Question for sportsbook operators or anyone who knows - What happens when you die to your

[DannyMay]

sportsbook account balances ?

If I have $5,000 in my Olympic account and I left this to my wife in my will it would still be up to the book to pay her. The courts would not be able to legally enforce this because online gambling is not considered legal in the U.S.

I would estimate that Olympic has 250,000 active customers (defined as customers with money in their accounts). I would estimate that during any given year 2% of these customers may pass away. This is a very low estimate, but still means that Olympic would have 5000 funded accounts go doormant every year. If we assume the average balance being $1,000 which is again a low estimate, this would give Olympic $5,000,000 a year free money. This is not to mention all the interest they make off our money which they get to keep.

My question is would a book like Olympic, Carib, BHB, Heritage, etc. pay the next of kin in the event of death or does this become the books money ?

I have seen this rule at books - "Payouts will be made only to the name on the account". At first glance, I think "well duh, of course". But now I see why this rule is on the website. So that low tier books can claim they are keeping the money and its in the rules. I can hear Five Dimes defending this now.

Distraught Woman - My husband passed away in a horrible accident and with all his funeral and burial expenses the kids and I could really use that money in his account.

F.D. Rep - Our rules clearly state that payouts will only be made to the name of the account holder.

Woman - But my husband passed away.

F.D. Rep - Can you read ?

Woman - Yes , but I dont think its right for you to profit off his death.

F.D. Rep - Read our rules.

 

[StoneCold+]

<BLOCKQUOTE class="ip-ubbcode-quote"><font size="-1">quote:</font><HR>Originally posted by DannyMay:
sportsbook account balances ?

I would estimate that Olympic has 250,000 active customers (defined as customers with money in their accounts). I.<HR></BLOCKQUOTE>

That NUMBER is WAY OFF.......Maybe 10 thousand, but 250,000 Active.........NOT IN THIS LIFE..

 

[bhbookie]

I would think we could pay the next of kin, as long as they provided a death certificate. Naturally, we would have to follow it up with the obituaries, etc. IMO

 

[DannyMay]

GotBookie,

Are you saying that you have not had this happen yet ?

 

[DannyMay]

StoneCold,

Olympic is considered one of the biggest and best books in the world. There are Millions of Active Gamblers in the U.S. alone. I have no actual data, but I thought the 250,000 was an extremly low estimate.

 

[TheGeneral+]

Danny, i asked this question months ago. Seems it is up to us. I have given all of my account numbers to my cook & another friend. When i go, they will check for balances, mail a death certificate and collect my funds.

 

[StoneCold+]

I think anotehr problem that arises here, is that so many gamblers are HUSH HUSH, when it comes to wives and family.....Even if the BOOK wanted to p[ay out, they wouldnt know to whom.

 

[bhbookie]

This has not happened yet. I hope it never does. I like our players alive and betting.

I also dont believe any books to have 250k active accounts. There are many players in the world but many places share them.

-scott

 

[bhbookie]

Stone - Good point. Most wives wouldnt even know the account exsisted.

 

[TheGeneral+]

In all, about 350 companies operate an estimated 1,800 active gambling sites worldwide.

U.S. gamblers are sending vast sums offshore. Nearly half the 12 million online gamblers are from the United States

 

[DannyMay]

Ok I could be off in my estimate of the number of accounts. Even if we say Olympic has 10,000 at 2% that is still 200 players passing away each year. For an average of more than 1 every other day.

It would seem that this hypothetical question is something the Books would have had thrown at them for real.

 

[Artemis]

I think the best thing to do is to make sure you state your account information in your will.

Must books won't have a problem paying upon death certificate.

 

[StoneCold+]

<BLOCKQUOTE class="ip-ubbcode-quote"><font size="-1">quote:</font><HR>Originally posted by DannyMay:
StoneCold,

Olympic is considered one of the biggest and best books in the world. There are Millions of Active Gamblers in the U.S. alone. I have no actual data, but I thought the 250,000 was an extremly low estimate.<HR></BLOCKQUOTE>

Way high.....Olympic along with NASA, Mill, RIO and some other BIG BOOKS at best maybe 20 Thousand active at best.

 

[DannyMay]

General,

1800 shops and 25 million players.

Certainly Olympic has far more clientele that 1790 of those 1800 shops. Also most players have multiple account . 25 million players in the U.S. alone would translate into 100 million plus accounts.

It seems hard to believe Olympic could only attract 1 in 2,500 players . ( 10,000 accounts out of 25 million players = 1 in 2,500).

 

[-Slim-]

Once we had a guy who had an account with us die over a weekend. I took some of his plays that last Saturday he played, all in all, he had more than 100 bets that Saturday..... I guess 100 bets is too much stress for anybody...

His wife called us up some time later and I believe some certificate was faxed and we sent her the remainder of the balance.

 

[Dante]

WOW slim..100bets in a day...maybe he KNEW he was going to die and said screw it all or nothing??

 

[BlueveinThrobber]

After reading this highly amusing thread I decided to ask my book what would happen after I die. They promised me a $100 Bonus Play when I die (It has to be called into the call center though to be valid). What else could a guy want??????

 

[Dante]

not a bad deal blue....

 

[HeywoodJablome]

There arent that many offshore bettors dying every year for crying out loud. That death rate is way out of line and even more because the ages of bettors is probably very much 21 to 45 and there isnt that kind of death rate unless you live in Afghanistan or something

 

[8isenough]

The book keeps your money, but you will recieve total consiousness...so, you got that going for ya!

Big hitter the Lama...