Conspiracy theorists are coming up with many reasons for why Bet365 switched off Skrill & Neteller accounts in UK and South America, we on the other hand have no doubt about the reason. Before we move on to the hard truth, lets explore what others are suggesting.
1. ANTI MONEY LAUNDERING
When making enquiries one comment we received was ‘’the UKGC established regulations regarding money laundering. Skrill and Neteller are hard to verify where the funds are originating from’’. This is indeed partly true, but Bet365 already limit Skrill accounts to loading maximum £500. The UKGC haven’t instructed bookmakers to refuse such payments, so why would they willingly stop?
Furthermore, betting shops take higher cash bets without needing to proof source of funds. On the racecourse you can bet thousands without having to prove where the money came from, and what about casinos! If Bet365 have doubts about the legality of funds, they can pass on the report to the appropriate authorities. Last but not least, it’s easy to get prepaid visa cards and use other funding methods without any real proof!!
In any case, we have just touched on the UK, what about South America. Bet365 are also refusing Skrill payments from Peru, Argentina and Bolivia to name a few, and they don’t accept the same from places like Russia!
Opinion - It can’t be anti money laundering!
2. COSTS OF USING SKRILL & NETELLER
We dislike Skrill immensely, but thats for a number of other reasons. Some forum expert suggested high currency conversion rates, but that can’t be right. The fact is business and VIP status allow for multi currency accounts and no extra charge. From our experience of setting up many payment providers for bookmakers, bank charges and processing credit cards is far more costly!
Opinion - Surely this isn’t the main reasoning!
3. BONUS ABUSE
Matched-betting websites teach subscribers how to open multiple betting accounts and claim bonus. With regards to Bet365, first time customers get a bonus matching their first deposit of upto £200. T&C’s (terms and conditions) of Bet365 state that the bonus and deposit need to be wagered at least 15 times before it can be withdrawn, thus £400 becomes £6000 staked. It’s often the same system used by other bookmakers, and the exploitation goes like this …..
- Open multiple betting accounts with different bookmakers.
- Concentrate on best of two sport such has Asian h’cap football, under/over, MLB. NFL, NBA and Tennis etc.
- Find the best odds on option A and the best odds for option B.
- By having a choice from competing bookmakers the juice is reduced
- As an example, Bet 100 Team A at odds 1.98, and the same Team B 1.98
- The stake is 200 with 198 guaranteed has a return
- Losing just 1% on £6000 staked is £60, leaving +£140 profit from the original £200 bonus
- Claim the €340 from the £200 deposited and repeat the process!
To repeat the process, 3rd party betting accounts need opening. Someone agrees to provide a set of documents for a fee, and an account is opened under that name. Bonus abuser opens a Skrill account (email address) under the identity provided, and money is transferred to the new Skrill account ready for funding bookmaker accounts!.
4. PROFESSIONAL GAMBLERS USING THIRD PARTY ACCOUNTS
The same system of 3rd party accounts is used by professional gamblers, and arbitrage traders. Here is one you should have heard of:
Remember the Megan McCann case? Bet365 refused to settle a winning bet of £984,833. The student (alleged 3rd party account) staked £24,960 on a combined each-way (horse racing) Lucky 15, and when it was time to pay out Bet365 refused. The bookmaker claimed she had broken ‘’terms & conditions’’, inciting the bet had been placed for a third party. The person allegedly behind this coup was legendary Irish punter Barney Curley, and after being ordered by the UK courts, Skrill confirmed her account had been funded by the same person. The case has since been settled out of court, no details are available!
Arbitrage traders are using third parties to get past Bookmakers limiting and closing winning accounts. The ones we know are trading ‘’in-play’’, because the markets move faster and it’s more difficult to identify arbitrage abuse. We don’t want to share too many details, but a good system/bot can bring in upto £500K per month. Take it from someone who knows, traders and pro’s are killing the profit!
ps - middle men are organising third party betting accounts from people who are usually paid around £500 - £700 per set of documents!
Bookmakers don’t like losing, they are always trying to find ways of stopping ‘’winners’’. The best method is getting the odds right, but Sports-modelling in quick moving markets leaves them exposed. Bonus abuse can be stopped by simply removing the offer. Bookmakers don’t make own rules on anti money laundering, that’s governed by the authorities. Furthermore, while the UK is strict, those south American countries are not at the same level.
Bet365 are crying wolf because they are losing money to pro gamblers, and they can’t find a way to stop them!
Leisure bookmakers are all the same, and it’s your job to take every cent you can from them!!
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