Just don\'t cashout from Neteller
 

So if I understand everything correctly regarding the bill...it is not specifically banning the Online Poker, but instead just restricting how users can deposit money onto a method such as Neteller, FirePay, the site directly, etc.

So if I were to quickly deposit my whole poker BR onto Neteller before it's illegal, and cashout all of my $$ from sites that will turn down US players and leave it on Neteller and not put it in my bank...I can just shift the funds from Neteller to any new site I want.

But I guess the question is is if you want to deposit your winnings into your checking account, whether they will let you or not.

Am I right in my assumptions?

Re: Just don\'t cashout from Neteller
 

Yes, though any regulations which prohibit transfers to and from neteller are going to come near the end of the 270 day period to decide how to enforce the anti-gambling crap. All these people freaking out about neteller are going a little overboard, expecially considering the number of sites which are currently likely to keep its doors open to Americans, at least until that 270 day period is up and they know how this will all be enforced.

Re: Just don\'t cashout from Neteller
 

I think you missread the text of the bill : CASH OUT WILL NEVER BE ILLEGAL

Re: Just don\'t cashout from Neteller
 

goldtoes - you are right in relation to the aims of the new bill. However, the bill refers to existing State or Federal laws in relation to "unlawful internet gambling".

I am aware that many states have laws prohibiting internet gambling but these laws have proved unenforcable hence this new tactic.

Re: Just don\'t cashout from Neteller
 

why do you have to cashout from neteller into your bank account why not just use the neteller card and get your money from the atm machine

Re: Just don\'t cashout from Neteller
 

Some people have significantly more than $300 in their online bankrolls.

Re: Just don\'t cashout from Neteller
 

[ QUOTE ]
why do you have to cashout from neteller into your bank account why not just use the neteller card and get your money from the atm machine

[/ QUOTE ]

true, but they mentioned above that the cashout from neteller to your bank account will never be illegal.

btw, just in case anyone was thinking differently, i was takling about after the xxx day period. once they system is put in place.

Re: Just don\'t cashout from Neteller
 

I was wondering that myself, but figured cashout was fine.

Not that it matters though. If people can't put money in, there will be nothing for me to take and cash out. Well, I can take non-US player's money I guess.

Re: Just don\'t cashout from Neteller
 

Could you point out the specific clause that says this? Every article I've read (from reputable sources such as Reuters and AP) say just the opposite - that banks will be prohibited from engaging in transactions TO OR FROM firms associated with online gambling. This would mean no more cashouts from Neteller to your bank account. I suppose you could have either the poker site or Neteller issue you a check, but would your bank be prohibited from honoring it. I've worked for banks most of my adult life, and I assure you they will take a very conservative approach - they will err on the side of over-cautiousness.

Re: Just don\'t cashout from Neteller
 

What other cashout methods would you suggest for amounts >10k?

Re: Just don\'t cashout from Neteller
 

[ QUOTE ]
What other cashout methods would you suggest for amounts >10k?

[/ QUOTE ]

People shouldn't have $10k if they don't have ideas of what to use; wire transfer homie!

Re: Just don\'t cashout from Neteller
 

Why does this matter if PP and Stars won't let us play?

Re: Just don\'t cashout from Neteller
 

That's a great idea if you have a non-U.S. based bank account.

Re: Just don\'t cashout from Neteller
 

i'd get a series of checks for $2900. Get a check Twice a week, for as long as it takes. Keep it off the logs; two tiers of reporting, one at $3k and one at 10K.

Re: Just don\'t cashout from Neteller
 

[ QUOTE ]
i'd get a series of checks for $2900. Get a check Twice a week, for as long as it takes. Keep it off the logs; two tiers of reporting, one at $3k and one at 10K.

[/ QUOTE ]

re: I'd get busted for Structuring.

Re: Just don\'t cashout from Neteller
 

[ QUOTE ]
I think you missread the text of the bill : CASH OUT WILL NEVER BE ILLEGAL

[/ QUOTE ]

where does it say that? seriously. that's a pretty big deal for those of us with significant $$$ online who aren't worried about having to deposit more anytime soon. if sites will still allow me to play and cashing out is not illegal, then from a legal standpoint i'll have nothing to worry about. (from a quality of games standpoint, though, there'd be of course lots of worries.) anyway, i don't see anything in the bill indicating that it's legal to receive EFTs after winning money online. would love clarification on this if anyone can offer it.

Re: Just don\'t cashout from Neteller
 

Check this out.

Re: Just don\'t cashout from Neteller
 

It doesn't say anywhere in the bill cashouts are legal. The bill only states what is ILLEGAL. Since cashouts are not mentioned in the bill, cashouts are legal. Does this make sense? This is just MO, but I think I'm correct.

Re: Just don\'t cashout from Neteller
 

[ QUOTE ]
It doesn't say anywhere in the bill cashouts are legal. The bill only states what is ILLEGAL. Since cashouts are not mentioned in the bill, cashouts are legal. Does this make sense? This is just MO, but I think I'm correct.

[/ QUOTE ]

I think you are correct except for a possible problem for professional gamblers. the bill prohibits a "person" in the business of betting or wagering from accepting a payment.

The hobby player is not in the business, a pro player (via filing taxes as a pro or possible investigation that shows X% of his income is gambling) probably is in the business.

Re: Just don\'t cashout from Neteller
 

to westmt01

the legislation does not prohibit any tranfers to firms "associated" with online gambling. The language is quite clear that only firms which carry out "betting or wagering as a business" are banned as receipiants of tranfers.

1) Neteller is exempt as it is under no due to comply with US law and to refuse such tranfers
2) Neteller does not carry out "the business of betting or wagering" and is therefore exempt from what the legislations refers to as a "restricted transaction".

This would be akin to the US gov attempting to put restrictions on foreign banks. Eg once you move your $$$$ from your US based bank or cc into Neteller or any other non-US financial institution then the US can have no further say as to what can be done with your $$$$.