WSEX declines withdrawal
 

says my account "has not been wagered." I deposited maybe a month ago and the limits offered didn't suit my tastes. I played some micro limit there one day to get the feel of the software and I checked out the 10/20 game but did not play in it. Now, it appears that I'm going to be subjected to a $14.50 fee if I want my money back to reimburse WSEX for there Neteller fees.

Copy of the email:

Dear XXXXX,

Your Neteller withdrawal request has been declined.

Your last deposit of $500 have not yet been wagered.

It is our company's policy once you have funded your account, you're required to rollover all of your initial deposit in Sports Book, or Poker/Casino Department.

If you wish to proceed with a payout without the rollover, you will be subjected to fees incur by world sports exchange for the deposit made via neteller. Please submit your withdrawal less the fees below.


TRANS ID DATE ACCOUNT NAME STATUS TOTAL AMOUNT DA AMOUNT FEE DA FEE ACTIONS
26 Apr PM 5:42 [Personal Info Deleted] USD $500.00 Accepted $0.00 $14.50

For further assistance please feel free to contact us at any of the numbers provided below,

An agent will be standing by to assist you.

Regards,

Beckie
World Sports Exchange
Accounts Department
Tele: 888-671-3253
268-480-3880

Re: WSEX declines withdrawal
 

I gave my loose change to a bum in the street. Sorry.

Re: WSEX declines withdrawal
 

$45,510.50 from Home

Re: WSEX declines withdrawal
 

sounds fair to me

Re: WSEX declines withdrawal
 

No free lunch. Isnt this the site that has no or very low rake.You get what you pay for.

Re: WSEX declines withdrawal
 

makes sense to me. They can't afford to have people deposit and withdraw and be stuck with the neteller costs without at least some action.

Re: WSEX declines withdrawal
 

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$45,510.50 from Home

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Thaks for the laugh.

Re: WSEX declines withdrawal
 

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makes sense to me. They can't afford to have people deposit and withdraw and be stuck with the neteller costs without at least some action.

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They earn nothing if he rolls over his initial deposit in the poker room. I guess they can always hope OP plays BJ or something instead.

Re: WSEX declines withdrawal
 

100% understandable. If your not going to make my company money, I sure as hell dont want you loitering. Not being harsh, its true. Say I owned a Dry cleaning business down off of Park Ave, or Poplar Ave or somewhere, and your hanging around just shootin the s*** and not giving me business, I tell you to leave....... Anyway, have a great day!

Re: WSEX declines withdrawal
 

[ QUOTE ]
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makes sense to me. They can't afford to have people deposit and withdraw and be stuck with the neteller costs without at least some action.

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They earn nothing if he rolls over his initial deposit in the poker room. I guess they can always hope OP plays BJ or something instead.

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Even if he doesnt play BJ or sports betting, he may help generate action at the tables which helps bring other people in who may then play BJ or sports bet.

Re: WSEX declines withdrawal
 

Good point.

Re: WSEX declines withdrawal
 

[ QUOTE ]
makes sense to me. They can't afford to have people deposit and withdraw and be stuck with the neteller costs without at least some action.

[/ QUOTE ]

yep, it's even spelled out for you when you deposit.

Re: WSEX declines withdrawal
 

I think this is a pretty bad policy.


What are their terms for 'rolling it over' one time in the poker-room anyway? I don't think that earning $500 worth of rake-back is their standard, is it?

Re: WSEX declines withdrawal
 

I had the same situation...after i was turned down, i called them up, they said i had only played 1/2 as much poker as i needed to, so i would be charged. About a month had passed by since my attempted withdrawl by this point, my money gets forgotten about regularly, and i I decided to withdraw, pay their stupid fine and they wont get my football betting business come fall, no biggie.

So the second time i tried to take the money out, it went through, no charge, no problem.

I don't know what the lesson is from this.

Re: WSEX declines withdrawal
 

While I don't really agree with the policy, since it is spelled out, I'll deal with it. I might just try to jump into the 10/20 and roll it over there. The game didn't look all that great...but there is no rake so I I'll probably have at least some EV.

