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Can you buy a house with gambling winnings?

It's possible to get a mortgage based on gambling income, but you'll need a broker since most mortgage lenders would treat an application under these circumstances as high risk. Gambling income is often volatile, so it's easy to see where lender concerns stem from.

onlinemortgageadvisor.co.uk - How much does Gambling affect a Mortgage Application?

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How to get a mortgage if you’re a professional gambler

It’s possible to get a mortgage based on gambling income, but you’ll need a broker since most mortgage lenders would treat an application under these circumstances as high risk. Gambling income is often volatile, so it’s easy to see where lender concerns stem from. Those with a successful track record of earning money regularly and an upward trend of betting income are much more likely to be deemed a safe bet (pardon the pun) by mortgage lenders and have this income considered for mortgage purposes.

Here is the criteria lenders use to assess professional gamble mortgages…

Income stability / betting behaviour / habits

Consistent income, basically. Most lenders like to see a steady profit from gambling if it’s your main source of income.

Track record

Having a long-term track record of making a full-time wage from gambling will boost your chance of getting a mortgage based on your winnings.

Type of gambling

Types of gambling where there is some form of skill involved – such as Blackjack, Baccarat or horse racing (if you’re an owner/trainer or regular backer) – are often looked on more favourably than luck-based gambling.

Gambling income ratio

This refers to the size of your typical betting stake relative to the amount of money you have. For example, if you regularly place £1,000 bets but have hundreds of thousands in your bank account, this is unlikely to cause concern. In addition to the criteria lenders have for your gambling income, you will also need to meet their general criteria for creditworthiness. The stronger your application, the mortgage likely the lender is to overlook any potential risk posed by the way you make your money. For example, having a large deposit and clean credit will increase your chances of approval. You can read about the general eligibility criteria in our mortgage applications guide.

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What is not counted as income?

Earned income does not include amounts such as pensions and annuities, welfare benefits, unemployment compensation, worker's compensation benefits, or social security benefits.

irs.gov - ITG FAQ #2 Answer-What income is considered earned income? - IRS

To claim the Earned Income Tax Credit, you must have earned income. For the year you are filing, earned income includes all income from employment, but only if it is includable in gross income. Examples of earned income are: wages; salaries; tips; and other taxable employee compensation. Earned income also includes net earnings from self-employment. Earned income does not include amounts such as pensions and annuities, welfare benefits, unemployment compensation, worker's compensation benefits, or social security benefits. For tax years after 2003, members of the military who receive excludable combat zone compensation may elect to include it in earned income.

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