Why do people constantly move money in and out of sportsbook accounts but are content

[<JC>]

Let me first state that I think that players should have 100% access to their funds. I think that they should be able to with draw the funds at anytime subject to previously agreed on terms. (IE 5 business days, 7 business days, or 24/7 and subject to any fess agreed upon with the opening of the account.) I think the only thing a book should say when you make a withdrawal is, "How much and is this a correct address?" I view any other interrogation as nosey. (Except a fraud invstigation) But, one should never hear, "Why are you closing your account etc?" or "What can we do to convince you to leave it in?" The player has made his decision, he doesn't need any help.

Here is my question. (and maybe the answers)

Why do many players feel that they need to move money out of their sportsbook account weekly, more often then weekly, after a big run-up, or even monthly?

When people have stock brokerage accounts and their balances go up and down, for the most part they just leave the money in the account. Even day traders aren't constantly withdrawing and depositing the same funds. It is not the norm for people to take money out of their brokerage account every time they make money.

I can think of a few possible answers but I would like to hear the opinions of others.

1. Psychology, gamblers need to touch their winnings for it to feel real. Many players are used to the old days of settling up every week and they are conditioned to want to see their money when they win.

2. People are playing with their last dollars and need the money. They can't afford to leave it in the sportsbook account.

3. Players don't trust their book 100%. They feel that their money is not safe there and therefore like to bring it home as often as possible.

4. They are moving monies to other accounts that have been depleted.

So, that's it, why do people constantly move money in and out of sportsbook accounts but are content to leave their stock winnings alone?

[Omni]

You're asking is it 1,2,3, or 4? The answer is Yes.

1. Yes, I'd like to see my money (again).
2. Not my last dollar, but of course I need the money. Who doesn't?
3. I don't trust any book 100% All books are safe and reliable, until they're not. Then it's too late. I keep a good working balance with a little extra if needed. No more. No real reason to keep more. Especially for those who gamble for a living (which I don't quite yet). If the money is your salary, you'll probably need constant access to it.
4. If you keep an acount at multiple books (an absolute necessity in order to win) you will no doubt have to transfer funds at some point. How often depends on how much you play vs. how much is in each account. If you're a heavy hitter and you spread yourself thin, maybe once a week or so.

[Jeff]

All of the above really. Lots of players are simply replenishing other accounts.

But also, the Psychology of it all like you mentioned. The great majortiy of players who will post up offshore, don't even have a bankroll to play with. They can't think past next week, never mind an entire season. 9 out of 10 couldn't even tell you if they are ahead of behind on the year, they can only tell you how they did last week. When they win, they want the immediate effect.

Many players are also new to the offshore books and the internet. Many people may know that xyz book has been around for 6 years, but the guy who just got a new pc for xmas, and jumped on the net last night for the 1st time ever, doesn't know the diffeence between a johnny come lately book and a longstanding solid book. They don't trust any book.

So it's probably a little bit of everything mentioned.....

[chestrockwells]

Because despite what people say, very few players have clearly defined bankrolls.
Because very very few people have more than one stock brokerage account.
Because stock brokerage accounts pay interest on cash float.
Because most stock brokerage accounts have evolved into a money mgmt acct.(or a virtual financial one-stop) which offers among other things, checks or a debit/credit card for easy access to your funds.
Because players bonus bounce more than they care to admit.
Because, rightly or wrongly, sportsbooks have as much respect and credability as an adult video company. (Except adult video companies generally make more money, don't get sided and don't have losing weeks)
And because, despite what some people may lead you to believe, sportsbooks are not as safe as Bank Of America or some other colorful examples.

[ 12-31-2001: Message edited by: chestrockwells ]

[egg nog]

finally someone with a little common sense around here!!!! sportsbooks are not as safe as the bank of america or any other bank for that matter. you don't see these books offering 100,000 insurance against your acct do you? i don't care which book it is, unforseen things can and will happen in the future and you can bank on it. it doesn't take a rocket scientist to figure out why people move money around.

[sportshobby]

Making more than one withdrawal per week seems excessive. I like the one-free-withdrawal-per-week policy, with the sportsbook charging a fee for more often than that.

[brink]

I play with a set bankroll and only withdraw when and if my total balance goes above that bankroll. But I suspect I'm not part of the majority.

[stardust]

I think it is some of all of the above.

Smaller players want the cash. Like Jeff said - they don't look past last week. They win $100, they want it. Stupid if you ask me, but it's their money.

If I had a large run up, I would probably ask for a payout. If you never enjoy the fruit of your labor, what's the point.

Bonus bouncing plays into payouts as well. Say I'm up 2 dimes at Olympic, get a payout and post it back up at WSEX - hey man I just made $200 without making a wager. Free money is what that is my friend. I never actually get up enough to make that an option, but if I did, it might be tempting.

Moving $ from one book to another is also a reason, but it sounds a lot easier than it is - I tried moving $ that way and they made it an expensive pain in my ass, so as to discourage it.

Lastly - as you noted - players never feel %100 safe anywhere. Some of these offshore venues are percieved as somewhat unstable.

Suppose you are up 20 dimes and the government of XYZ Island decides that they can do better getting US aid than hosting sports books. They declare all books unlawful and the operators have to escape with their lives. Where do you think the player's money ranks in that scenario?

When I read all these horror stories of people getting stiffed for big money, books slow paying, making specious claims about betting habits so as to not pay winning bettors and booting steam players, it's no wonder people want their money. The only safe $ is cash in your hand!

I've been playing offshore for about 5 years and while I sent in a fair amount, I only asked for two payouts.

Once the book I was dealing with just wan't to my liking - they talked service, but that was all it was - talk. I doubled my bankroll and walked.

The other shop made it expensive and inconvenient to get a payout. I asked for half of the account and after finding out what it would cost me to get the $, I decided not to burn cash getting payouts and cleared the account.

As always - Good Luck,

Sonny

[Jeff]

Sonny makes a good point. While most people feel pretty safe with most books, we really aren't too far removed from the days where operators WERE hassled by the goverments of the jurisdictions they operated in. The Dominican republic comes to mind. Remember EZ Bet and Dennis Humphries??

How about CRIS years ago when they were in the DR? The DR Gov't caved in to pressure from the US Gov't and booted them out.

It's nice to be able to paint a rosey picture of things, but you also have to be realistic.

By and large, things are great out there for the player and incredibly safe.

But until the day of regulation, there will always be that "what if" scenario in the back of peoples minds.......

[egg nog]

simple. withdrawing money makes the losers feel like winners.