POST UP MONEY QUESTION???

[Jeff]

Very good point........how many of you would wager with a local bookmaker who tells you up front he doesn't have enough to cover all his wager...ie everyone bets the same side on a Monday night and wins??????

Good thing (for those playing at an underfinanced book) most players don't ask for weekly withdrawals...

[chestrockwells]

Good point. But the real question isn't whether your local guy tells you up front or not. The real question is whether he can or can't cover if everyone bets on the same side and wins. And that's the question you're going to have a tougher time getting an honest answer.

[chestrockwells]

Curious: You're right of course. And in fact as myself and others have pointed out, many of the "top" books do state that our post up is in a trust or custodian acct. that is managed by a 3rd party. The question, I thought, was whether we believed this to be true 100% of the time, with 100% of our money. I personally don't believe it, but I (maybe foolishly) don't think less of books that may fudge on this. Businesses fudge on money issues, advertising and almost everything else at one time or another. I mean we all know this right? So ultimately it gets back to trust, reputation etc. Don't get me wrong, I think there should be "enforceable" regulations on this. Maybe there are maybe there aren't. So if they need to put the money behind padlocks......great! But I'm not going to sweat it too much with the right book, if some of that post-up takes a trip down to the local stripclub once in a while........as long as it's available when I want it.
But seriously, here's a perfectly legitimate way to fudge on this and still tell the truth. You take the post-up, deposit it in a bank down there.........then you get a collateralized revolving credit acct with a limit of let's say 80% of the total you have on post-up at any given time. With that credit acct. you can do whatever you want and you can still tell everyone that the post-up is on deposit and being held by a third party blah blah blah. This is just off the top, so I'm sure that there are many more sophisticated ways.

[ 07-05-2001: Message edited by: chestrockwells ]

[Bookiebar]

Why it pays to send money to a place that requires this by law... i.e. Australia

PART IV Div1,72. of the RACING AND BETTING ACT for the Northern Teritory of Australia
(1) The Commission shall not grant under this Part a licence or a permit to a person to carry on the
business of a bookmaker unless the person has given security to the Commission, in the approved form,
in an amount or to a value determined by the Commission, being no more than the prescribed amount, for
payment of all bets accepted by the person in his capacity of a bookmaker that are winning bets or for
payment of moneys payable by that person to the Commission.

(3) Where the Commission is satisfied that a book-maker has refused or omitted to pay an amount
payable for turnover tax, winning bets or due to the Commission, it may pay that amount from any
money received by it under and in accordance with a security given by the bookmaker and held by it
under this section.
http://notes.nt.gov.au:80/dcm/legisl...d?OpenDocument

[bgeorgia]

SBUSA is a publicly traded company licensed in the U.K. and as such are audited on a regular basis and
accordingly must keep the customers balance in an
escrow account and this must be reflectected in that audit.

bworld