Bookmakers forcing clients to receive withdrawals in BTC, guess why!

Pages: [1]
Author Topic: Bookmakers forcing clients to receive withdrawals in BTC, guess why!  (Read 3511 times)
arbusers
Administrator
Totally Pro
*****

Karma: 548
Posts: 4778



View Profile WWW

arbusers


A number of bookmakers and agents are lately forcing clients to receive their withdrawals in cryptos and not in the same gateway they deposited their money. That means they can receive deposits in Skrill, Neteller, ecoPayz, etc, but they only allow withdrawals via cryptos. In a very recent case, a bookmaker allowed a payment in a bank only for withdrawals above 7K.
Would you guess their reasons?
Logged
risilloch
Has experience
**

Karma: 22
Posts: 120


View Profile

risilloch

Re: Bookmakers forcing clients to receive withdrawals in BTC, guess why!
« Reply #1 on: February 15, 2021, 04:07:21 PM »
0

Because it is profitable for them to do so!
There will be some percentage of withdrawals that will never go through. Weasels!

The exchange rate they offer on fiat to BTC is crap - kerching!
Some won't have the infrastructure\knowledge in place to work with BTC and will give up - kerching!
Setting up to receive BTC may be too difficult for some people so they will give up - kerching!
Introducing any delay to withdrawal increases the change some people will die\fall ill - kerching!
(classic tactic used by legal profession - delay, delay, delay)

Forcing withdrawal via bank means those operating with an ID other than their own have additional overheads that may be too
difficult to overcome - kerching!
Logged
B_arber
Gaining experience
*

Karma: 3
Posts: 27


View Profile

B_arber

Re: Bookmakers forcing clients to receive withdrawals in BTC, guess why!
« Reply #2 on: February 16, 2021, 12:25:32 PM »
+1

What if they invested their cash in BTC at very low prices and now they sell these BTC to their clients?
Logged
obykoo
Gaining experience
*

Karma: 0
Posts: 22


View Profile

obykoo

Re: Bookmakers forcing clients to receive withdrawals in BTC, guess why!
« Reply #3 on: February 16, 2021, 10:43:56 PM »
0

Which bookmakers are we talking about?

There are still only few accepting bitcoin / cryto...
Logged
cortomaltese
Pro
****

Karma: 30
Posts: 439



View Profile

cortomaltese

Re: Bookmakers forcing clients to receive withdrawals in BTC, guess why!
« Reply #4 on: February 16, 2021, 11:19:08 PM »
0

A number of bookmakers and agents are lately forcing clients to receive their withdrawals in cryptos and not in the same gateway they deposited their money. That means they can receive deposits in Skrill, Neteller, ecoPayz, etc, but they only allow withdrawals via cryptos. In a very recent case, a bookmaker allowed a payment in a bank only for withdrawals above 7K.
Would you guess their reasons?

I guess this is their way of pocketing some BTC profits + some juicy % from their fx rates
Logged
linzhaopeng
Gaining experience
*

Karma: 1
Posts: 13


View Profile

linzhaopeng

Re: Bookmakers forcing clients to receive withdrawals in BTC, guess why!
« Reply #5 on: February 28, 2021, 02:39:13 PM »
0

Because they will make great profit from it. The rate is so pool,for example the btc is 55000usd they will give you 56000usd,so they give you less BTC
Logged
MikkoH37
Gaining experience
*

Karma: 1
Posts: 14


View Profile

MikkoH37

+1


Depending on the country of the bookmaker's origin, maybe they do it for tax reasons. In many countries the legislation is still vague when it comes to cryptocurrency taxation and probably the banks and the bookmakers are willing to take advantage of it. The commission that both the bookmaker and the bank will get from such crypto withdrawals is very profitable and if it is tax free even better.
From the player's point of view, i think it is profitable as well, because the withdrawals with crypto are anonymous, fast and secure.
I play with cryptocurrency, the agent that i prefer accepts all crypto, and i have never had a problem.
I am confused though with the word "forcing".. It is very strange that the bookmaker forces the players without giving them the option of choosing or concenting beforehand with these terms.
Could anyone know why they are forcing this policy?
Logged
cem
Gaining experience
*

Karma: -6
Posts: 51


View Profile

cem

0


Would you guess their reasons?


Could you plz share with us your guess Arbusers ? - Thank you.
Logged
CharlieSheen99
To become a Pro
***

Karma: 13
Posts: 293


View Profile

CharlieSheen99

0

They invested in BTC.
And they maybe, will not declare their winnings from this side.
Logged
Wolfie
Pro
****

Karma: 40
Posts: 498



View Profile

Wolfie

+1

They had a lot of non transparent winnings from btc price rise. Now they want to sell. This way they put their winnings in the system. They accept deposits from clients growing their company balance. And they pay clients via btc selling their btc position. This is money laundering at its finest.
Logged
Camma23
Has experience
**

Karma: 7
Posts: 133


View Profile

Camma23

Re: Bookmakers forcing clients to receive withdrawals in BTC, guess why!
« Reply #10 on: May 30, 2021, 10:32:29 AM »
0

They had a lot of non transparent winnings from btc price rise. Now they want to sell. This way they put their winnings in the system. They accept deposits from clients growing their company balance. And they pay clients via btc selling their btc position. This is money laundering at its finest.

This is exactly what I thought. you confirmed my idea
Logged
MikkoH37
Gaining experience
*

Karma: 1
Posts: 14


View Profile

MikkoH37

Re: Bookmakers forcing clients to receive withdrawals in BTC, guess why!
« Reply #11 on: May 31, 2021, 05:33:13 PM »
0

very interesting.

Do you think this weakens or favors crypto betting?
Logged
Pages: [1]
Print

Related Topics

  Subject / Started by Replies Last post
15 Replies
9776 Views
Last post February 17, 2014, 09:12:50 PM
by 007dave007
6 Replies
6758 Views
Last post March 29, 2018, 05:37:15 PM
by golem77
2 Replies
3177 Views
Last post June 21, 2014, 11:26:36 AM
by drhoo
9 Replies
5324 Views
Last post November 04, 2014, 01:41:21 PM
by Opaque
3 Replies
3070 Views
Last post April 11, 2015, 07:52:12 PM
by fuzzler
5 Replies
2387 Views
Last post May 20, 2016, 03:53:10 AM
by luctens
5 Replies
1795 Views
Last post March 08, 2018, 11:55:06 AM
by yjsr28
18 Replies
5343 Views
Last post April 01, 2019, 09:03:28 AM
by x-casino
12 Replies
3248 Views
Last post July 21, 2020, 09:08:57 AM
by kapetan1122
7 Replies
2182 Views
Last post October 31, 2019, 07:02:39 AM
by apoel81
2 Replies
1269 Views
Last post November 29, 2019, 06:09:07 PM
by arbusers
18 Replies
2097 Views
Last post September 08, 2020, 06:34:38 PM
by Camma23
6 Replies
1927 Views
Last post May 05, 2021, 09:38:13 AM
by neopas
4 Replies
1725 Views
Last post April 16, 2021, 02:20:34 PM
by neopas
6 Replies
533 Views
Last post June 05, 2021, 01:31:52 PM
by yohanirosh