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This might be a longshot but it could happen. Most of the people who are married I'm sure don't want their wives to know that their "hubbies" are gambling. Most of the single people definitely don't want their girlfriends to know that they have a bad habbit. If you have at least a five digit figure account on several shops and all of a sudden something happens to you "where will the money go?". For sportsbook owner, are you gonna inform someone if you see no activities in that particular account for two to three months for example? Or is it best for everyone to have two names in one account?
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The books will laugh all the way to the bank.
Patience and Money Management - The Key to Winning! -
UDOG, this is a good question. We've had another thread or two on this - search the posts. But it really never concluded anything definite.
The most reputable shops will pay the spouse or estate, if someone knows to ask. But what happens if the player just never calls back? This is the most likely scenario.
There are even some bottom-of-the-barrel books that have a stated policy, to the effect that any funds in an inactive account become property of the sportsbook after a certain amount of time.
It is time for the offshore sportsbook industry to step up to this issue. My suggestion is to have a policy that any funds remaining in an inactive account are automatically sent to the player after a certain amount of time.
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I'm laying 10-1 that there's not one book out there that sent money back because the account was inactive. I'd like to have the money they already pocketed.Patience and Money Management - The Key to Winning!Comment
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I sure this happens. This is yet another reason why a 20 cent football line is too much, and will come down at more sportsbooks. (Canbet, for example, is 14 cents 24/7.)
Think about it. In the bad old days, before offshore, bookmaking was mostly a credit business. Books had to charge 20 cents in order to cover bad debt expenses. Since offshore is mostly postup, bad debt is nonexistent for that part of the business.
After the bruhaha last spring over the dime baseball line, I'm surprised there is not more of an uproar over the continuation of 20 cent football. Bettors of the world - UNITE!Comment
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Jeff,
I concur, except I would set the odds much higher. Say 20-1.......Any takers?Comment
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Rabbit, don't lose the bubble on this thread. Sportsbooks are totally dishonorable if they don't have a policy on this.
In the old days of credit, a dead customer's spouse or estate probably wouldn't pay his gambling debt. And so it probably seemed only fair for the sportsbook not to pay his estate any winnings due. But post-up is a different story.
This is a time-bomb waiting to happen. Basically, I argue that a player is completely crazy to have a significant amount of post-up funds offshore for this reason alone (forgetting about any other considerations such as "will the book pay?").
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Hmm.. You know it seems to me that if you have so much money offshore that this is a concern then you have bigger problems than whether the book is going to pay off your significant other. As for you not getting it back personally, you certainly can't take it with you.
But having said that here is an option. Set up a personal safety deposit box that only you have access to (and your lawyer knows about) and in the box along with your valuables you can have a list of all the holdings you have (including offshore accounts). Then when you die, the person with power of attorney will get the key and simply ask for a withdrawal of the amount from the sportsbook which can then be given to your beneficiary. I guess the biggest concern here is whether your lawyer (provided he has the power of attorney) is honorable enough to pass along the money. To be honest I'd bank on the book being more honest than the lawyer.
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Believe it or not,
We had a guy who played with us for about 2 years, always nice and everything. In reviewing accounts we found he re-upped and never played with it. We called his house (this was after about 2 months) and his wife told us he had died and then asked us if he owed us money. We told her no, we have some of his and we sent it to her.
It made her day!
That happened two years ago.
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oops, double post
[This message has been edited by intheknow (edited 09-26-2000).]Comment
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ITK, it even gave ME a good feeling to hear this story. But I don't think that would happen with all books. I'd really like to see the industry step up to the plate on this issue, with something more official in their policies.
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intheknow - What shop are you from? Instead of getting an insurance policy for my wife I opted to sign up with you guys.
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Underdog7,
I could tell ya, but then I'd have to kill ya!
post your email palComment
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udog7sb@hotmail.comComment
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