Interest on your cash sitting in your sportsbook?

[SBR_John]

WSEX used to pay 4%. JC you around? Was this too complicated or what was the reason for stopping it?

With 2009 coming up I'd like to see if we could bring some of the good things back that the players had in the early days.

Would this appeal to anyone to get like money market interest on your sportsbook balance?

[RogueJuror]

no, bad idea

[pico]

yes. right now i trust sportsbooks more than banks. most of my free cash are in books, so if i am getting interest, i'll put more money in sportsbooks

[pico]

no, bad idea

why?

[Mudcat]

Would this appeal to anyone to get like money market interest on your sportsbook balance?

Unless I am missing a catch or nuance here, the question is basically if I would prefer some extra money over no extra money.

Sure, I would prefer some extra money.

[Kingctb27]

Would be awesome.

[element1286]

Would be nice.

[AMBlai01]

Great idea. It could be a great tool for a book to recruit some new players. I am surprised this hasn't been brought back already.

[SlickFazzer]

I would be very interested in this option. Would it be insured to $100,000 LOL.....

[jayc88]

great idea

[durito]

Yea right.

The industry is struggling enough as it is.

Though maybe it would be incentive for Joe idiot to stop withdrawing $500 every two weeks.

[bigboydan]

I agree that it's a good idea. However, I just would be skeptical if lower graded books were to implemented this program knowing that they are not very financially stable, especially during those summertime months.

[Boner_18]

Not that they are legal in the US anyway but giving interest to funds in the US opens the door for some pretty serious regulation... Don't know the ins and outs of these regs but I do know that those P2P lenders (which were shut down anyway) decided not to accrue interest on free funds b/c they didn't want to expose themselves to this type of banking regs...

Again, to the extent that offshore sportsbooks care about US laws and regulations..

[Mudcat]

Everything with sportsbooks has been moving away from player perks for the last couple years. It's not just a book here and there. The whole industry seems to be moving as a unit towards a less player-friendly universe.

Like two years ago, books basically all had cash bonuses. Good simple deal for players. Through a gradual transition we have gotten to the point where it is almost all freeplay. Less reward and more complication for players.

Reducing limits has become a much more routine practice.

Almost all books used to calculate rollover using risk amount. But the industry has gradually transitioned to where base amount is the standard and risk is the exception. No big deal on its own; just another brick in the wall.

There are more examples. It's been almost like an unspoken collusion on the part of the whole industry, the way things have changed so uniformly.

I don't particularly begrudge some of the changes. Books are businesses that are trying to survive. But given the trends, it would be extremely surprising to see any book suddenly start paying interest on balances.

Don't get me wrong, I'm all in favor of it - if the shock doesn't make me drop dead of a heart attack.

[Dark Horse]

Great idea. I had always assumed that the books themselves invest the money, and have run into one payout problem that suggested that.

[SBR_John]

As far as the regs go its really no different than getting abonus right? The tricky part comes because US citizens are required to claim all the interest that they earned. But no biggie there it can just be called a bonus.

As 1 poster mentioned this might help the books because a lot of players pull out their bank roll after football. Maybe they wouldnt be in a hurry if they were making a return.

[pico]

this is the best idea. bonus or free play as loyalty program.

[dwaechte]

This brings up something I've been meaning to ask for a while. What % of a books income is derived solely from interest rather than from actual wagering profits? The Pinny and Greeks have to have a good portion of players funds invested in safe liquid assets, and without any real inside knowledge, I'd assume that if a book just broke even with it's betting operation, having those players funds on hand would be enough for a profitable business long term.

[jjgold]

It is called money laundering

You cannot put money in an illegal place and get interest from a non licensed financial institution

[compaqDikk]

It is called money laundering

You cannot put money in an illegal place and get interest from a non licensed financial institution

thats funny, you started the following HYIPS and gave out 2% daily on funds and now all the websites have been pulled











mods this cokksucker didn't post for 9 hours and hit approx 77/ wesern union locations collections getting almost 90 dimes

[JC]

Hi John,

Yes, WSEX used to pay interest. I thought it would be appreciated and people would be more inclined to leave their money on deposit. I even went out of my way to make sure that money on open bets got credited with interest.

I don't think it really changed anything. Nobody seemed to care. They stopped it some time after I came back to the states.

Which raises the age old issue, why do players constantly withdraw their funds? Most people with trading accounts at brokerage houses don't draw down their money every month let alone every week. Why are sportsbook accounts so different?

I'd say it's one of three reasons in no particular order. Feel free to add.

1) The players don't trust the books.

2) The players are playing with their last dollars and they need the money.

3) Their is something psychological about touching the winnings when they win.

Your thoughts?

[crisp]

maybe players need the money to pay off their local?

[Scratch]

i'd like to add

4) Players don't trust themselves to not lose all their winnings

[WileOut]

Players don't trust the US government.

[donjuan]

I thought it would be appreciated and people would be more inclined to leave their money on deposit. I even went out of my way to make sure that money on open bets got credited with interest.

This would certainly make futures bets more attractive.

[compaqDikk]

players like JJ withdraw 140 so they can roll around in it and bed and count it off to the 50 youtube viewers

[SBR_John]

Hi John,

Yes, WSEX used to pay interest. I thought it would be appreciated and people would be more inclined to leave their money on deposit. I even went out of my way to make sure that money on open bets got credited with interest.

I don't think it really changed anything. Nobody seemed to care. They stopped it some time after I came back to the states.

Which raises the age old issue, why do players constantly withdraw their funds? Most people with trading accounts at brokerage houses don't draw down their money every month let alone every week. Why are sportsbook accounts so different?

I'd say it's one of three reasons in no particular order. Feel free to add.

1) The players don't trust the books.

2) The players are playing with their last dollars and they need the money.

3) Their is something psychological about touching the winnings when they win.

Your thoughts?

I do remember it well and loved that about WSEX except back then money markets were paying 6% and you guys only paid 4% .

Well your point #3 is the winner imo.

However things have changed dramatically from those days. I'm going to pitch this idea and others when I make the rounds. I'd like to see an effort and a push made for higher retention rates among the A books. Etrade gives away a Blackberry to loyal customers for example. Sportsbooks could be more like clubs where members are treated so well they will be less sensitive to price and competitor offers.

JC I always thought WSEX stopped this because of the hassle factor. Was it difficult to manage?

[pico]

i think bookmaker's way is the best. you get bet points for every dollar you bet. so you kinda want to stick with that book. it is like getting a little rebate.

[pimike]

i think bookmaker's way is the best. you get bet points for every dollar you bet. so you kinda want to stick with that book. it is like getting a little rebate.

Agree DSI has same deal.