A question for serious investors

[dj_destroyer]

Why don't sportsbooks pay customers interest on the balance in their account? For a large handle sportsbook such as Pinnacle, they are literally making a killing on unpaid interest.

If you don't have more than 1k in your book then do not respond because this has very little bearing on you. But I personally know of a few people who have upwards of 50k in their account and they are getting robbed.

When will we see sportsbooks align with other financial institutions?

[greva]

Why would they??

[ApricotSinner32]

Why would they give away money when the majority of the public isn't complaining about this issue?

[UntilTheNDofTimE]

People who have over 50k in the account probably make better than 7% APR on there investment by betting. If not they wouldn't have it in a sportsbook. Thats why no ones complaining.

[Maniac]

Answered your own question - because they are making a killing on unpaid interest !

[dj_destroyer]

Why would they give away money when the majority of the public isn't complaining about this issue?

Well I just started the issue... so I'm sure the public will soon be behind me. Your bank pays you interest to have money in your account because they can use it for themselves and make money with it. I assume sportsbooks are doing the exact same thing and thus, we should be compensated.

If you don't care, you have less than 1k in your account and you can move on. If, however, you are a serious investor, message me and we can start talking petitions and begin lobbying Pinnacle to pay interest. I already have a handful of large scale bettors who are on board.

[greva]

Well I just started the issue... so I'm sure the public will soon be behind me. Your bank pays you interest to have money in your account because they can use it for themselves and make money with it. I assume sportsbooks are doing the exact same thing and thus, we should be compensated. If you don't care, you have less than 1k in your account and you can move on. If, however, you are a serious investor, message me and we can start talking petitions and begin lobbying Pinnacle to pay interest. I already have a handful of large scale bettors who are on board.

So.. pinnacle says no and then??

You are just left with lousy books, low limits and no where to take your "sharp" action..

[itchypickle]

Because books aren't $$ holders in the same respect as banks.....when you deposit $$ in a bak, it's then lent out at a higher rate of return or used to fund auto loans and other investments for the bank's operation and you are 'thanked' by receiving your tiny % of interest.

[darkghost]

Next we'll have the books charge the customers a monthly "maintenance" fee for handling accounts and a $0.05 "processing" fee for placing bets.

[unamed1]

Why don't sportsbooks pay customers interest on the balance in their account? For a large handle sportsbook such as Pinnacle, they are literally making a killing on unpaid interest.

If you don't have more than 1k in your book then do not respond because this has very little bearing on you. But I personally know of a few people who have upwards of 50k in their account and they are getting robbed.

When will we see sportsbooks align with other financial institutions?

This CAN'T be a serious question. You do know that money in a sportsbook, unlike money in a bank, is "dead money" to the book (or atleast it is for reputable books) until its played right? They don't care if you have $1 or $1,000.000 in your account, they make money on the vig and, to do that, you have to PLAY the money not PARK the money. The reason for initial bonuses and reload bonuses is because they know that 97-98% of the betting public will eventually lose their funds so, they entice you to fund big so you will play big. When you play it they earn. Mainstream financial institutions earn on your deposits and currently pay (as of today) .19 percent on your Money (it's called the CMT look it up) and do not have to leave all of your funds in your account, only a percentage of funds on deposit must be liquid, the rest is used to make loans and earn on. Your statement is not even Apples and Oranges, it's Apples and Hammers--Nothing even close to each other. Hope this helps

[ACoochy]

betexchange, 7.1%p.a. but will charge u 10% on withdrawals. Good if u plan on keeping money there for over 12 months...Ur welcome

[unamed1]

Well I just started the issue... so I'm sure the public will soon be behind me. Your bank pays you interest to have money in your account because they can use it for themselves and make money with it. I assume sportsbooks are doing the exact same thing and thus, we should be compensated. If you don't care, you have less than 1k in your account and you can move on. If, however, you are a serious investor, message me and we can start talking petitions and begin lobbying Pinnacle to pay interest. I already have a handful of large scale bettors who are on board.

I cannot believe you have ANYONE who has any significant amount of capital in a sportsbook who does not understand how ludicrous this statement is. I am not trying to be mean or start thread war but, seriously, you really do not understand the difference between the 2 industries you are speaking of. Now is the time you dismiss me as a "small fry" or some such nonsense because I only maintain 2k active and 1k reserve in my online book right? I should have never read this thread, mind boggling, simply mind boggling.