Re: WSEX declines withdrawal
 

But what are the requirements for 'rolling it over'?

Is it just to bet $500 worth towards pots?
If that's what it is then obviously it wouldn't take long to do this.

Re: WSEX declines withdrawal
 

[ QUOTE ]
I think this is a pretty bad policy.


What are their terms for 'rolling it over' one time in the poker-room anyway? I don't think that earning $500 worth of rake-back is their standard, is it?

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I agree with the bad policy bit. I understand why they do it, but I thought that the whole rake-free thing was an experiment. This could hurt them as far as trying to get that all-important critical mass of players. I know that, considering the transaction fees, they're losing money on poker right now.

One question I have though: Does it really cost the poker site $14 in transaction fees for a $500 transfer in and a $500 transfer out?

Re: WSEX declines withdrawal
 

[ QUOTE ]
But what are the requirements for 'rolling it over'?

Is it just to bet $500 worth towards pots?
If that's what it is then obviously it wouldn't take long to do this.

[/ QUOTE ]

Good question...if someone can answer this, it would go a long way. $500 in pots won't take that long.

Re: WSEX declines withdrawal
 

Personally, I don't even understand why they would do this.

If people are afraid of depositing in the first place on the off-chance that they might not want to play there then that can hurt the possibility of attracting new players.

Let them deposit freely..and hope that they give the games a try.
Hasseling your customers about such things is NOT the way to win them over. It's very possible you would have returned to the site if you had no cash-out issues.
Instead, you'll be reluctant to go back there. And you came to this forum to warn others about this policy which is really bad publicity for them.


The minimal amount that they gain by FORCING you to play (helping them start-up games...because they don't even get any profits from your poker play) is significantly out-weighed by the fact that you might not return and may have prevented others from trying it out.

Re: WSEX declines withdrawal
 

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Does it really cost the poker site $14 in transaction fees for a $500 transfer in and a $500 transfer out?

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assuming 2.9% both ways, it costs them MORE than $14. there is no company I can think of that could negotiate their neteller fees under 1.4%. and that's just to break even.

Re: WSEX declines withdrawal
 

I had been considering WSEX, but will not play at a new site that charges a fee if I decide that I don't like their games.

Bet Royal does the same thing. I found out about that one the hard way. I deposited $500, and wagered the full $500 on football games that weekend, basically breaking even, then wagered the remaining $490 on games the following weekend. When I went to cash out my remaining $450 balance, they told me that I would have to pay the Neteller fees, even though they could see that I was willing to bet $500 a weekend on sports, and they had given me no deposit bonus. I moved my football sportsbetting back to Sportsbook and never bothered trying out the BetRoyal poker room like I had previously planned.

WSEX looked promising, but its not worth the risk to try it out when there are other rooms that you can try out for free.

Re: WSEX declines withdrawal
 

I think this policy is entirely fair, especially given the no rake plan they have. It also applies to sports wagers, as I ran into it late last NFL year.

Debater

Re: WSEX declines withdrawal
 

[ QUOTE ]
I had the same situation...after i was turned down, i called them up, they said i had only played 1/2 as much poker as i needed to, so i would be charged. About a month had passed by since my attempted withdrawl by this point, my money gets forgotten about regularly, and i I decided to withdraw, pay their stupid fine and they wont get my football betting business come fall, no biggie.

So the second time i tried to take the money out, it went through, no charge, no problem.

I don't know what the lesson is from this.

[/ QUOTE ]

IIRC, you get one free transaction per month.

Re: WSEX declines withdrawal
 

[ QUOTE ]
I had been considering WSEX, but will not play at a new site that charges a fee if I decide that I don't like their games.

Bet Royal does the same thing. I found out about that one the hard way. I deposited $500, and wagered the full $500 on football games that weekend, basically breaking even, then wagered the remaining $490 on games the following weekend. When I went to cash out my remaining $450 balance, they told me that I would have to pay the Neteller fees, even though they could see that I was willing to bet $500 a weekend on sports, and they had given me no deposit bonus. I moved my football sportsbetting back to Sportsbook and never bothered trying out the BetRoyal poker room like I had previously planned.

