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Cashing Out
swimsjh
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August 9, 2010 - 9:41 pm
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Just interested in knowing what the legalities are for cashing out/receiving a check from an online Poker site?  If it is supposedly illegal to play online poker right now in the US how does this affect receiving money won?  Also, do you think playing poker online will ever be legal?  Thanks!

Gregt18
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August 17, 2010 - 5:43 am
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nobody gona answer here?

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RonFezBuddy
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August 17, 2010 - 10:20 am
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There's nothing illegal about cashing out or depositing on a site.  What was made illegal was the business processors that do the transactions.  But for the end user there is nothing illegal about playing or cashing.

 

I do believe there will be regulation based on the most recent events.  I think that will be great for us as players as we'll have more options and more casual players entering the game.

lespaulgman
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August 17, 2010 - 10:23 am
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RonFezBuddy said:

There's nothing illegal about cashing out or depositing on a site.  What was made illegal was the business processors that do the transactions.  But for the end user there is nothing illegal about playing or cashing.

 

I do believe there will be regulation based on the most recent events.  I think that will be great for us as players as we'll have more options and more casual players entering the game.


The last Congressional Session was certainly promising, problem is they didn't get the bill out of committee markup until just before the fall recess in a mid-term election year. Based on that there is no way this bill is going to be put on the schedule for a floor vote prior to November (I just don't see Nancy Pelosi moving this up the calendar ahead of the elections) so it is going to get stuck going back through the entire process again next year. Kind of sucks, but at least there are some strong Representatives from districts where they are not likely to lose supporting the legislation!

FkCoolers
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August 17, 2010 - 11:48 am
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If they ever do fully regulate poker within the US I agree that a lot of people who are hell bent on never playing online so long as their money is going to the Bahamas or wherever might suddenly start playing, and playing badly.  

Of course then we'll need the rakeback equivalent for federal and state taxes :/

lespaulgman
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August 17, 2010 - 5:26 pm
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FkCoolers said:

If they ever do fully regulate poker within the US I agree that a lot of people who are hell bent on never playing online so long as their money is going to the Bahamas or wherever might suddenly start playing, and playing badly.  

Of course then we'll need the rakeback equivalent for federal and state taxes :/


Lol, the rakeback could get interesting at that point. It would be interesting to see if the standard of play would go back down with an influx of new players. Could bring back the edge for a lot of players and re-invigorate the entire industry.

FkCoolers
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August 17, 2010 - 5:30 pm
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If they every fully legalized online sports betting and poker it would be Party Poker circa 2005/2006 all over again.

Will never happen, though …

But would be really good for the economy.

I hope Massachusetts follows through and gets casinos built finally. The issue is everyone wanted one but not in their neighborhood – NIBMY, to quote George Carlin.

lespaulgman
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August 17, 2010 - 9:15 pm
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I am really glad that PA legalized table games, makes it a lot easier for me rather than spending 2.5hrs in a car just to go play in AC (as long as it isn't the summer and the friggin shore traffic is in full effect). Who knew poker was the cure all Laugh

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praetor
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August 18, 2010 - 3:37 am
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swimsjh said:

Just interested in knowing what the legalities are for cashing out/receiving a check from an online Poker site?  If it is supposedly illegal to play online poker right now in the US how does this affect receiving money won?  Also, do you think playing poker online will ever be legal?  Thanks!


 
  I have only cashed from FT a few times and had no problem the money was in my checking account within a few days. I have not cashed any from PokerStars because the minute you cash you loose your bonus account. They use so many different payment processors that it would be hard to track. However, the legal issue makes it illegal for a bank or financial insitute to deposit money. It is not illegal for you to play but illegal for someone to deposit money on your behalf, example bank, credit union etc. You are not at any danger unless your State has a particular law governing online poker,which is gay. 

"Your either in Sheen's Korner or your with the trolls."

Wein
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August 21, 2010 - 7:45 pm
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You shouldn't have a problem.  Playing poker isn't illegal.  I've never personally had an issue, and I've been cashing out consistently for many years now.

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RonFezBuddy
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August 21, 2010 - 8:09 pm
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Wein said:

You shouldn't have a problem.  Playing poker isn't illegal.  I've never personally had an issue, and I've been cashing out consistently for many years now.


 

thinly veiled brag

goroyalblue
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August 21, 2010 - 10:03 pm
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It depends bank to bank I am sure, but a friend of mine's neighbor works for Bank of America.  I was talking to him at a BBQ and he was well aware of the UIEGA and he had a huge meeting detailing all of the specifics.  One thing he did tell me was that at his bank any check over $2500 has to be researched as of its wherabouts.  Amounts under that are not really looked at.  He knows that I play poker and have cashed out many times as well(I dont bank at BoA tho.)

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September 3, 2010 - 2:23 pm
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welcome to the gold rush known as online poker. as the industry grows all these question will be straight forward but to date there has never been a player get into any trouble from cashing a cheque they received thru online gameing

FkCoolers
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September 3, 2010 - 2:43 pm
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goroyalblue said:

It depends bank to bank I am sure, but a friend of mine's neighbor works for Bank of America.  I was talking to him at a BBQ and he was well aware of the UIEGA and he had a huge meeting detailing all of the specifics.  One thing he did tell me was that at his bank any check over $2500 has to be researched as of its wherabouts.  Amounts under that are not really looked at.  He knows that I play poker and have cashed out many times as well(I dont bank at BoA tho.)


This is true. I cashed out a pretty sizeable amount from PlayerOnly Poker last fall and they do paper checks so I was requesting these multiple times in smaller and random amounts over a period of a few months.  

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