There is unquestionably a mass exodus of funds from online gaming sites and neteller. The purpose of the legislation is not to prevent US citizens from getting their money back, it's to prevent US citizens from giving their money to gaming sites. People are wining about how hard it will be to get their money into sites, yet they're taking their money out. In some cases, paying a premium to do so quickly.
Say I have 4K at WSEX and you have an account but no money. You want $500 into your WSEX acct, I want cash. Why not send me a check and I transfer $500 into your WSEX acct? Alternatively, you can paypal me money and I'll transfer funds from my acct to yours. I propose setting up a person-to-person exchange site modeled after Ebay. People can auction off their online gambling funds (receive a check, person-to-person neteller transfer, paypal transfer, etc.) in exchange for a sportsbook transfer. Of course there's risk of default, this is why this would have to start off small and each player would get feedback ratings. Obviously 1 default and a guy is out.
The government can't/wont stop private citizen A from transacting with private citizen B. The government can't really prevent an offshore book from making an internal funds transfer either. This model bypasses the banking system and also, since it's person-to-person without a big financial intermediary (clearing house) there's no big company to go after. The site can make revenue from advertisements, etc. Hell, even SBR could try this.
This would provide some decent liquidity for big players and relationships could form such that players would be able to get their sites to and from sportsbooks relatively quickly and easily.
Imagine being a big player with 100K spread out across 4 top books. People could pay him a premium (say 2%) to send him a check (or neteller/paypal transfer). This player will make 2% for his trouble, that's a lot of edge. When the player wants to cash out, perhaps he can pay a premium to be sent a check by either this big player or another sportsbook customer.
Thoughts?
Say I have 4K at WSEX and you have an account but no money. You want $500 into your WSEX acct, I want cash. Why not send me a check and I transfer $500 into your WSEX acct? Alternatively, you can paypal me money and I'll transfer funds from my acct to yours. I propose setting up a person-to-person exchange site modeled after Ebay. People can auction off their online gambling funds (receive a check, person-to-person neteller transfer, paypal transfer, etc.) in exchange for a sportsbook transfer. Of course there's risk of default, this is why this would have to start off small and each player would get feedback ratings. Obviously 1 default and a guy is out.
The government can't/wont stop private citizen A from transacting with private citizen B. The government can't really prevent an offshore book from making an internal funds transfer either. This model bypasses the banking system and also, since it's person-to-person without a big financial intermediary (clearing house) there's no big company to go after. The site can make revenue from advertisements, etc. Hell, even SBR could try this.
This would provide some decent liquidity for big players and relationships could form such that players would be able to get their sites to and from sportsbooks relatively quickly and easily.
Imagine being a big player with 100K spread out across 4 top books. People could pay him a premium (say 2%) to send him a check (or neteller/paypal transfer). This player will make 2% for his trouble, that's a lot of edge. When the player wants to cash out, perhaps he can pay a premium to be sent a check by either this big player or another sportsbook customer.
Thoughts?