WSEX looked promising, but its not worth the risk to try it out when there are other rooms that you can try out for free.

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So you are willing to pass up the potential of rake free poker because you MAY have to pay 14 dollars in neteller fees if you don't like the games. I vote this the post of the day.

Re: WSEX declines withdrawal
 

I think it's incorrect for this to be a consideration for the intelligent player as well. Outright stupid actually.

You can check out the games all you like without depositing. And you can deposit just enough to buy-in if you decide you want to play.

This is partly contingent on the assumption that the wagering-requirement is as simple to attain as I think it is.

But the fact is, there will be some players who are turned-off by this enough that it might end up keeping them from playing there at all.
that alone means it is in WSEX's best interest to NOT have this rule.

Re: WSEX declines withdrawal
 

to the extent that it will turn off players who are probably the type of players i would want to have at my table, i agree.

Re: WSEX declines withdrawal
 

[ QUOTE ]
I think this is a pretty bad policy.


What are their terms for 'rolling it over' one time in the poker-room anyway? I don't think that earning $500 worth of rake-back is their standard, is it?

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I assumed it was similar to Pacific Poker's policy for bonus clearing, a $500 wagering requirement.

Re: WSEX declines withdrawal
 

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I think it's incorrect for this to be a consideration for the intelligent player as well.

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This would not be a consideration for me. If I can beat the games there for a healthier profit than I can elsewhere, I will play there. It certainly is not my intent to discourage players from playing there. I am a big fan of the rake-free model and I'd like to see it do well. Now that this has come up, I wonder if I should have brought it up. However, like MicroBob, I think it is in bad policy. To the poster who said it was fair: Yes, it's fair as it is clearly spelled out in the T&C; however, fairness does not always equate to good policy.

Re: WSEX declines withdrawal
 

[ QUOTE ]
[ QUOTE ]
I think it's incorrect for this to be a consideration for the intelligent player as well.

[/ QUOTE ]

This would not be a consideration for me. If I can beat the games there for a healthier profit than I can elsewhere, I will play there. It certainly is not my intent to discourage players from playing there. I am a big fan of the rake-free model and I'd like to see it do well. Now that this has come up, I wonder if I should have brought it up. However, like MicroBob, I think it is in bad policy. To the poster who said it was fair: Yes, it's fair as it is clearly spelled out in the T&C; however, fairness does not always equate to good policy.

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Like Pavlovs dogs, it looks like we've been conditioned to not see the woods for the trees.

It is like those miserly people who will drive their gas guzzling SUV to the other side of town to use their coupon for 20 cents off a can of tuna, rather than getting it at the corner store.

Re: WSEX declines withdrawal
 

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I checked out the 10/20 game but did not play in it.

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Were you really going to play 10/20 with only a 1 buyin deposit? [img]/images/graemlins/confused.gif[/img]

If you play 10/20, beating the 2/4 or 3/6 at WPEX should be no problem, even if there are better games at other sites.

Here's what you should do:

1. Stop complaining
2. Complete wagering requirement at 2/4 or 3/6
3. Collect rakeback and cashout
4. Never go back

Re: WSEX declines withdrawal
 

[ QUOTE ]
[ QUOTE ]
I checked out the 10/20 game but did not play in it.

[/ QUOTE ]

Were you really going to play 10/20 with only a 1 buyin deposit? [img]/images/graemlins/confused.gif[/img]

If you play 10/20, beating the 2/4 or 3/6 at WPEX should be no problem, even if there are better games at other sites.

Here's what you should do:

1. Stop complaining
2. Complete wagering requirement at 2/4 or 3/6
3. Collect rakeback and cashout
4. Never go back

[/ QUOTE ]

No, I just decided to play the 10/20 to turn it over. It's one buy-in at a live game...if you win, you cash out. There's nothing wrong with playing 10/20 with just $500 in your account. A $500 bankroll is an entirely different story.