My partner and I have shut it down.

Brooklynbomber · Jan 17, 2007

Sean1 -

You say you're still able to use Pinnacle, so I assume you succeeded in opening up a bank account in Canada and creating a new Pinny account with a Canadian address. That was the easy part. I also assume you are still betting from the US but sweating the day when Pinnacle blocks US ISPs.

You know, it is really easy/ cheap to go through a Canadian proxy, and honestly unless you are relying on bonus whoring/scalping/middling as the main source of your profits WTF is the problem? Pinnacle is all you need and there is a less than .001% chance they become insolvent. I trust my money there more than BOA. Now, they will likley abandon their reduced juice model but that is another story.

sean1 · Jan 17, 2007

I have two good friends in Panama. One has graciously allowed me access to his account...

IPs are not a problem.

I am a market shopper. One books does not work for me.

Sean

Anti-liberal · Jan 17, 2007

Sorry to see you go Sean. I'm waiting to see what's going to happen in the next few days. I'm deciding between only keeping the bare minimum I need to operate offshore (maybe even a little less) or completely pull out. There's not one book out there that we can be sure won't fold it up. I'm hoping Neteller keeps doing business as usual at least for 2 more weeks. Some of these places might have already made the decision to shut down, but they'll hang around til after the Super Bowl. The first two weeks after the SB are going to be scary, IMO. SHit probably will hit the fan.

sean1 · Jan 17, 2007

I'll still be around.
As far as I know,talking about the government and gambling is not illegal...

Just feeling much better with my money in my bank. My last withdrawals from Cris and Olympic should show up this week.

Sean

Anti-liberal · Jan 17, 2007

I'm even cautious about cash in the bank. I'm putting together a secret stash just in case things really get bad, like frozen accounts. I've paid my taxes..it's just that I don't know where all this is going or how far. I don't want to be left short of cash.

sean1 · Jan 17, 2007

They arent gonna be freezing bank accounts.

It is not illegal to gamble and the government's goal is not to stop legal tax payers from being able to pay taxes...

That being said, it is never a bad idea to have a few months budget in cash...

Sean

Anti-liberal · Jan 17, 2007

You just touched on another point no one has brought up really. I think the gov't decided to crack down on offshore because about 98% of offshore gamblers don't declare their gambling income. It's not just the bookmakers flaunting their success. The gamblers themselves are partially to blame, IMO. What do you think?

sean1 · Jan 17, 2007

99.9% of offshore gamblers have no income to report.

My honest opinion is the government does not care about taxing this.

They care that a huge portion of the just getting by group of people lose a lot of money at this...

Sean

Anti-liberal · Jan 17, 2007

sean1 said:
99.9% of offshore gamblers have no income to report.

My honest opinion is the government does not care about taxing this.

They care that a huge portion of the just getting by group of people lose a lot of money at this...

Sean

Good points.

Brooklynbomber · Jan 17, 2007

Bottom line the religious-right born again freaks know what is good for us all....gambling is immoral...the feds are just doing their job to enforce it.

KMA & SMD GWB

Woody0 · Jan 17, 2007

sean1 said:
They care that a huge portion of the just getting by group of people lose a lot of money at this...

...instead of on Powerball.

vacume · Jan 17, 2007

The Boy's Love it

You don't think the boys in Chicgo,Detriot,Philly, NY, NJ,Vegas aren't
doing cartwheels?
They are already running Gambling Web Sites.
They are back in business.(Period)
GL

Anti-liberal · Jan 17, 2007

Sean...what do you make of Bodog not allowing deposits anymore, but still allowing withdraws? Sounds like they are trying to limit their Neteller exposure too.

RDENBOER · Jan 17, 2007

sean1 said:
99.9% of offshore gamblers have no income to report.

My honest opinion is the government does not care about taxing this.

They care that a huge portion of the just getting by group of people lose a lot of money at this...

Sean

Ohhhhh, ouch. I tend to agree with you 99% of the time. This is gonna be part of the 1%!

The gov't doesn't CARE about anyone, other than the high-ranking politicians & the companies they started and/or are part of. I think the US gov't does want it's hand in this billion dollar industry. Even if it's a group of officials wanting to get MGM & Harrah's up & running online, for a kickback.... I believe the gov't motives are not so just.

RDENBOER · Jan 17, 2007

The gov't never has CARED whether we gamble.... Otherwise we wouldn't have national lotteries, and the biggest legal gambling profession.... Stock Market.

What the gov't hates, is that they get to tax you on your lotto winnings & stock market profits. Because IT'S ALL REPORTED TO THEM! Off-shore betting is not. If you were a politician, what would your next move be?

sean1 · Jan 17, 2007

My personal opinion is that bodog will create the next neteller.

I've thought that for a very long time.

Neteller was sitting on $150,000,000 in cash profit a few years ago.

Calvin has nothing to hide at this point. It is well known fact if the DOJ could arrest him, they will. He could change to priesthood and live in the vatican and they would still want to arrest him.

If I was Calvin, I would have an immediate replacement for neteller out there the day they close down.

It would not surprise me if Bodog is heading that way.

They also are prob trying to limit exposure.

Each book and neteller likely have credit with each other.... Bodog instantly gives you the funds, but does not get them for a day or a week, or whatever...

Bodog doesnt have to worry about withdrawals - they just settle those up every few days with neteller. Usually it balances out. This week,they'll wire some money.

What people are overlooking is public companies like Neteller used big banks like Barclay and RBS who will comply. People like Bodog use banks all over the world like Joes bank of Antigua. These banks will not comply. They have no US interest.

Sean

RDENBOER · Jan 17, 2007

Shoot me your email, when you have time.

AdamSelene · Jan 17, 2007

I'm curious, is a NETELLER even needed?

Assume ACH is gone, EFT is gone, all that's left is SWIFT wires.

Is it a big deal to send wires directly to books and between books?

NETELLER's big advantage was the instaCash link directly to your checking account. I don't believe any competitor will be able to or willing to introduce anything like that now.

sean1 · Jan 17, 2007

EFTS will never ever go away.

Any book that wants to accept them just has to move accounts around.

If neteller wanted they could to...

Netellers advantage is that you can move money between books.

Sean

RDENBOER · Jan 17, 2007

Yes, and you can move large-dollar transactions with Neteller without a form generated and sent to the IRS. If you rely strictly on swift/wire methods, you better have an off-shore account that doesn't report transactions to the IRS.