give you the best chance of getting it past a mortgage lender. We're going through ours again at the moment and they wanted 3 months of statements from all of our bank accounts, even savings ones in case (in our mortgage broker's words) we were hiding any gambling etc in them.

My mortgage lender has only asked for my main bank account so I keep all the matched betting separate as there is a LOT of transactions!

It would look like money laundering to me.

OP this can be explained simply.

He is 100% gambling, it's the code that comes up on Bet365, however this happens with my partner. He used to do matched betting and eventually, when they realise, they can ban you. So he set up an account in my name, with my permission, using the card in my name (has to be) to transfer in and out money. As a result, when he'd transfer it out i'd get it in my account and then send it back to him.

It could be that. No idea who is the gambler though. Only 6months of accounts will matter for mortgage - they do not like gambling though so ensure you've got that clean.

yep I agree with matched betting too. Mate has been gubbed so your partner is handing over own info for him to use.

I took a look at matched betting a few months back. It seemed pretty straightforward and even a sustainable income if you simply followed the system. So I signed up at a bookies, and something just told me that it was a really bad road to go down, and stopped in my tracks. They still send me spam.

This is gambing, whether he is making money or not, its still gambling. People are of course, free to gamble if they choose. But if you are going to link your financial future to his, you need to be fully aware of the risk level and be sure that you are comfortable with it.

@Cailleachian gambling means you can lose. You can't lose matched betting, you can only make profit provided you don't make an error

Maybe his account has been hacked...

@ClientListQueen

Yeah, I know you cant loose money by matched betting, but at the same time, I see people getting reliant on a matched betting income, getting frustrated when there are no good offers around, using other people's accounts to do more matched betting, getting shut out of the system and finding ways back in.

That seems to me like a form of losing even if you are winning and the beginnings of a gambler mindset, where people are taking bigger and bigger risks.

Have you spoken to him yet?

Bet365 shows as b365 on a statement.
Just ask your partner

Is he helping a friend out who is hiding ££ from a wife/partner? Possibly to avoid maintenance?

@fromdownwest I know about tax and gambling - it is more regarding the money used for gambling - where's that coming from?

Of course all laundered money is illegal - it's just that official questions tend to start being asked at £10k.

Hi @MoneyProblem - just got a call from my bank saying there had been fraudulent activity on my card - initial payment attempted by a company called UK Regulated Limited in Malta, which turns out to be linked to 888 Gambling. Just thought I'd let you know as it seems like this sort of thing is going around at the moment - maybe worth a call to the bank if you haven't done so already. Hope you got it sorted.

What happened with this?

Bet365 op just checked and it deffo is that.