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What's the Point?

Just out of curiosity, this one goes out to all of you US online poker players:

What is the point of playing poker online if there is no way to withdraw the money?

Discuss. Please. I really have no clue what the answer is.

posted by Jordan @ 3:47 PM,

16 Comments:

At 4:30 PM, Blogger Hammer Player a.k.a Hoyazo said...

Although I haven't actually made a withdrawal since the Neteller business went down, I think there are at least four options.

1. As I understand it, the major poker sites can still cut checks to withdraw funds for U.S. players, although processing times may be a bit longer than usual.

2. Transfer via a friend from outside the U.S. Not that this is what I'm planning to do with my money, but let's say I win the FTOPS Main Event next weekend and the $275,000 first prize. I'm certainly not leaving that money in full tilt, so assuming I don't want a paper check sent to me from full tilt, why not call up one of our Canadian brethren whom I trust, make a transfer of the money right via the poker site themselves, and then have them withdraw it (using Neteller, or however else they normally would). Then they could just send me the money via bank wire from their bank account to mine.

3. ePassporte. I've signed up for an account, and from what I hear that should be working just fine to make withdrawals from online poker sites.

4. Mywebatm. Bill Rini's opinions notwithstanding, as of right now mywebatm seems like a perfectly viable option as well. And it only takes a few days to set up an account.

So overall, I do think there are a number of ways for U.S. players to withdraw money from the big poker sites as of now. None of them as easy as when Neteller was in full swing, but I think withdrawals still work just fine now, and are no harder than making deposits has become since the whole Neteller thing.

 
At 4:37 PM, Blogger Chipper said...

I'm not planning on adding or withdrawing any funds for the foreseeable future so I'm just going to play with what I have. I've managed to last a long time on limited funds anyway, so as long as I can avoid huge downturns I feel I can ride it out until it becomes regulated in the US. I still treat my bankroll as real money, only I know that once this is gone I'm done.

So the point? Build up a bankroll with the hopes that I'll be able to transfer it anywhere I wish in the coming months (or more).

 
At 5:06 PM, Blogger iamhoff said...

My basic reasoning is the same as Chipper...to keep building in the hopes that eventually the dust will settle and there will be a (relatively) legal and (relatively) easy way to access the funds.

Regarding some of Hoy's points, I'm not sure about ePassporte or MyWebATM, but time will bear them out. I don't think the sites are cutting checks to US players for the same reasons that they no longer do EFT/ACH transactions with US players...the sites themselves do not want to be involved in direct financial transactions (especially ones that can be paper trailed) with players located in the US. And 3rd party check issuers would likely share the same concerns as Neteller, Central Coin, et al, in that there would again be a direct paper trail from the gaming site to the US player, only this would include the 3rd party processor.

Personally, I still think the idea of preloaded/prepaid Visa cards (like you buy in the drug store) that are issued by a financial institution located outside of the US are the best way to deposit on the sites. And depending on how their credit card processing system functions, I don't know why they couldn't "credit" back to your reloadable credit card. I'm sure it's more difficult than I make it out to be, but it can't be more difficult than paying a load of fees to an eWallet site that just established itself yesterday, and may be gone by tomorrow.

 
At 5:44 PM, Blogger SIF said...

I just posted about how people are really overreacting to the "no cash out" rumors. I admit it is very difficult to buy-in right now. (My Visa Debit card happens to work. If you have a small service-oriented bank yours probably does too.). But cashing out works and people are overreacting when they say it doesn't.

 
At 10:10 PM, Blogger Wolverine Fan said...

I'm going with Chipper's and Iamhoff's reasoning for my online money. I hope to continue to play at the 4 sites I have money on and, hopefully, win and build my bankroll in hopes that I will be able to withdraw and deposit at will in the forseeable future.

So far I only have one site that I am in jeopardy of losing my deposit and I hope to play some good, tight/aggressive limit play and rebuild it up.

The biggest effect on me so far is it has killed my bonus whoring costing me untold amounts of money.

 
At 8:53 AM, Blogger C.L. Russo said...

I've gotten money onto FT with epassporte. MyWebATM seems good in theory. Once the DOJ gets wind of this, though, they'll shut it down and you won't be able to use the debit card anywhere.

No idea what the long term solution is.

Can't make the AC trip, I'm there on the 1st and 2nd. Next time.

 
At 10:43 AM, Blogger Darren said...

Bodog will send you a check, costs a good $6-10 though.

 
At 11:10 AM, Blogger Steelie said...

Online is my only real option to play. I can't take the time from my wife and kids to go play live other than once or twice a month. I can play a couple hours in the evenings after they go to bed.

Plus, the only games spread around here are 3/6 and 4/8 limit with a virtually unbeatable rake. I was lucky enough to get most of my money out before the shit hit the fan, so I only have a couple hundred bucks online. I'll play that, build it up, and just float it online until it's worth the hassle of getting the site to send me a check.

 
At 1:31 PM, Blogger Drizztdj said...

I'm cashing out another big chunk after this weekend, and letting it sit in my savings account until the waters are better to jump back in.

Moving down in limits is really going to test how much I enjoy poker because I can't play live every week like some degenerates...

 
At 3:23 PM, Blogger HighOnPoker said...

For the people like Drizz who are withdrawing or have withdrawn recently (post Neteller debacle), how are you withdrawing and how much money do you expect to lose on fees?

Once again, I am not trying to be argumentative. I am just trying to wrap my head around the situation. It seems to me that online poker has personally become a mere videogame with $ the same as points, since I can not foresee a withdrawal solution for at least a matter of months. Videogames are still fun, but for those players who are kick-ass online players, wouldn't the withdrawal problems put a real hurting on your desire to play? I dunno.

 
At 4:52 PM, Blogger Alceste said...

Withdrawal on Stars post-neteller was crazy easy. i made the request on Saturday, the check arrived at my apartment on Wednesday (sent by FedEx) and funds were clear by the end of the week. No fees at all. (Although i am not sure if this helps you since you had pretty much stopped playing on Stars, right?)

 
At 5:16 PM, Blogger HighOnPoker said...

Interesting, Alceste. I haven't tried because all of my money was already withdrawn, but my question was more out of curiosity. I don't plan to reload, but when I hear about some of the more successful players, I just wondered what was the pt if they couldn't withdraw (a conclusion I came to from hearing other peoples' complaints). Now I see that it isn't too hard, so that resolves my curiosity. Thanks all.

 
At 6:00 PM, Blogger Gnome said...

I feel like we'll all be able to withdraw our money -- it's just a matter of when and how. I rarely make withdrawals anyway. Looking at the long-term, my goals haven't changed. I still want to win as much money as I can and build my bankroll for the future.

 
At 6:05 AM, Blogger Craig said...

I just got eight books of Green Stamps from Hollywood Poker in lieu of the $2.38 they owed me, so that's gotta be worth something, right?

 
At 9:51 AM, Blogger Drizztdj said...

Going with Stars on the withdraw, fees are supposed to be minimal and I'll be withdrawing enough to qualify for the free FedEx.

Just 240 more FPPs for the iPod then cash out time :|

 
At 10:23 AM, Blogger Gydyon said...

I actually can't seem to get money ON. Epassporte is so backed up they can't confirm my account, same with MyWebATM.

So I win a poker tourney, want to play a little bigger, but can't :(. Maybe it's for the best.

I'll just have to win enough at the Crackhouse to pay for the flights back and forth from Pittsburgh....

 

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