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Can online spread betting companies simply close your account if you make money?

I am fairly new to separate bet and I 'm quite manages to get a decent return on my money. If that's luck or skill I 'in s; ¿ll the time left to say, but if I continue doing the percentages of me now is to spread betting company probably close my account? If so advice on this? Thank you.

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4 Responses to “Betting companies close your account…”

  1. raysor Says:

    No. Betting companies like winners. They will have plenty of losers to cover. Bit like a casino, they like winners, giving them free meals & drinks etc. It is good PR for other players.

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    I’ve worked for both sports and financial spread betting companies so the answer depends upon what you are betting on.

    Sports bookmakers (including the few sports spread betting companies) will let people win for a while because the theory is that they will lose eventually. Some people however are talented gamblers and their accounts used to be closed. That practice received bad publicity. Instead, now, the bookmakers are less likely to close your account and more likely reduce the amount you could bet so that your bet is meaningless. The hope is that you will go elsewhere.

    Financial spread betting is different. Some companies will ‘take the bet on’ ie essentially become a financial bookmaker. Other companies will simply hedge the bet against other investors. Often they will hedge your bet off on the underlying financial market itself – because of the volumes they trade, the spread betting company itself can get a better price than you. They can make a small margin on that bet.

    Talking with an ex-trader at FinancialSpreads, the current practice is a combination of the two. They try to segregate the client base into ‘talented investors’ and ‘novice investors’. They hedge off the talented investors’ trades. They may ‘take on’ the novice investors’ trades.

    In short, because the financial spread betting company is able to pass the bet on, the spread betting company doesn’t necessarily lose money if you win. Therefore your account is unlikely to be closed.

    In fact most spread betting companies would like a lot of winners. They could hedge off all those trades, make a small margin and they would have a very active client base.

    Either way, a word of caution, financial spread betting has a habit of catching people out. New investors get over confident, increase their stakes and then lose. It’s not for everyone. ‘Stop Losses’ can help restrict your losing trades. Discipline is needed. Good luck.

  4. sean Says:

    Yes, I had my wagers reduced to £5 by Ladbrokes, WilliamHill and Titan Bet – they are fine when you are losing, I was only about £900 up with Titan Bet and they eventually closed my account. I can only recommend that you never gamble online, not only are the odds against you but so are the bookies – someone should monitor these sites as it should be illegal to reduce bets or close account.

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