Cashing Out of Pokersites Through Checks - Page 3

tangled · #21 01-20-2007, 10:11 AM

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The distinction is that an entity which is in the business of betting or wagering falls under the UIEG Act. That is not a poker business model.

Secondly, the UIGE Act covers deposits, not cashouts.

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But a financial institution is not going to make that distinction in whatever policy they come up with towards gambling sites. Neteller, the friendliest of all financial institutions to us, will not.

Your second point that UIGEA only applies to deposits not cashouts seems solid and on point.

I am not trying to flame you. I think it is courageous that you have stayed with the US player. Thank you. But this thread was about cashing checks from poker sites. Relentlessly restating a talking point that does not apply to that question is not helpful.

TruePoker CEO · #22 01-20-2007, 01:50 PM

Yes.

Poker sites do not sit at the table and play. ALL betting and wagering is done by players. The UIGE Act even defines what activity constitutes making a "bet or wager" to include an assumption of risk on the outcome. A sportsbook and a casino assume risk when they accept or make a bet as the House. A poker site does not.

TruePoker CEO · #23 01-20-2007, 01:58 PM

"a financial institution is not going to make that distinction in whatever policy they come up with towards gambling sites."

Even a one outer hits on occasion. If the communal price of seeing the river is boring veteran 2+2 posters, please bear with me. We are not drawing dead.

Phil153 · #24 01-20-2007, 02:01 PM

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Yes.

Poker sites do not sit at the table and play. ALL betting and wagering is done by players. The UIGE Act even defines what activity constitutes making a "bet or wager" to include an assumption of risk on the outcome. A sportsbook and a casino assume risk when they accept or make a bet as the House. A poker site does not.

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The act is broader than that - it mentions people in "the business of betting or wagering" and those that transfer money to them. If you believe your interpretation about pure poker sites, then why did you send an email to your loyal players - the day the legislation was signed - saying that certain states could not continue to play on TruePoker? It appears that your actions and public statements are at odds.

Sniper · #25 01-20-2007, 02:42 PM

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This begs the question, would the US then step in tell BofA that their relationship with PokerStars in this sense is illegal and have it rescinded?

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Stay tuned to this bat channel...

NapoleonDolemite · #26 01-21-2007, 05:36 AM

I'm not sure the U.S. government is going to go to such great lengths to keep you from bringing money into the country. They want to keep it from going out. My guess is that checks will be fine.

OlDusty · #27 01-21-2007, 10:24 AM

[ QUOTE ]
Yes.

Poker sites do not sit at the table and play. ALL betting and wagering is done by players. The UIGE Act even defines what activity constitutes making a "bet or wager" to include an assumption of risk on the outcome. A sportsbook and a casino assume risk when they accept or make a bet as the House. A poker site does not.

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I don't know about TruePoker, but some sites have guaranteed tourney's. Would that not be concidered "an assumption of risk on the outcome"?

permafrost · #28 01-21-2007, 09:32 PM

So an owner of a bowling alley that never bowls a game himself at his business, is not in the bowling business??/?/? How about a quadriplegic golf course owner, not in the golfing business, right??

I understand the sites don't make bets however the law will still consider them in the "business" until they prove themselves to be poker sites that don't allow betting.

I hope your theory is good, but I see less than a one outer.

montechristo · #29 01-22-2007, 03:07 AM

i recently tried to cash a check from a lesser known poker site, the funds came from a bank in the cayman islands. the amount is 15k and I have been put on an "indefinite hold" for security purposes by the bank and by the department of homeland security. it could be months before my funds are released. i gotta pay rent. whats a guy to do?

curious123 · #30 01-22-2007, 03:26 AM

Monte, what exactly have they told you? Did they actually say it could take months?

This is something I've been worrying about. People are quick to point out how many zillions of paper checks are processed every day, but how many of those zillions originate internationally? How many of those originate overseas? And how many of those originate in places like the Caymans, Antiugua, or Cyprus?