Gambling bank account ??

[louisebrownx]

Okay so my aunties partner is a professional gambler. He has asked me to open up a bank account for him that he could use to put his bets on. He has been doing this for years now and he pays people to do it for him.

He has offered me £300 if I do it for him and all I need to do is open an account with a different bank and use the email address he has provided me with. I then need to give him all the account information etc so he can use the account. I then need to sign an agreement contract that he is able to use the account.

Please can someone tell me if this is legal?
I don't want to do anything that will get me in trouble down the line. I obviously trust him because he's my aunties boyfriend and he's been doing this for years. I also am in great need of the money. It's £300 for doing it, £100 every year it's open and £200 when he closes the account.

I'm just not sure what the account will be used for or how he does it.

I just know that he would be using this account to make bettings accounts and put bets on.

What are the risks of me letting him do this and how could it affect me?

Any advice is welcome.

Thanks.

I know someone who does this (very successfully) and it's to access offers from online bookies

It's not a tax dodge and he's not trying to rip you off but obviously it is still dodgy.
If you don't want to do it, just say no but it's not really a big deal IMO.

This is slightly different, but you might like to listen to this episode of moneybox from a few months back. Sobering experience of a teenager who got caught up in allowing money to pass through her bank account and now can't have an account.
www.bbc.co.uk/programmes/b09zmvcp

I did this exact same thing a couple of years ago. The experience was fine. It's nothing to do with credit referencing or anything like that. You Open a bank account which the person gambling gives to the betting agent. If they see winners they basically ban them so they need to keep shifting bank accounts. I know it sounds dodgy but my experience of It was that it wasn't at all. The money from gambling is taxed at source so there's no tax to be paid on the "winnings" so my accountant was happy too; we just showed it with my other income. I'd be happy to share more it's helpful.

Do not do it.
He could run up a massive unauthorised overdraft, for one thing. You would be responsible for that debt.

You need to trust the person who asks you and it sounds like he's recommended and professional.

Yeah he is pretty much family.

He also asked me to open the account with no overdraft. So he obviously wouldn't be using it for this reason.

just stumbled across this as i was looking for another tax related gambling question.
in short: theres 95% nothing dodgy to it (if you trust this guy and know him well). i am a professional gambler myself for 11 years and did this also to 50+ people (once you run out of family and friends, it starts with buddy's gf, or niece of gf in this case:-)) simple reason is: bookmakers limit professional/succesfull gamblers to like 5 euro per bet. so you gotta cash out, close that account, open a new one (new name/identity of course) and so forth. as long as the person concerning that (in this case you) is fine with it, legally no problem. had some talks with my lawyer about it too. worst part that could ever happen (never did to me though) is the bookie withholding the money on the account. your auntie's bf problem then, not yours.
so against all the nay-sayers here, advice from sb with actually real-life + legal experience of it. pocket the 400-500 dollars and do a little vacay with it. wont hurt. (this is all, you are assuming you live in a country (UK, canada, germany etc) where gambling is legal and tax-free obviously.