So many books fold up and disappear with everyone's funds. In the real world we have the FDIC and insurance compnies to avoid disasterous losses but offshore funds are never 100% safe. Do you think any one would ever pay for an offshore gambling funds insurance policy? Could be extremely cheap for thos playing at High graded books and more expensive for those playing at "riskier" shops.... of course some balances would be denied insurance all together at scam books
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It would be equivocal to providing insurance on cocaine deliveries coming to the US from Bolivia. Good idea though.Comment -
so i'm guessing your thinking it would not be legal? If you look at as your insuring the funds up to a limit in a given account it really has nothing to do with the act of gambling per se. I don't know...... seems like many, especially new players, would feel a lot safer having some back fall should a shop close up or refuse to payout on a stupid rule.....
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In basic principle it is a good idea. But when dealing with something like this with or without an illegal stigma the insurance rates would be HUGE. So many people would attempt to con.Comment -
Originally posted by pags11Originally posted by BuddyBearOriginally posted by curiousComment -
Nice link Taco, of course as with any insurance a claim would have to be filed and then the insurance company would decide whether to pay out or not so I think it could be a little more protected...... i.e. did the book really scam you..... a 3rd party like sbr could review and make a reccomendation as to whether you should be paid and are being refused..... I mean if a book disappears into the night thats an easy thing yes you have to payout anyone who is your client and is insured for those funds but when it comes to more objective decisions like confiscations or canceled bets etc it would be more difficultComment -
I mean what would you have to charge someone a month to offer insurance up to say 10k? This would not be a "high roller" insurance.... more for rec bettors and those who don't want to risk going on a win streak and having the book refuse payout or want to deposit 3k to play football but are afraid the book may close up shopComment -
i don't know just somewhat surprised this is not offered or ever trie anywhere to my knowledge.... Could have links to greek, betjam etc at top where people sign up as affiliates and you gurantee them 10k in coverage free then have second tier books your fairly confident aren't going anywhere and give a pretty good monthly rate and then C level books pay higher rates obviously but it may be worth it for someone who can get a good bonus and think its worth a shot............. even if it didn't work it seemssomeone would have attempted itComment -
It has been tried a couple times in the years I have been around.
There was a thing called Secure Gaming Alliance some years back where the insurance was free. The reason it didn't work was basically lack of support from players. You had to provide SGA with weekly information on accounts/balances etc.
The insurance was in the form of the alliance books agreeing to absorb balances if a partner book failed. They had a group of about 10 books at one point.
Some people did it. I did it. But it ultimately failed. Some players have a natural paranoia about providing account info. Some players are too lazy to provide the updates. Players as a group are disorganized and lazy and short-sighted. Basically it ended up being like any upstart website/forum that died due to lack of traffic.
I don't think SGA ever had any claims in the time they were up and running so there is no way to know how solid the coverage really was.
I think Damian Dunlop attempted to organize something like that too. Can't remember the details on that one.Comment -
hmm nice info mudcat..... Seems close to what I was thinking but seems like absorbing any balance would be a huge risk management factor, also seems that requiring updates at that pace is unreasonable..... I would personally think it could be done with both less complications and better risk management but interseting to learn things about this I have not seen beforeComment -
That skeezo the shrink gurantees your deposit I think at sponsor books but that is very little consolation to a $500 deposit guy turning it into 8k or so... not that I even believe he would get the $500 backComment -
The problem is that if you get any type of size of all to the program, then it becomes likely that the insurer itself will fail. Their have been small programs in the past to offer insurance between the books, but those all closed once one book went down.
I would say in the present environment, if you stick to the larger books with good ratings you will be fine. But to insure any of these books would be impossible due to size.Comment -
I know I was paid out under it. And I know at least one other player was as well.Originally posted by MudcatComment -
I stand corrected. I do have a vague memory of them having at least one iffy book (Cascade?) and there being some discussion if that was holding them back from getting more good books in the alliance.Comment -
Well thats good news glad to hear you got your money, what type of hit did they take on you? 3 digit, 4 digit, 5 digit balance?Originally posted by JoshWComment
