Ken it's time for a players Trust acct

Buzzsaw · Nov 5, 2003

I would offer to Shrink and Major that SBR would contribute an equal amount to set up a trust to help players in case of a top tier book failing.

I’m all for the concept. Maybe now that the Rx is Canadian owned the idea can be dusted off and looked at again. Sites that generate revenue from sending players to books have a vested interest to make sure no one, not even one player has their money stolen.

Journeyman · Nov 5, 2003

I know about 1500 guys that would be all for that Buzz...

lander · Nov 5, 2003

Buzz,
I think this is a great idea. "Watchdogs" have been getting books, doing some due dilligence, & collecting the advertising money but saying "oops, my bad" when anything goes haywire.

Posters put their money in your trust. Let's put the watchdog's money in their own trust.

Here here Buzz

TheGeneral+ · Nov 5, 2003

It's a great concept. Been brought up a few times. Not sure we will ever see this, but the thought is wonderful.

It would take a group that was willing to work together and have much trust in each other.

Fishhead · Nov 5, 2003

forgi · Nov 5, 2003

nice idea!

how about a "stiffed by jensen" account?

greetz
forgi

Angelle · Nov 5, 2003

I think it is a great idea...
I hope we could make it work...

I have a few question-
(not being bitchy just want to know how it would work)

How do we know how much money to put in the trust account?

What happens if more than one book goes belly up and there is not enough money to cover it.. who is at fault. Will the players then blame us?

Who manages the trust?

here are a few questions to start

Angelle · Nov 5, 2003

don't get me wrong-

I think it is a great idea and would love to see it work

Journeyman · Nov 5, 2003

ALLSTATE Gambler Fraud Insurance,

The premiums would be high I am sure

Buzzsaw · Nov 5, 2003

Ang,
It would be an irrevocable trust with a designated (3rd party)trustee so there is no conflict of interest. the trustee would simply follow whatever instructions the trust is set up under.

I would suggest the Rx, MW and SBR each contribute $25k each and that books covered by the trust make a small yearly contribution.

The trust could not handle multiple collapses anymore than insurance companies could not handle multiple Hurricane Andrew's. We can just do the best we can.

jwunderdog · Nov 5, 2003

Impossible in an unregulated world. We are talking about Bookies here, not banks. A book can take postup money and close up shop anytime he wants. How are you going to prevent that?

Angelle · Nov 5, 2003

OK sounds like a good start..

so not every book would be insured?
only those that contribute?

Dante · Nov 5, 2003

<BLOCKQUOTE class="ip-ubbcode-quote">quote:<HR>Originally posted by Buzzsaw:
Ang,
It would be an irrevocable trust with a designated (3rd party)trustee so there is no conflict of interest. the trustee would simply follow whatever instructions the trust is set up under.

I would suggest the Rx, MW and SBR each contribute $25k each and that books covered by the trust make a small yearly contribution.

The trust could not handle multiple collapses anymore than insurance companies could not handle multiple Hurricane Andrew's. We can just do the best we can.<HR></BLOCKQUOTE>

This is a great idea Buzz

Angelle · Nov 5, 2003

But-

1) that doesn't seem like enough money..

2) Let me use this example there are only 3 insured books A B C. AB&C contribute to the trust... book C goes under.. now A&B have to use there money to pay for Cs loses .. doesn't seem fair. So now do we only use Watchdog money and the money C contributed to.. that isn't goint to be even close to covering the loses

drunkguy · Nov 5, 2003

<BLOCKQUOTE class="ip-ubbcode-quote">quote:<HR>Originally posted by jwunderdog:
Impossible in an unregulated world. We are talking about Bookies here, not banks. A book can take postup money and close up shop anytime he wants. How are you going to prevent that?<HR></BLOCKQUOTE>

Exactly. Go ahead and set up a trust account. Then every 2nd-tier bookmaker out there will know he can get away with stealing players funds whenever he wants. Business looking down, just steal the post ups and the "trust fund" will pay everyone off.

I wager any "trust fund" would be bankrupt within a year of being opened.

jwunder - seems like you and me are on the same page today. I must have quoted you in just about every post on the board

Buzzsaw · Nov 5, 2003

TheRx and MW posters could elect a top 40 list.

Only the 40 would be eligible to be insured by the trust.

Books could pay yearly fees depending on where they rank on the list. The safest books should pay the least.
1-10 $2000 per year
11-20 $3000 per year
21-30 $5000 per year
31-40 $10000 per year

If the trust could get 20 books to sign on the trust would grow pretty rapidly.

IntuitionBET · Nov 5, 2003

Buzzsaw -= Great idea and it's a step in the right direction to show that offshore IS accountable.

After the initial trust is set up maybe each site should contribute a small % of advertising revenue and each book that wants to advertise on the site must contribute a small fee for the trust as well. Too bad we couldn't get some insurrance on it like E.O. Error and Omission insurance.
Just my 2 cents

TruthEmminates · Nov 5, 2003

This is an excellent idea however, I see a couple of big hurdles.

1)There are quite a few books "over-using" post-up money. They are using it for advertising, payroll, equipment and hedonistic delights.

2)I can't see very many books in possession of players funds willing to turn it over to an escrow account. Many BM's are operating under the "possession is nine-tenths of the law around here" premise. They simply look at post-ups as profits, which is very wrong.

THE SHRINK · Nov 5, 2003

Buzzsaw,

We would be happy to donate 50k into a Players Trust account.

Excellent Idea...

Shoot me an email and we can discuss this in greater detail...

Ken

Dante · Nov 5, 2003

<BLOCKQUOTE class="ip-ubbcode-quote">quote:<HR>Originally posted by Buzzsaw:
TheRx and MW posters could elect a top 40 list.

Only the 40 would be eligible to be insured by the trust.

Books could pay yearly fees depending on where they rank on the list. The safest books should pay the least.
1-10 $2000 per year
11-20 $3000 per year
21-30 $5000 per year
31-40 $10000 per year

If the trust could get 20 books to sign on the trust would grow pretty rapidly.<HR></BLOCKQUOTE>

This is also a GOOD idea