Coming Soon An Electronic Debit/Credit Sportsbook With No Post-up

[JohnnyDeMarco]

You know it has to happen soon. An electronic sports book that would debit your net teller like account with all wagers. And fund winners into your bank account as soon as a game is offical. Bonus days would be over fast.

for example an electronic Pinnacle

you bet 330-300 on the Lakers
Pinnacle put s $330 hold on your net teller account

if the Lakers lose Pinnacle takes the $330 from net teller instantly
if the Lakers win Pinnacle releases the $330 hold and adds $300 to your net teller account instantly.

I know something like or close to this has to happen soon. Maybe it already has and I don't know it.

 

[CHOPTALK]

I hope your right, that would be great.

 

[lander]

JDM,
Good idea -- I suspect the high NT fees are the only thing holding this back.

 

[JayC]

And running each bet through the US banking system on a bet by bet basis. If there is any legality to account wagering, and in my case they said there wasn't. But if there was, this would not be account wagering where the money is there first and you are directing a foreign transaction.

 

[JohnnyDeMarco]

High NT fees? compared to WU- NT is almost free now. I could see a $1 per wager fee being paid on something like this. A foreign bank setup the right way could make a ton doing this.

 

[JayC]

The best thing the players in this business could do is open personal offshore bank accounts. I have been saying that for years.

 

[BAUS]

JayC, Would books do wires to such accounts?

BAUS

 

[JayC]

They would probably love it, especially if you had an account at the same bank as them, then it is dirt cheap to traansfer money, often free to both parties.

 

[SoundofSilence]

At that point we might actually see books start competing on lines a little bit too, since it would be less about bonus %'s, promotion, and withdrawal fees and more what solid books are offering the best lines.

 

[BAUS]

Would it matter if your bank was in the same country as theirs? What are some of the best countries to open such accounts?

Thanks.

BAUS

 

[wilheim]

All the books are natrually already offshore so getting a bank transfer from say Antigua to Costa Rica is a cinch. All you need is a international debit card (Debito in Spanish) and you can axcess your money anywhere by atm (Cajero in Spanish) in the so called free world. The hard part is opening the account it obviously involves a trip out of the US. and establishing an address (mail drop preferably). The trick is to keep your balance at the foreign bank at a reasonable level, unless you can get an account at national bank such as the Banco de Costa Rica which is very strong and not going any where. You can leave money there safely but won't earn any interest to speak of. The transfers from the top tier books take 2 or 3 days max. You cannot do Costa Rica to Costa Rica though as far as I know. Supposedely Costa Rican residents cannot bet at Costa Rican books.


wil.

 

[TeaserFreak]

Jay C -- Does the WTO case have an inpact on you?

Dear Jay C.:

Glad to see you "back in the saddle again," as it were. You must feel substantially justified by the US's near total defeat in the WTO case filed by the Antiguans. I had always wondered why your defense did not raise free trade treaties as a defense to your charges. (Recall the Constitution is quite explicit that obligations under treaties take precedence over any law so in your case the "Wire Act" would have been invalidated by free trade treaties.) Did they attempt to raise such a defense? Have you discussed with your lawyers petitioning the WTO to vacate your conviction? (I do not know if this is possible.) Have you considered seeking relief from your conviction under international law as a policial prisoner? (I have always told people you were a policial prisoner -- a victim of the State & Commerce's Departments' lip service to free trade and the Justice Department's love affair with the Wire Act and other anti-gambling provisions.)

In any case, my personal appoligies for the US Justice System: there are guys toting Uzis on the public streets, selling drugs to school kids, etc. and they are wasting my tax dollars prosecuting you. If they want to prosecute a bookie, they should start with the ones who don't pay -- I could give them a few names myself. (Of course, they did not do that because it would suggest the betting transaction was valid and the only crime was the fraud of not paying.)

 

[JayC]

Thanks for your support.

Any decsion to pursue the WTO matter in my Federal case will have to wait until after the US appeals the decision. At that point we may consider our options to file a late Habeas or something.

I know what y ou are talking about regarding treaties and the US Constitution, let's hope the judges do too.

This is from a case involving death penalties, Mexican citizens, and an International Court. Here is what a US Supreme Court Justice said:

http://www.ocadp.org/news/2004/torres/1.16.04_nytimes.html

"In November, Mr. Torres asked the United States Supreme Court to honor the international court's interim order staying his execution. The Supreme Court declined to hear the case. Justices John Paul Stevens and Stephen Breyer indicated that they would be inclined to consider it once the international court rendered its final judgment.

"The answer to Lord Ellenborough's famous rhetorical question, `Can the Island of Tobago pass a law to bind the whole world?,' may well be yes," Justice Breyer mused, "where the world has conferred such binding authority through treaty.""


So if the WTO is upheld, and it is a treaty that the US has signed on to, and the US is actively participating in the proceedings, then according to what I read above the US can be held to abide by it.

What are we aorried about anyway? I thought I heard Bush is a free trader and a big believer in the rule of international law!

Here's a great Bush quote:

http://www.cnn.com/2004/ALLPOLITICS/11/26/bush.friday/

"Bush said, "We've worked hard to comply with the WTO. I think it's important that all nations comply with WTO rulings. I'll work with Congress to get into compliance."

 

[BAUS]

Best of luck Jay.

Wil, thanks for the good advice.

BAUS

 

[jjgold]

Some UK spread betting firms do this already but they are strictly regulated

 

[TeaserFreak]

Thanks for your reply, Jay! Good Luck!

Jay, by his talk, Bush should have already issued you a pardon. The problem is his religious right base would be very upset if an evil gambler was pardoned. If I have anything to say about it (which is more than possible if a Democrat were in the White House), you will eventually be pardoned. The Habeas Reform Act of a few years ago makes the late Habeas motion very iffy (maybe impossible, it is not my field of expertise -- since none of my clients ever get convicted (haa!) -- but I think the Reform Act made it clear the Court does not have jurisdiction if the person is not in custody; of course, if you are still on probation, I think that can count as custody).

Anyhow back on point with this Neteller issue, didn't Neteller move to the UK within the last year to have a firm legal footing somewhere that has sensible laws about betting? I seem to remember reading that. This would answer JC's concerns and save NT and NT execs from ending up in the same boat JC finds himself in.

Also, I will do you one better than having NT as a unified post up account: have it so you can play against it in the casinos too! Make it a unified gamble everywhere and anywhere account. Friends of mine who are casino execs say they would pay any reasonable fee. Are NT execs out there listening to this? I think NT has a real chance to fund a majority of the world's gambling action (virtual and real) in the 21st century, if they play their cards right. I doubt they will, however, because my experience with them is that they are very competent but very conservative -- read as "not very inovative and are not looking for new markets (e.g. funding casino action)."

 

[scarab]

i can not see any book doing this as it could lead to short term cash flow problems. A couple of good days in a row for the squares would mean instead of just crediting thier acct at the book( and waiting for them to lose it back) the book would have to move money from out of there control into the players control. Big books could handle this but medium books might not be able to ride this out.

 

[heart222]

woudnt that be a problem for the 10 dimes and up bettors? banking laws etc. I know thats not most of us but just a question.