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Spread betting firms close winners accounts?

  • 24-11-2010 5:07pm
    #1
    neris
    Registered Users, Registered Users 2 Posts: 20,084 ✭✭✭✭


    Just wondering if spread betting firms close down accounts of people who win more on their spreads then they loose? Remember hearing a guy on radio months ago who had a sports betting account closed down because he was winning on football alot more then loosing. think he had won 10 or 12k in a year and they just shut his account down


Comments

  • #2
    turbobaby
    Closed Accounts Posts: 927 ✭✭✭turbobaby


    A lad I used work with in the Treasury Department of a bank told me he had his PaddyPowers Financial Betting account closed (not sure if it was spread betting).

    I can assure you from personal experience that betting companies will limit your stakes to pennies once you keep winning money from them, and I assume spread betting companies do the same...


  • #3
    whysomoody
    Registered Users, Registered Users 2 Posts: 226 ✭✭whysomoody


    It's pretty common knowledge that any sports betting account will be closed down if its constantly winning, the worst thing about online sites are that they can track your bets, walk into a shop and its hard to differnetiate.


  • #4
    mickman
    Closed Accounts Posts: 4,661 ✭✭✭mickman


    this is nonsense, it may happen with people who actually place a sports bet against the bookie, but

    when you make a financial spread bet, the spread company takes the spread in between and the other side is usually NOT the spread company so if you win the spread company dosent lose.

    it has been known that spread companies take the other side of a trade from time to time but 90% of the time its an external party so its in the spread betting company for you to make money so they can continue taking the spreads from your trade.


  • #5
    Joe Schmo
    Registered Users, Registered Users 2 Posts: 63 ✭✭Joe Schmo


    mickman wrote: »
    when you make a financial spread bet, the spread company takes the spread in between and the other side is usually NOT the spread company so if you win the spread company dosent lose.

    it has been known that spread companies take the other side of a trade from time to time but 90% of the time its an external party so its in the spread betting company for you to make money so they can continue taking the spreads from your trade.

    This is true in theory, but in fast, deep markets like FX they need the spreads to stay thin (to compete) and some strategies like scalping can be hard to move the risk from their books to the underlying market. Ergo, some accounts can be shut faster than others; depending on the trading style.


  • #6
    mickman
    Closed Accounts Posts: 4,661 ✭✭✭mickman


    Joe Schmo wrote: »
    This is true in theory, but in fast, deep markets like FX they need the spreads to stay thin (to compete) and some strategies like scalping can be hard to move the risk from their books to the underlying market. Ergo, some accounts can be shut faster than others; depending on the trading style.

    agreed - if you trade longer term and in stock or futures that say day trading in forex then you wont have a problem i would say.


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  • #7
    PCPhoto
    Registered Users, Registered Users 2 Posts: 6,584 ✭✭✭PCPhoto


    its like every other business - they dont want to know or deal with you if you are costing them money.


  • #8
    wylo
    Registered Users, Registered Users 2 Posts: 2,214 ✭✭✭wylo


    mickman wrote: »
    this is nonsense, it may happen with people who actually place a sports bet against the bookie, but

    when you make a financial spread bet, the spread company takes the spread in between and the other side is usually NOT the spread company so if you win the spread company dosent lose.

    it has been known that spread companies take the other side of a trade from time to time but 90% of the time its an external party so its in the spread betting company for you to make money so they can continue taking the spreads from your trade.
    This is what I was thinking, its an exchange like Betfair, they don't close any sports accounts because whether you are a winner or a loser you are making them money.


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