Are banks doing anything wrong by knowingly allowing you to deposit gambling checks?

[SportSavant]

Page 230 prohibits acceptance of any check, draft or similar instrument by a person engaged in the business of betting.

Maybe royalfan is running a bookie business?

are professional gamblers in the business of betting? :ughhh:

 

[Chris24]

I've read the "US LAW OF BANNING ONLINE GAMBLING" thet mentioned that something will come into effect july of this year.:WTF:

 

[royalfan]

Page 230 prohibits acceptance of any check, draft or similar instrument by a person engaged in the business of betting.

Maybe royalfan is running a bookie business?

No such bookie business going on here. It was easy whipping books asses fair and square the last 5 years and sucks bad enough the hayday is done. The hard and stressfull part is now here. Cashing out all at once and neteller holding a bunch of my money.

 

[Woody0]

are professional gamblers in the business of betting?

I understand the courts have interpreted the phrase "business of betting" to mean bookies. An individual who lack clients can hardly be said to be running a business.

royalfan: My question was rhetorical and the above was brought up since Calvin failed to mention the most important aspect of that part of the UIGEA.

 

[CalvinTy]

I understand the courts have interpreted the phrase "business of betting" to mean bookies. An individual who lack clients can hardly be said to be running a business.

royalfan: My question was rhetorical and the above was brought up since Calvin failed to mention the most important aspect of that part of the UIGEA.

Yeah. I did get puzzled when I read that part... so that's why I had worded to say "seem to have clarification..." because I wasn't quite sure if the language did refer to the bookies only. The definition of that phrase in Page 219 did not clarify a thing.

But yes, I did read somewhere (else, apparently) where "business of betting" was explicity defined as an entity that accepts financial transactions. Now I think about it, I may have read it in one of those state laws that someone here posted (Louisiana, I believe).

Thanks, Woody0, for the FYI.

* CalvinTy