You can't take it with you!

[sportshobby]

A morbid subject, perhaps. And one that has been touched on previously in this forum. But I still don't know the answer . . .

You can't take it with you. So what happens to post-up money if a player dies?

Now for a credit player, I couldn't fault a book too much for keeping what's coming to him. Because if he owed, there would probably be no good way to collect it.

But a post-up player always has a positive balance (well, maybe sometimes zero). It isn't right for a sportsbook to just keep his money when he dies (note that I say when, not if, because we all eventually do).

I know the honorable sportsbooks would come forward and try to pay the spouse, or one's estate. But even in this case it might be very difficult for the sportsbook to determine who should be paid.

A couple of ideas are (1) allow the player to add another trusted friend or spouse to the account with withdrawal priveleges; and (b) allow the player to designate a beneficiary in case of death.

Now, suppose I don't die, but rather go into some incapacitated state (e.g. coma). Then the beneficiary idea doesn't work.

I really believe all the honorable books out there should put their heads together and come up with a solution.

[Segundo]

I think the post up player should let someone know where he has his money posted, someone he trusts, and he should have some kind of will drawn up so that if he passes then the money could be left to someone. Great topic sportshobby, we need expert advice on this one.

[ShiftySheik]

As long as the customer has a will there should be no problem. If there is no will, there could be problems. I guess every country has it's own laws for someone who dies without a will.

[Ronbets]

Sportshobby,
Interesting subject that I think can be categorized under "sleepers".

With all the square walk up business in LV, how many winning tickets were canned under the impression of wrong scores? How many off pitcher(no action) tickets are tossed out under the assumption of a loser? What do the casinos do with that windfall? It sure adds to the hold.

I think if a spouse or next of kin are privy to the deceased business, a copy of the death certificate would suffice for a refund. If no one claims the money? Theres no alternative-Lock it up.

[sportshobby]

Ron, I think you're right. It is incumbent on the player to set some contingency plan in place, kind of like your will.

If the player doesn't set up anything, my guess is that (a) the sportsbook won't know how or who to contact; and (b) the spouse and kids probably don't know how much is where, or how to find it.

[reno]

Sportshobby, if I were you I wouldn't be the least bit concerned. The money, from what I understand, will be going to a good cause.

The offshore bookies now plan to convene annually in San Jose, Costa Rica for a business meeting/party. The business meeting is scheduled to last only 5 minutes. Then there will be a brief moment of silence, during which deceased sportsbetting customers are remembered. Then there will be a wild party payed for, of course, by the money left in the accounts of the dead sportsbettors. The BMs, being all heart, will dedicate this wild party, the likes of which few have seen, to the deceased players. There will be booze, foreign substances, wild women, and even orgies. Because the BMs don't want anything to distract them from properly honoring their dead customers, Fats Vigorish, president of the International Bookmakers Association (IBA)suggests that wives and children be left at home.

[krackman]

Great topic..... I have a partner and he has a huge bankroll and we have already discussed this and I am in a win win situation. 1.)If something happens to him he already told me to switch all accounts to my home address and for me to keep all the bread for he does not want his wife to get the $. ( Weird I know ..he has no kids and tells me they are together for the dog)
2.)If something happens to me he told me he would help Mrs. Krackman with account numbers and phone calls. When I bring up the subject to the wife she flips " don't talk about something like that" but I have all my account numbers on a tablet for her and periodically update the logbook for her to see just in case...But no doubt I still would lose money due to some books giving them trouble. I have a partner that is rock solid and when I am cash poor due to $ being tied up in sportsbooks he is always there for me. And we have complete trust in one another.

[Ronbets]

Krackman,

Whats your mutual pact call for when either of you depart this world owing a big chunk to a credit store?

[krackman]

Ron - If you would of asked me this a few years ago I probably would of said That is the cost of doing business and the debt would be forgivin either way. I usually do not discuss this but 50% of my major outs are on credit. Therefore I would want them to pay my estate vice-versa( Without a doubt my partner would settle up for me )

[Ronbets]

Krackman,

Great answer! Im impressed.

[sportshobby]

One question is whether the book would WANT to pay your heirs, and another is whether they would have any idea how to find out who they are. And would they even know that you had died, and how long would it take them to find out?

I've seen more than one book with a fine print statement to the effect that any funds left in an inactive account for more than X (typically one year) is considered property of the sportsbook.