- This topic has 5 replies, 6 voices, and was last updated 12:46 am , 26/08 by
Blakey22.
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steph82
I was wondering if you have to declare matched betting earnings? I have spent the day learning and it seems a bit too good to be true. What happens if you don’t declare money you make is it legal?
My freind said its ok so sorry if it is a silly question but I wanted to check as don’t want to get in trouble.
Stephen
Hi Steph,
Matched Betting is 100% legal and profits on betting are tax free.
I suppose if you are declaring yourself a Professional Gambler there is a grey area for tax; only an accountant can answer that but I highly doubt any Pro Punter consults one!
Profile 42
Hi Steph,
It’s a reasonable question, there’s no need to appologise.
Matched betting is safe and legal and you don’t need to worry about declaring income. The legal system (in the UK) views matched betting as gambling. Its not taxable.
Although we know we’re doing the smart thing by utilising calculators and hedging bets, HMRC and the like view it as a gamble. Not to say there is no risk involved, you could make a mistake etc. However, there is nothing to worry about with income declaration or tax.
You’re just placing bets the smart way 🙂
joerowsell
It’s legal, and the reason that you don’t have to declare any income from winnings, is that if HMRC wanted you to do that, they would also have to let you offset any losses against your other income. So punter winnings/losses are unaffected, and its the profits of the betting companies that does/should get taxed.
npeee11
why do people always worry if matched betting is legal or not?
putting on bets is not illegal so why whats different if the bets are on the same match going opposite ways.
Blakey22
My other half is more of a threat to my matches betting profits than the law!
A top tip is to keep it hush hush until they need to learn the ropes haha.
Think of it as if they made matched betting illegal – what would the bookmakers have? Literally the only way for them to get new business is to give out free bets and spins.Â
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