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Whoa, UB Transfers.

Jesse Gilbert
- 1 posts
November 4, 2010 5:13:00 PM EDT

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So I was reading on the UB Transfers FAQ and I don't know what the specifications are on other poker rooms but UB (the one I play on) requires a minium transfer of $10 and the person who is performing the transfer must still have $25 left in their account post-transfer. I don't really go that high as far as online gambling goes so it seems pretty extreme to me. Plus let's say a friend wants to have some money to play with and your feeling generous a minimum of $10? I guess that's not so bad compared to the $25 post-transfer limit which is what I find ridiculous.

Forgive me if this post sounds stupid I'm not familiar with other poker rooms transfer rules, if they are any different please enlighten me on how. :D
Ronin1085 .
- 417 posts
November 4, 2010 6:47:07 PM EDT

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I think Pokerstars has a $10 minium transfer -- but not a requirement for money left in your account -- Fulltilt I think is much lower too (someone transferred me $4 once to play in a tourney) . Unless they changed it.

I have stayed away from UB cause of their past issues.

But that's just me.
Ian Ross
- 270 posts
November 5, 2010 10:59:11 AM EDT

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I think that transfers will soon be removed altogether from most sites. As regulation comes closer, it's likely that they'll remove the option to comply with any money-laundering schemes.

I know they can track the transfers internally, but it's an easy fix to remove a potential problem. To be honest, I'm surprised it's still available.
Ronin1085 .
- 417 posts
November 5, 2010 11:05:39 AM EDT

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Ian wrote...
I think that transfers will soon be removed altogether from most sites. As regulation comes closer, it's likely that they'll remove the option to comply with any money-laundering schemes.

I know they can track the transfers internally, but it's an easy fix to remove a potential problem. To be honest, I'm surprised it's still available.

I agree with that. It's basically the only way to really stop the illegal activities they are concerned about. Oddly though, it's poker that gets the bad wrap. Cause anyone could do they same thing using paypal on sites like E-bay for example.
Ian Ross
- 270 posts
November 5, 2010 11:42:50 AM EDT

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You're entirely correct. Paypal gets away with it because it's seen as a legitimate business whereas anything to do with gambling must be corrupt.

Unfortunately, over the past few 100 years many gambling, poker and casino businesses were decidedly dodgy and mud sticks.
Anthony Martino
- 494 posts
November 5, 2010 5:53:24 PM EDT

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To get around the removal of transfers someone could sit in a heads-up game and lose the first hand by going almost all-in and then folding for one penny more on top of their $50 or $100 bet.

Obviously the site would enjoy rake from this though, but it'd be a way around it anyway
Ronin1085 .
- 417 posts
November 5, 2010 6:08:49 PM EDT

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anthony wrote...
To get around the removal of transfers someone could sit in a heads-up game and lose the first hand by going almost all-in and then folding for one penny more on top of their $50 or $100 bet.

Obviously the site would enjoy rake from this though, but it'd be a way around it anyway

But at least that could be tracked. And hopefully watched through regulations.
Jordan Baker
November 5, 2010 7:40:58 PM EDT

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anthony wrote...
To get around the removal of transfers someone could sit in a heads-up game and lose the first hand by going almost all-in and then folding for one penny more on top of their $50 or $100 bet.

Obviously the site would enjoy rake from this though, but it'd be a way around it anyway
I think if people are going to be using poker sites to transfer money, they'll be playing for something like $30,000+ at a time. In which case, sites (I know FTP for sure) barely take any rake from the players at the really high stakes.
Ian Ross
- 270 posts
November 6, 2010 12:53:42 AM EDT

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anthony wrote...
To get around the removal of transfers someone could sit in a heads-up game and lose the first hand by going almost all-in and then folding for one penny more on top of their $50 or $100 bet.

Obviously the site would enjoy rake from this though, but it'd be a way around it anyway

I agree and this has to be actively monitored by the poker sites - one of the major hurdles that the US has with allowing legalised poker.

Removing direct transfers though, quickly cuts out one of the easiest forms of transferring money.

It's easy to see how money regulators struggle with poker sites sometimes. Transfers in any shape or form without proper tracking are sure to lead to corrupt money laundering.

I'm 100% for legalised gambling and regulation but I'm with them on this one - until the sites tighten up their act and actively track, record and report wrong-doings then they don't deserve to be legalised.

This is why it works well over here, the juristictions that allow gambling sites to register with them and become licensed have a duty of care to uphold.

Full Tilt, Pokerstars, et al, are licensed in Kahawake where it's just not as transparent. In order for them to ever be truely accepted, they need to get the current rules and reporting changed to suit the Governments or move to a juristiction that already offer it.

If that hits their bottom line for a while, so be it.
Ronin1085 .
- 417 posts
November 6, 2010 4:36:24 AM EDT

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I agree Ian. Basically as i see it, They are going to have to have some type of federal online gaming commission.

The brick and mortar places have them. Will this cost them some money? Of course, but their operating costs pale in comparison to a real casino.

It's just good business to be flexiable to one of the largest, if not the largest poker market in the world. Maybe it would help to ear-mark the tax money for schools and whatnot like the state lotteries do here.

Are there many ways to approuch this? of course.
Jesse Gilbert
- 1 posts
November 9, 2010 5:27:28 PM EST

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Well f*ck me. I'm totally screwed as far as real money goes right now on online poker. Don't think like I'm poor or anything I just needed that $20 for something else.

*Sigh*. Well back to the freerolls to try to get free money :/