Withdrawing money?

[HighHopes]

Hi,

Sorry this might seem like a silly question but I'm really interested to find out what people do when they make a profit and it credits their bookmakers/exchange accounts. Do you draw everything down or do you keep it on account and let it accrue? Do you tend to keep a certain amount in the account and only draw any surplus? What's the best practice as I've seen some conflicting info when I've been having a search round the web.

Also is the money you keep on account at the bookmakers/exchange 100% safe? If they close or limit your account are you still able to get your hands on the money?

Thanks

 

[Jon]

At the start the more money that ends up in the exchange the better as it means you can do more offers without having to wait for it to withdraw

on the bookie side I just withdraw when I am done. No point in keeping it in there really

 

[HighHopes]

Thanks Jon, that makes sense.

 

[Uhhhhh]

If you can then it doesn't hurt to leave some money in the bookies.

 

[Stims]

Truth is it withdrawing will be fine at the start.. most people would withdraw so do NOT be worried about doing so.

However, if your withdrawals are consistently more than your deposits you could find your account being watched more closely.

For the average Joe though.. nothing to worry about.. get the money out and keep turning it into more.

 

[SarahLu]

If its a bookie I use on a regular basis I tend to leave something in there as I know I'd have to make a deposit soon if not but if its a bookie I use less often then I'd just withdraw straight away

 

[BoostMyBudget]

I never withdraw from the exchange because you need to use it all the time anyway. In the beginning I used to withdraw from the bookies straight away because I needed the cash for the next offer. Now I've been going for a while and I'm quite conscious of doing lots of mug bets and trying to make my account look natural, so if I win at the bookies I usually do a couple of mug bets with the winnings.

 

[DisneyB]

I'm still working through start up offers so anything I win at the bookies I withdraw and move most of it to the exchange as I want to build that up as much as possible to get enough to do the bigger sign up's and horses & football offers, eventually i'll start leaving some in the bookie accounts too but only when my exchange has built up enough

 

[katykicker]

I tend to leave money in the exchange too, doesn't hurt and you use them all the time anyway.

 

[Ste84]

I'm still working through start up offers so anything I win at the bookies I withdraw and move most of it to the exchange as I want to build that up as much as possible to get enough to do the bigger sign up's and horses & football offers, eventually i'll start leaving some in the bookie accounts too but only when my exchange has built up enough

Thats is exactly what I am doing. Makes sense to build up to a larger bank.

 

[Flexit]

I haven't made any withdrawals from 95% of my accounts. I found the whole ID thing a hassle at the start of MB when I tried to withdraw from one bookie and since then I just leave any winnings in the account. Wonder if that looks strange?

What I did read is that every time you withdraw - your account will come under scrutiny - and so far nobody has gubbed me. Also every time you pay money in - the bookie has to pay a credit card fee (I think) so maybe they like paying less fees on my account.

The downside is that - my money is stuck in the accounts so I haven't done half the signups and also I got caught out when a bookie went down as I lost the money that was stuck in my account - but only for £50.

I do withdraw from the exchanges as I figured they are not run like Bookies - I don't think Smarkets could care less how much you withdraw for example.

Out of interest what percentage of your withdrawals have you needed to show ID for and what hassles have you had? Do you try and get your ID authorised before making a withdrawal or do you wait for the bookie to demand ID?

 

[Jon]

It's normal to be asked for Id the first time you withdraw from a bookies

I would just get on with the ID side of things as it sounds like you are just making your Matched Betting journey much harder than a needs to be

 

[Uhhhhh]

I haven't made any withdrawals from 95% of my accounts. I found the whole ID thing a hassle at the start of MB when I tried to withdraw from one bookie and since then I just leave any winnings in the account. Wonder if that looks strange?

What I did read is that every time you withdraw - your account will come under scrutiny - and so far nobody has gubbed me. Also every time you pay money in - the bookie has to pay a credit card fee (I think) so maybe they like paying less fees on my account.

The downside is that - my money is stuck in the accounts so I haven't done half the signups and also I got caught out when a bookie went down as I lost the money that was stuck in my account - but only for £50.

I do withdraw from the exchanges as I figured they are not run like Bookies - I don't think Smarkets could care less how much you withdraw for example.

Out of interest what percentage of your withdrawals have you needed to show ID for and what hassles have you had? Do you try and get your ID authorised before making a withdrawal or do you wait for the bookie to demand ID?

Well, it is wise to not withdraw every week...leave a bit in and show that you're a customer who is interested in spending more of your cash with the bookies HOWEVER bookies also look at your deposits as well. If you just deposit £20 and then keep turning it over then you're not a 'good value' customer either. So making deposits into bookies is a good thing.

Regarding ID, you only have to do that once with each bookies. Take a photo of your driving licence/passport and one of a recent utility bill and have it on your computer. 30 seconds and you're all set up. Just try to make a withdrawal and see if they ask for ID.

 

[MintySky]

Does anyone have experience withdrawing from 118bet?

I tried to withdraw my winnings using the debit card I deposited with, but that wouldn't let me withdraw the full amount (for some weird reason, they won't let you use decimal places on debit withdrawals). So I opened a neteller account and tried to withdraw to that, but it was declined because it wasn't the same method I used to deposit!

I know I'm only talking about 60p here, but it's still kind of annoying that they won't let me take all my money. I don't really want to have to ask for a cheque as getting to a branch to physically pay it in is quite difficult for me, not to mention tying the money up for up to a month. Is there any way around it?

 

[Christine2]

[member=1238]MintySky[/member] , just leave 60p in there, you can always go back for reloads.

 

[Flexit]

Ideally I would just withdraw but due to my renting situation - I don't have any utilities bills in my name. I'm PAYG on mobile and aside from my passport all I can drum up is my bank statements/Credit card statements. I read the bookies can be really fussy about ID and send it back 3-4 times over a number of weeks - refusing to allow withdrawals.

Do you think bank statements (with address) and a passport are enough?

 

[Jon]

Yes it would be fine I would have thought

Plenty of people in here rent their house or flat and do Matched Betting without any issues around withdrawals

 

[katykicker]

Personally I've found driving licence and bank card (middle numbers covered) to be enough ID [member=2600]Flexit[/member] I rent my home

 

[Dizz]

I'm a bit concerned as I opened an account with 21bet, deposited £50 and won a total of £155 which I have tried to withdraw. They have asked for ID in the form of driving licence, bank card, and utility bill, which I have provided. Now they want to phone me for further verification, which I can't do until Thursday. What is that all about? I haven't even taken up one of their offers yet, but reading some posts on the PA site, it seems in the past they've refused to pay out winnings, refunded the initial deposit and closed the account for no apparent reason. If they do that to me I'll be over £100 down. Seems they're happy enough to take your money, though. Anyone got any advice on this, please?

 

[Jon]

I'm a bit concerned as I opened an account with 21bet, deposited £50 and won a total of £155 which I have tried to withdraw. They have asked for ID in the form of driving licence, bank card, and utility bill, which I have provided. Now they want to phone me for further verification, which I can't do until Thursday. What is that all about? I haven't even taken up one of their offers yet, but reading some posts on the PA site, it seems in the past they've refused to pay out winnings, refunded the initial deposit and closed the account for no apparent reason. If they do that to me I'll be over £100 down. Seems they're happy enough to take your money, though. Anyone got any advice on this, please?

I've had it before with some bookies and I think [member=2508]Queen[/member] has has well where they want to speak to you on the phone to confirm your identity

I just got on with it and the withdrawal went through fine