POST UP MONEY QUESTION???

[REALITY]

DO YOU BELIEVE THE SHOPS WHERE YOU ARE POSTED UP HAVE 100% OF THE CUSTOMERS BALANCES ON DEPOSIT AT ALL TIMES???

IF SO PLEASE NAME THE SHOP.

IF NOT PLEASE EXPLAIN WHY YOU ARE OR ARE NOT CONCERNED ABOUT THIS ISSUE.

REALITY

[Rich]

the answer ofcourse is none probably dojust
as do any insurance companies have enough cash on hand to pay all possable claims....
or do allbanks forgetting about the 100,000
govtguarantee have enough cash either in both
of those areas states require a certain percentage...with regard to sportsbooks only
by using other criteria as done by bettorsworld can we be reasonably safe, that
said I'm usually requesting my "large payouts" afew days before the superbowl......

[Rich]

In addition since costumers other than through insider info or govt regualtion of assets have no way of knowing whatis done with our deposit money their really is nothing we can do but rely on track record
and testimonials of large withdrawels done at peak times with out delays.....why worry
about something which franky is out of our control.....

[chestrockwells]

No, I don't believe that they have 100% of our post-up money on "deposit" at all times. But why is that necessary and while we're at it, what does on "deposit" mean. Deposited where? In a bank where? In the Caribbean? There's very little FDIC type insurance there. So are we concerned about the banks too? Or are the funds deposited at a brokerage and used for stock and bond transactions or speculations. Assuming that the funds are deposited in just a simple interest earning acct.......what currency is the deposit made in? For a book like VC or Bowmans, are the funds deposited in 20 different currencies so that currency fluctuations do not endanger the 100% of funds deposited statement? I could go on and on, but I think you see my points. The bottom line is this. It doesn't really matter whether 100% of our actual money is deposited or not, but rather whether the company we choose to do business with has the resources to stand behind their responsibilities. And how large of a business would they be risking if they don't pay you. If a person's doing business with Billy Bob's Sports in Palmyra Island then you have to decide for yourself whether they meet the criterias you as an individual feel is important.......not just something that sounds good on a brochure.

PS> I'd be happy to offer 80% bonus on Billy Bob's. Just Netteller or Paypal me the money. I'll even throw in a vacation on the island, for those who are looking for a real tropical paradise

[ 07-02-2001: Message edited by: chestrockwells ]

[dog to the over]

for the record, these are stand up offices that will NEVER have a problem paying their players: Pelican/Jazz, Top of the World, Diamond SPortsbook, Del Mar, HOLLYWOOD SPORTSBOOK...I play with all of these offices, never a problem...we all need to let everyone know which offices are bad!
good luck to all

[Dragon]

If every player requested all their money from every offshore book tomorrow, there would be alot of unhappy players. Probably less than 25% of the offshore books have the funds to pay all customers.

[chuckz]

This is true of most businesses.

chuckz

[chestrockwells]

Dragon, what do you think would happen if even 20% of depositors requested there money in cash from there checking acct.at any US bank? Now mind you, the reason I say checking acct. is that your CD's, for example, do not have to be returned to you.........on demand. I bet a lot of people didn't know that. Yes we all know you have to pay a penalty on early withdrawal etc., but that's not what I'm referring to. In 99.99% of cases, that's what they'll do, but it's not actually required of the bank to give you your money right upon demand, except from checking accts (which in some countries is known as "demand acct"). No I've never worked at a bank.
Here's the thing that agitates me a bit about this topic. I respect what Reality has to say, and it perhaps sounds like he might be trying to tell us something.........but the effect it's having on me would be the same as if I were to work for the FED and then stand outside a bank and tell customers what I just posted above, as they walk in. And then ask them why they're not concerned! Well gee, it's because of the FDIC, they would answer. But we don't have that here, so I'm left with the "what is Reality trying to say" look on my face.

[sportshobby]

For once I'm speechless, which means I suppose the answer is mostly not (books don't have 100% of postup on deposit) and I haven't really thought about it that directly. Really bad answer, I know.

Reality, really good question that players should consider.

Chestrockwells, good points. "On deposit" can mean a variety of things, none of which are really free of some level of risk.

