Withdraw plan?

joecash · #1 05-25-2006, 11:39 PM

With this talk of the gov't cracking down on i-net gambling, at what point do you withdraw your money from the poker sites? Also, assuming gambling online dried uop completely, would these sites try to take the money and run?

Pog0 · #2 05-26-2006, 12:21 AM

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With this talk of the gov't cracking down on i-net gambling, at what point do you withdraw your money from the poker sites? Also, assuming gambling online dried uop completely, would these sites try to take the money and run?

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Not gonna happen. There are a lot of different countries out there. If there ever comes a time that you have to panic and withdraw all your funds (from a legal point of view), you'll have plenty enough warning.

deucegame · #3 05-26-2006, 01:58 AM

I'm glad someone brought this up. I don't feel like the sites would try to bail on us THAT dramatically. We would have some level of warning to pack it up. But it is important for the people playing poker, sports betting, etc. as a significant source of income to have a contingency plan for making a living IF this happens. I'd probably move to Canada. I hear it's nice up there.

jafeather · #4 05-26-2006, 10:20 AM

Sure we'll have plenty of warning, but that doesn't mean we'll be able to get our funds. The 50 states are by far the biggest online gamers, and the vast majority of these sites money. If all of a sudden we knew we couldn't play anymore and all decided to cash out it'd be the equivalent of us all making a run on the bank. The sites couldn't afford to pay us all off and stay in business so they're much more likely to just take our money and run.
NOTE: I'm not trying to get all conspiracy theory, I don't think this is going to happen. Just IF it happened.

MLSchaff · #5 06-14-2006, 07:34 PM

Pokerstars keeps player account balances in a segregated account, so at least on that site it would not be like a bank run where there is not enough money to go around for the cashouts. Even if every player cashed out at once, every single one could be paid. I believe the other major sites do this as well.

idmtchris · #6 06-14-2006, 08:25 PM

Good question that we should all consider. I personally do not keep the bulk of my bankroll in my site account. I transfer between my third party and poker site pretty regular. I mean I may have several hundred at let's say party poker at anyone time, but I like to move things around to maximize bonues and such. Besides I have heard too many stories about sites freezing account because they see something suspicious. I do not cheat in anyway, but I would hate to find my account frozen because I happen to play in the same SnG with the same person too many times. This may not sound like a big deal but it is one of the things that they monitor.

dustyn · #7 06-14-2006, 10:51 PM

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With this talk of the gov't cracking down on i-net gambling, at what point do you withdraw your money from the poker sites? Also, assuming gambling online dried uop completely, would these sites try to take the money and run?

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The laws haven't passed the house yet, haven't even been introduced in the senate yet and time is running short before the end of this session. Overreact much? The laws have several hurdles to clear before they pass...