Sportsbook Funding Question

Sportsbook Funding Question

While watching the NFL and drinking beer at a sports bar yesterday I overheard some strangers talking about gambling and their bets. The subject of online sportsbooks came up and one guy said his lets him make deposits using an online check. Works just like a regular check but his account is funded immediately (no waiting for clearance he says) and he can deposit up to $2000 every 48 hours.

I use a local guy because the whole idea of sending money out of country makes me nervous so I don't know if this is true or not. Is it? If so, what would prevent someone from making a $2k check deposit and betting it all on one game that day and then putting a stop payment on the check if he loses. Or if he wins, honoring the debt and being content with doubling his money in a dishonest but no risk to him wager.

I find it hard to believe that sportsbooks are naive enough to put themselves in such a no-win situation. 

What am I missing?

Big10
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Re: Sportsbook Funding Question

If someone did this you would be pretty much black balled at most of the legit books since they do share info on scammers,the few books that accept echecks have a holding period till you can make a wthdrawl from 14 -20 days so you wouldn't be able to just take the money and run.

Blade
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Re: Sportsbook Funding Question

Blade wrote:


If someone did this you would be pretty much black balled at most of the legit books since they do share info on scammers,the few books that accept echecks have a holding period till you can make a wthdrawl from 14 -20 days so you wouldn't be able to just take the money and run.

Appreciate your reply. But the 14-20 holding period is irrelevant to the question...if you lose the check gets canceled...if you win you have $2K in your account to play with that you had no intention of paying and if you are a good gambler you could increase on that with successful wagering in the next 14-20 days. Or play it conservative and just bet small for the next 14-20 days until you can withdraw.

Either way, looks like the book is vulnerable. The threat of being blackballed is no deterrent to a dishonest person.

Big10
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Re: Sportsbook Funding Question

Big10 wrote:


Blade wrote:


If someone did this you would be pretty much black balled at most of the legit books since they do share info on scammers,the few books that accept echecks have a holding period till you can make a wthdrawl from 14 -20 days so you wouldn't be able to just take the money and run.

Either way, looks like the book is vulnerable. The threat of being blackballed is no deterrent to a dishonest person.

Happens all the time with credit card deposits for those that can get them trough as well when they just do a charge back when they lose.

Blade
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Re: Sportsbook Funding Question

I believe the "online check" is equivalent to a direct transfer from your checking account.  The routing number is used and the payment is instantaneous, much like a debit transaction.  There is no ability to "stop payment".  Personally, there is no way I'd give out my routing number to an offshore book.  Unless it's a separate savings dedicated to just using for the Sports book to deposit my winnings...

Hope that answers the question.

IceDragon
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I'm pretty sure it's an E-check which takes money immediately out of you account.

BAGIANT
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As one of the few people who have actually seen the inside of an offshore sportsbook I can tell you that most people have no clue about what really goes on there. The rumors even to this day crack me up.

You are as safe or safer sending your money to an online sportsbook or poker room than you are using your debit card at your local 7-11. Why? Because this is exclusively how these companies do business. If they were to lose the trust of the betting public they would no longer be able to do business. They have to run a tight ship as far as your personal info is concerned or they might as well lock the doors and send everyone home.

The instances of identity theft or credit card fraud in online gaming are far lower than any other industry. Like I said, I am more comfortable sending $5000 to an online sportsbook than I am handing my card over to some clown for a Slurpee.

Don't believe the hype! I have been doing this for almost 10 years and I do not know a single person who has ever received any unauthorized charges on credit cards or unauthorized withdrawals from their bank accounts.

To answer your original question, sportsbooks receive hundreds of charge backs every day, it's just the cost of doing business. There is nothing really to prevent it other than limits on deposits and hoops you need to jump through at withdrawal time. And Blade is right, if you do it once, you won't do it again because all these places share info on undesirables.

Thanks for posting this question. Its nice to be able to talk about something other then which shitty service is less shitty than other services  ;D

Michael Cash
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Re: Sportsbook Funding Question

I just made a deposit that way - took a few seconds and cash was in account.
The amount you have immediate access to depends on your previous history with them.


What is the process of depositing via E-Check?
The process is very simple:
Register a bank account by entering into the deposit page at the Cashier, some basic bank account details, that can be found on a standard check.
Enter the amount you would like to deposit into your WSEX account from your registered checking or savings account and click on "Submit Request".
Agree to the Terms of Agreement.
Your Instant Cash limit will be credited to your WSEX account immediately.
Funds will be debited from your bank account automatically.
The full amount of your E-Check will be credited to your account within 7-10 business days.
NOTE: WE ARE UNABLE TO PROCESS E-CHECKS FROM BANK OF AMERICA ACCOUNT HOLDERS
When will my entire deposit be available?
Your entire E-Check deposit minus your Instant Cash can be used after the funds have cleared your checking/savings account, and have settled into WSEX. This normally takes 7-10 business days. Weekends and Bank Holidays are considered.

What is my Instant Cash limit and how is it determined?
Your Instant Cash Limit is the amount that WSEX allows you immediate access to before your funds have cleared from your bank. Your Instant Cash Limit is determined by the length of time you have been a patron of World Sports Exchange and whether or not your bank account is supported by our Echeck processing system. Supported accounts can receive from $200 up to a maximum of $2000 while unsupported accounts will receive $200 maximum. Your Instant Cash limit is automatically generated based on the the above factors, therfore, you will have to register your bank account to know how much this limit will be.

jessy
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