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

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

Mon Feb 15, 2021 12:37 pm

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?
risilloch
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Re: Bookmakers forcing clients to receive withdrawals in BTC, guess why!

Mon Feb 15, 2021 4:07 pm

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

Tue Feb 16, 2021 12:25 pm

What if they invested their cash in BTC at very low prices and now they sell these BTC to their clients?
obykoo
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Re: Bookmakers forcing clients to receive withdrawals in BTC, guess why!

Tue Feb 16, 2021 10:43 pm

Which bookmakers are we talking about?

There are still only few accepting bitcoin / cryto...
cortomaltese
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Re: Bookmakers forcing clients to receive withdrawals in BTC, guess why!

Tue Feb 16, 2021 11:19 pm

arbusers wrote: 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
linzhaopeng
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Re: Bookmakers forcing clients to receive withdrawals in BTC, guess why!

Sun Feb 28, 2021 2:39 pm

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
MikkoH37
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Re: Bookmakers forcing clients to receive withdrawals in BTC, guess why!

Fri May 28, 2021 4:31 pm

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?
cem
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Re: Bookmakers forcing clients to receive withdrawals in BTC, guess why!

Fri May 28, 2021 9:43 pm

arbusers wrote:
Would you guess their reasons?
Could you plz share with us your guess Arbusers ? - Thank you.
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Re: Bookmakers forcing clients to receive withdrawals in BTC, guess why!

Sat May 29, 2021 9:32 am

They invested in BTC.
And they maybe, will not declare their winnings from this side.
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Wolfie
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Re: Bookmakers forcing clients to receive withdrawals in BTC, guess why!

Sat May 29, 2021 9:53 am

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

Sun May 30, 2021 9:32 am

Wolfie wrote: 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
MikkoH37
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Re: Bookmakers forcing clients to receive withdrawals in BTC, guess why!

Mon May 31, 2021 4:33 pm

very interesting.

Do you think this weakens or favors crypto betting?

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