A question for Posters regarding Trust and Escrow accounts.

[GringoinCR]

No one can trust an escrow account. We are talking about banking offshore first of all. How could we believe the books after worldcom, enron and many of the top accounting firms?

The bottom line is books need a large bank roll. 100% of the players money doesn't say shit. What if the players have a good couple of months? I would say you need several times over to cover bad runs. Then you need all your operating expenses and marketing.

To be responsible for $100K I would say a book should have $1,000,000. That should get them through the first year, if they manage it right.

Famous last words of many bookmakers, "It doesn't matter, the players are going to loose."

 

[TTinCO]

Well said Gringo. That pretty much sums it up.

 

[THE SHRINK]

A TRUST FUND is clearly a good thing for sports books to use to gain more trust from gamblers in this current environment...

Also, paying an employee to answer questions that arise in posting forums is important and I am beginning to see more and more sports books are doing just that....

Innovative, new and dependable banking techniques should be on the forefront of every operators minds because gamblers deserve to get paid just as quickly as they send their money out...

Given the arrogant & hypocritical stance by Uncle Sam, we need to be ahead of the game and not behind regarding banking issues that are due to arise if this new bill becomes law...

THE SHRINK

 

[TTinCO]

The transfer mechanisms are my biggest worry right now.

For all practical purposes, this industry is toast if the feds put the clamps to Neteller, Sbuxx & WU. Seriously-think about it.....

p.s. Don't even mention Canada-they WILL do what the US feds tell them to.

 

[oldmantime]

The SHRINK for CONGRESS!!!!

Run Shrink Run. (Contact Jessie in Minnesota)

 

[VG789]

<BLOCKQUOTE class="ip-ubbcode-quote"><font size="-1">quote:</font><HR>Originally posted by Samurai:
If a book doesn't have enough capital to cover all their operating costs plus potential losses, while keeping 100% of the players' postups available, then they probably shouldn't be in business.<HR></BLOCKQUOTE>

Indeed,but I believe that goes for the 70% of the books out there..maybe I m too conservative and should have said 85%

I would like to hear opinions about the percentage!

 

[TTinCO]

"For all practical purposes, this industry is toast if the feds put the clamps to Neteller, Sbuxx & WU."

I can't believe how little attention this thread has recieved. Am I getting paranoid, or is my statement above accurate? What am I missing here?

 

[GringoinCR]

There is a ton of money being made by these money transaction businesses. As soon as the US shuts one down someone steps in to take their place. Do you know how much cash we are talking about in small countries?

Personally I don't think they can ever shut WU down.

 

[oldmantime]

Western Union: They won't even try to shut it down. (They will Police it, like a cop on the beat!!).

Will the Rx advertise Agents, so we little guys can sign up?

 

[PariActionOffice]

I have another question. How long before Aces Gold shut down did they quit processing Netellers etc.? I was not following at the time as we had already rejected buying them out the month before.

 

[TheGeneral+]

<BLOCKQUOTE class="ip-ubbcode-quote"><font size="-1">quote:</font><HR> "For all practical purposes, this industry is toast if the feds put the clamps to Neteller, Sbuxx & WU."
<HR></BLOCKQUOTE>

That's only the case if we are too lazy to go get a check and mail it off. How do they stop checks?