Has your online bookmaker asked you for proof of funds before allowing you to bet any further? You will not be alone.
Why do bookmakers ask for proof of Funds? - Bookmakers ask for proof of funds because they are dictated by law to do so. They have to understand you can afford to undertake your betting activity. Also, it is a process to prevent fraudulent use of a betting account, such as money laundering. Bet honestly, and you have nothing to worry about.
If you want to learn more about why your bookie has asked you for proof and what you have to do, read on.
Bookmaker Proof Of Funds Explanation and Requirements
All UK bookmakers are licensed and regulated by the Gambling Commission.
The Gambling Commission was set up under the new Gambling Act 2005 to regulate commercial gambling in Great Britain.
The Gambling Commission objectives are
- 1.To preventing gambling from being a source of crime or disorder, being associated with crime or disorder, or being used to support crime
- 2. Ensure that gambling is conducted in a fair and open way
- 3. Protect children and other vulnerable persons from being harmed or exploited by gambling.
Any bookmakers who are seen to be flouting those objectives, or ignoring them, can lose their licence.
As the regulation becomes more and more stringent bookmakers are taking proactive steps to ensure they fully comply with the Gambling Commission objectives.
Some bettors and those within the industry may find this interference heavy-handed, or too draconian, but in the 21st Century bookmakers who want to trade must adhere to the regulations.
Proof of Funds for Bookmakers
A requirement your bookmaker may ask of you in relation to the Gambling Commission objectives is proof of funds.
This is to satisfy the bookmaker that:
- You are betting with your own money and not a third parties.
- You can afford to bet with that bookmaker.
- You have a legitimate source of provable income (a job).
- Your betting funds are not associated with criminal activity.
- There is no suspicion that money is being “laundered” through your betting account.
What May My Bookmaker Ask For In Relation To Proof Of Income?
- Your Occupation and Salary.
- A recent payslip from your employer.
- A recent bank statement that shows your salary being paid in.
- A recent credit card statement that shows your name and payments in and out.
- A recent e wallet statement, with your name, account number, and payments in and out.
- You may also be requested to send an image of a statement showing a recent deposit to your bookie account to confirm ownership of the bookmaking account.
Proof of Funds/Income Exmaples
Below are two Proof Of Funds examples from UK bookmaker websites.
Bet 365 - Information to Verify Your Funds
“In order to verify the source of the funds you use to bet with, we may ask you to provide additional information and documentation that shows you have sufficient funds to support your gambling activity.
This might include information such as your occupation and salary, supported by documentation such as a copy of your bank statement or payslip.
Although we may require employment details, we will not contact your employer as part of these checks.
We will let you know what information or documentation we require as part of the enhanced verification process.”
Coral – Source Of Funds
"We will need evidence to identify and support the source and value of the funds you use to bet/play with. This could be"
- Proof of earnings: Payslip/Director remuneration/Dividends/Pension;
- A bank statement/savings account that clearly shows consistent incoming values from an identifiable source
- A Trust deed clearly showing a consistent entitlement to funds;
- An account statement showing funds recently won from another company;
- Dated proof of an award/payment made to you;
- Other clear evidence that would support "affordability" in relation to your business with us.
How Do I Send Proof Of Income Documents?
In most cases you will be able to email images of the requested documents.
Always make sure the image contains all the relevant information requested, and that the image is clear and concise.
Some bookmakers will have the facility to upload your images/documents directly to their site.
Bookmakers may ask for a copy of documents via post.
Failure To Provide Proof Of Income Documentation/Information
If asked for and not sent, your bookmaking account with the relevant company may be restricted or closed.