Offshore Accounts and Poker Sites

[Orlando Salazar]

Why aren't poker sites just having people setup legit offshore bank accounts, then do an instant transfer to the poker skin? Couldn't PokerStars say "setup a swiss bank account and make a transfer to it, then just deposit on Stars and get a great bonus" It legal for us to have offshore accounts right? US has no juristiction on them right? Why cant Stars direct people to UBS for an instant account setup? EFTs can take minutes right? Skall?

[questions]

In the past when I've raised the question as to the enforceability of any such provisions of the UIGEA, this has always been the first question in my mind. Thanks for raising it so clearly.

Half a year later, I still don't understand how any regulations would be able to prevent this from happening.

[Izzy Vega]

US banks may not allow deposits with offshore banks that knowing allow US citizens to make transactions with online gaming sites.

Then again it maybe to much of a stretch for US banks to identify such offshore bank accounts and stop such deposits.

Interested to see Skalls response.

[questions]

This must be one of the regulations which US banks are complaining about, because if privacy laws in Lilliput (for example) prohibit domestic banks from interfering with customers wishes as to how they transact personal business, and by extension, from divulging such information to foreign entities (such as US banks), then getting around Lilliput's laws would have all kinds of implications and problems. I just can't see that happening.

[Izzy Vega]

Now that I think about it I have heard of Poker Sites setting there "VIP" players up with offshore accounts.

I think it would be good for poker sites to start directing there players to offshore accounts. Offshore account might be the ultimate gambit!

[AP0CALYP5E]

I want to do it, but so far it seems like they all want a sizeable minimum balance.

[Izzy Vega]

You can find offshore accounts with no or a small minimum balance. Just gotta dig.

[Izzy Vega]

I havn't opened one, out of hope that it will not be necessary. Waiting to see the regulation release on July 10th.

Hoping for no black list (which skall has mentioned probably wouldnt to effective anyway). Also hoping for ach payment and paper check excemptioin, which would pretty much cripple the UIGEA.

Even if the regs are strong there will probably be several work arounds.

Offshore account is my worst comes to worst back up plan.

[Orlando Salazar]

My point is that sites should make it easy and cheap to do this. How difficult would that be? Side not maria menunos is HOT and so is kim kardashian.

[berya]

"My point is that sites should make it easy and cheap to do this. How difficult would that be?"

Good point. I would not go out on my own and try to open an offshore account. If however PokerStars was to lead the way I would gladly open one within a week and be done with this whole fiasco.

I'm sick and tired of jumping thru hoops and waiting for weeks to get my money from sites thru some 3rd party whatever, this and that, blah blah blah.