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Any point to bother depositing now with June 1 so close? Any point to bother depositing now with June 1 so close?

04-27-2010 , 07:54 AM
I want to deposit to Full Tilt, but I am afraid that if I do so and happen to win some money over the next month, that I won't be able to withdraw my money...especially after reading this section of the UIGEA. Perhaps I am interpreting this wrong, but they are basically saying it will be illegal for any financial institution to accept a check, bank wire, etc. from any gambling site, making cashing out a huge problem.

§ 5363. Prohibition on acceptance of any financial instrument for unlawful Internet gambling
No person engaged in the business of betting or wagering may knowingly accept, in connection with the participation of another person in unlawful Internet gambling-
(1) credit, or the proceeds of credit, extended to or on behalf of such other person (including credit extended through the use of a credit card);
(2) an electronic fund transfer, or funds transmitted by or through a money transmitting business, or the proceeds of an electronic fund transfer or money transmitting service, from or on behalf of such other person;
(3) any check, draft, or similar instrument which is drawn by or on behalf of such other person and is drawn on or payable at or through any finanvial institution; or
(4) the proceeds of any other form of financial transaction, as the Secretary and the Board of Governors of the Federal Reserve System may jointly prescribe by regulation, which involves a financial institution as a payor or financial intermediary on behalf of or for the benefit of such other person.
04-27-2010 , 09:33 AM
I think the "unlawful internet gambling" is the key here. As long as FT will remain a legal site there is no problem.
Otherwise cash out trough a Euro player/escrow?
04-27-2010 , 09:37 AM
You are interpreting it wrong:
Quote:
No person engaged in the business of betting or wagering may knowingly accept

It is gambling sites, i.e. those engaged in the business of betting or wagering, not financial institutions, who are forbidden from accepting such financial transactions. Player withdrawals are not forbidden by the UIGEA.

In addition, that prohibition is only against transactions for "unlawful Internet gambling". Our laws, with the exception of a few state laws, don't make Internet poker unlawful.

In addition, poker sites aren't actually "in the business of betting or wagering". They merely provide the software platform for players to bet against each other.

In addition, poker isn't gambling by many definitions.

The consensus is that your money won't be at risk. Deposits and withdrawals may become a little more difficult after June 1, but probably not by much. You should have a bank account at a bank separate from where you do your normal banking just for poker transactions, just in case you do run into a hiccup.
04-27-2010 , 10:37 AM
Sounds good...thanks guys.
04-30-2010 , 05:00 AM
you had better deposit now while it's still easy.
05-01-2010 , 05:30 PM
So will it be impossible for me to withdrawal money via check after June 1st?
05-01-2010 , 09:07 PM
Quote:
Originally Posted by curveballs
So will it be impossible for me to withdrawal money via check after June 1st?
No. It will probably be about the same as now. It may get a little harder over time, especially if the DOJ/DHS continue to make it a policy to go after financial processors of player withdrawals.
06-10-2010 , 10:08 AM
i want 2 know if i can deposit money on poker stars with a debit card?
06-10-2010 , 10:09 AM
can i deposit money on pokek stars i live in boston mass?
06-10-2010 , 01:08 PM
Quote:
Originally Posted by boogie1471
i want 2 know if i can deposit money on poker stars with a debit card?
Quote:
Originally Posted by boogie1471
can i deposit money on pokek stars i live in boston mass?
there are literally hundreds of posts throughout 2+2 of people saying they've successfully deposited money.

      
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