SBR Please Answer this Question: Is Our Money safe in Offshore Accounts?

[jmathes]

I would like to know whether our money is safe in the remaining offshore books? After the FBI has seized 4 major sites is this an indicaiton that the rest of the companies will be seized too? I think that SBR should address this issue since they are affiliated with them. I think it would only be fair to have SBR clarify what exactly is going on. I also think that representatives from some books should speak as well (Tony from 5dimes, Bodog Becky, etc...). I would like to know before it is too late. I would not be a happy camper if I found out I lost severaly thousand dollars because the FBI just seized my money.

Please address this issue...

[warriorfan707]

sbr wouldnt answer no even if it was the truth

[Smoke]

Just withdrawal all your money and find a local..

[mrmarket]

The DOJ is going after the poker sites for a variety of reasons but mainly because they were allegedly laundering money. It is possible that the same charges can be brought against sportsbooks? Yes but it is not probable.

Besides the possibility of payment processors issues I have no worries keeping my money in the offshore books. This is a personal choice and you should always conduct the risk assessment for yourself. You may however want to reduce your exposure offshore if a delay will significantly affect the ability of your finances to function or if you just want to reduce your anxiety.

[floridagolfer]

If you have money in a place where you can't walk in and get it, you take all the risks. Who ya goin' to complain to if the doors on some shack are suddenly closed one day? I don't think you're going to find a chamber of commerce that's going to fight for you.

[jmathes]

Just withdrawal all your money and find a local..

I would love to but I live in a small town in the mountains of Colorado-locals do not exist here. I had a local for years when I lived in Texas but he would not do out of state deals. So this has caused me to use several offshore accounts, some of which have been very professional and respectable in dealing with. I have about $12,000 in 3 different accounts and would be pretty pissed off if something happened to that money. It is money that I have put a lot of work into building and want to make sure it was ok. I am leaning towards withdrawing the money all together but don't know if it's the right thing to do. In all the articles I read the sites that the FBI seized were all involved in money laundering and other illegal activities. If the remaining sites are conducting business in a legal manner then there should be no reason for seizure, correct?

[ouman101]

I would love to but I live in a small town in the mountains of Colorado-locals do not exist here. I had a local for years when I lived in Texas but he would not do out of state deals. So this has caused me to use several offshore accounts, some of which have been very professional and respectable in dealing with. I have about $12,000 in 3 different accounts and would be pretty pissed off if something happened to that money. It is money that I have put a lot of work into building and want to make sure it was ok. I am leaning towards withdrawing the money all together but don't know if it's the right thing to do. In all the articles I read the sites that the FBI seized were all involved in money laundering and other illegal activities. If the remaining sites are conducting business in a legal manner then there should be no reason for seizure, correct?

My opinion is that the legalities around sports gambling have always been very gray, and probably for good reason. If the books are conducting their business legally, then theoretically there is no reason for the government to go after them. On the other hand, no matter how close to legal we want to call it, we are still transferring money in and out of the US for the purpose of gambling. So I think they could twist it any way they wanted.

I've always looked at it as don't have money out there that I can't afford to lose. Sounds like maybe you should withdraw some of your money to limit your exposure if you are increasingly worried about it.

[Smoke]

I would love to but I live in a small town in the mountains of Colorado-locals do not exist here. I had a local for years when I lived in Texas but he would not do out of state deals. So this has caused me to use several offshore accounts, some of which have been very professional and respectable in dealing with. I have about $12,000 in 3 different accounts and would be pretty pissed off if something happened to that money. It is money that I have put a lot of work into building and want to make sure it was ok. I am leaning towards withdrawing the money all together but don't know if it's the right thing to do. In all the articles I read the sites that the FBI seized were all involved in money laundering and other illegal activities. If the remaining sites are conducting business in a legal manner then there should be no reason for seizure, correct?

You said you have 3 accounts funded..

I would pull out all money from 2 of those books(especially if one of them is 5dimes) and just keep the remaing book funded.

The FBI can do as the please for the most part. Its not worth the risk. Best of luck

[Mikail]

I have been slowly converting over and now make most significant wagers with a local. It just seems like the way to go in these unsure times offshore.

[jmathes]

My opinion is that the legalities around sports gambling have always been very gray, and probably for good reason. If the books are conducting their business legally, then theoretically there is no reason for the government to go after them. On the other hand, no matter how close to legal we want to call it, we are still transferring money in and out of the US for the purpose of gambling. So I think they could twist it any way they wanted.

I've always looked at it as don't have money out there that I can't afford to lose. Sounds like maybe you should withdraw some of your money to limit your exposure if you are increasingly worried about it.

Very good point there! The sad thing is gambling is a hobby for me and many others. If I were to withdraw most of the money then it would greatly reduce the excitement of betting on sports. If I was betting much less and had much less in those accounts then it would be very comparable to betting with SBR points; which I can give two shits about.

[BIGDAY]

Just withdrawal all your money and find a local..

Hate to say it. I withdrew most of my offshore funds. Scary stuff going on right now.

[jjgold]

Pretty safe if you play at the top books

Although I would not keep more than 10 dimes in there

[pavyracer]

Nothing is ever safe. If your money is lost you will be on your own. Even if SBR tells you is safe if it's lost they won't be able to give you your money back. If I was you I would reduce my funds right now and wait until the football season starts (If it starts with the lockout). If the FBI & CIA can find and kill Osama Bin Laden they can find and shut down illegal gambling activities if they decide to proceed in that direction.

[jayc88]

your money is safe

[Cap dat 4ss]

It's safe until the govt decides otherwise. A lot of us found that out the hard way through FTP.

[eleuropeano]

Of course nothing is ever safe. But we are talking about gambling here after all, risk is like breathing.

What I do is set up a "working capital" - the maximum amount of money I am prepared to lose, say in a month. If my balance is over that at the end of the month, I cash in the winnings. Then if the gov seizes you account, it's just like hitting a streak of bad bets. It's risk, but it is part of gambling.

[TobiasFunke]

Of course nothing is ever safe. But we are talking about gambling here after all, risk is like breathing.

What I do is set up a "working capital" - the maximum amount of money I am prepared to lose, say in a month. If my balance is over that at the end of the month, I cash in the winnings. Then if the gov seizes you account, it's just like hitting a streak of bad bets. It's risk, but it is part of gambling.

Exactly. You shouldn't have any amount of money offshore that you can't afford to lose. It's not your money until it's in your hands...

[frankzig]

scaled back playing offshore keeping it local for now

[SBR_John]

The offshore sportsbooks do not get into buying US banks. Poker kind of forced their hand. Poker was processing a gazillion dollars a day through US banks which they had bought controlling interest in. That was there downfall. No one knows who will do what. But the sportsbook industry is not advertising .net free play sites and owning banks so you really can't compare the two.

The best advice is to stay with the best books.

[Fishhead]

The offshore sportsbooks do not get into buying US banks. Poker kind of forced their hand. Poker was processing a gazillion dollars a day through US banks which they had bought controlling interest in. That was there downfall. No one knows who will do what. But the sportsbook industry is not advertising .net free play sites and owning banks so you really can't compare the two.

The best advice is to stay with the best books.

I like the chains........mainly perils.