[ 07-02-2001: Message edited by: sportshobby ]

[REALITY]

Originally posted by chestrockwells:

I respect what Reality has to say, and it perhaps sounds like he might be trying to tell us something.........but the effect it's having on me would be the same as if I were to work for the FED and then stand outside a bank and tell customers what I just posted above, as they walk in. And then ask them why they're not concerned! Well gee, it's because of the FDIC, they would answer. But we don't have that here, so I'm left with the "what is Reality trying to say" look on my face.

MR.ROCKWELLS AND ALL MEMBERS,

REALITY IS NOT TRYING TO TELL YOU ANYTHING OR PUT FEAR IN YOUR HEART IN REGARDS TO THIS TOPIC.

THE FORUM MEMBERS HERE ARE SHARP ENOUGH TO KNOW WHERE TO PLACE THEIR TRUST AND THEIR HARD EARNED CASH.

IT'S JUST A QUESTION THAT I AM ASKED ALL THE TIME AND I WAS JUST WONDERING WHAT MORE KNOWLEDGABLE PLAYERS FEEL ABOUT THE STATUS OF THEIR POST UP MONEY.

YOU KNOW WHO THE ELITE BOOKS ARE IN THIS INDUSTRY BY COMPARING THE VARIOUS LISTS ON ALL THE WATCHDOG SITES.

YOU KNOW ABOUT POTENTIAL PROBLEMS BY THE NUMBER OF POSTS BEING MADE ABOUT A CERTAIN PLACE.

PLAYERS CAN GENERALLY "SMELL THE SMOKE" AND ESCAPE BEFORE SOMEONE ACTUALLY YELLS,"FIRE!" AND IT'S TOO LATE.

LIKE F.D.R. SAID,"WE HAVE NOTHING TO FEAR,BUT FEAR ITSELF..."

JUST STAY WITH THE BOOKS WHO YOU KNOW.

BOOKS THAT HAVE A PROVEN TRACK RECORD.

BOOKS WHERE,"PAYMENT ON DEMAND" IS A GUARANTEE NOT A MARKETING SLOGAN.

REALITY

[Curious]

All English and Australian licensed books are required by law to keep 100% of their customers' post up money in an account separate from operating funds.

This is the way it should be at ALL books. There is absolutely no reason why it should be any other way.

[neilm]

I would neither expect nor demand that a book have 100% of the customer deposits/balances on deposit.

I equate it to a bank account. If I have 20 grand in the bank, I don't expect to be able to walk into a branch and get handed my balance in 20s. I do however expect that if I provide my bank with wire instructions that they could wire the entire balance, no questions asked without hesitation.

Thus, while I don't expect them to have cash just lying around in the unlikely event that 100% of all customers redeem their entire accounts one morning, I would however prefer to deal with books where I am reasonably confident that I can get at my balance if need or whim be, without explanation, hassle or excuse.

[chestrockwells]

Ahh! So this is an academic question. Well in that case, I'd suspect that they spend our post-up on booze and risque women. No wait, that's if Reno was in charge.
Seriously though.......I was under the distinct impression (if one wants to talk about the law), that Curacao books were also required by "law" to keep their money in a "trust" run by a third party. And then we have a couple of Antiguan books, that come to mind, who have for years declared and advertised that the players accts were insured by none other than, Lloyds of London. Frankly I would have preferred it if they said that players accounts are insured against all losses. Now that would be the type of insurance I'd like.

[Jeff]

I think the point here is, could they get your money if they had to, not necessarily do they actually have it in posession or at the bank down the street.......

In otherwords, has the post up money been used for regular business expenses? Advertising, phones, help......leaving their total net worth less than what is on deposit?

Or are there any books that actually have the post up matched dollar for dollar "somewhere".


Or worse yet, have they used your post up money for their own wagering?????

[Curious]

Newsflash!! Sportsbooks are NOT banks (or insurance companies), do not function in any way like a bank, and should never be treating our funds like a bank might.

They should have 100% of their customers' post up funds on hand in a separate account at all times. There is absolutely NO reason for it to be any other way.

It is not their money to use as they see fit. It is OUR money. They are acting as a custodian, nothing more.