Two Plus Two Publishing LLC
Two Plus Two Publishing LLC
 

Go Back   Two Plus Two Poker Forums > >

Notices

Poker Legislation & PPA Discussion hosted by Rich Muny Discussions of various poker-related laws and steps players can take to push for better laws.

Reply
 
Thread Tools Display Modes
Old 04-09-2018, 06:44 PM   #1
bustallday
newbie
 
Join Date: Aug 2017
Posts: 40
Legality of transactions from Online Poker

I’ve been doing plenty of reading on the legality of online poker, in regards to UIGEA etc. I have a few questions. From what I’ve gathered, I understand online poker is completely legal for citizens of US. I understand that banks however can not process gambling related transactions. I’ve read no one has been chased down for using bank institutions for online gambling, but bank accounts can be shut down if account holder is found guilty of having online gambling transactions.

My questions
How do those with high online poker income in US withdraw winnings?

If one were to withdraw bitcoin from poker site and sell that bitcoin for USD, there will be one transaction on bank statement. This is obviously the USD from selling the bitcoin. Is this transaction still a “gambling related transaction”? Or is it merely a sale of bitcoins, nothing gambling related?
With this question, I’m talking in terms of legality. I’m not interested in answers like “they won’t know it was from gambling so it doesn’t matter”. Would dealing with bitcoin be completely fine from a banks perspective, even if this bitcoin was obtained from gambling?
bustallday is offline   Reply With Quote
Old 04-09-2018, 08:48 PM   #2
PokerXanadu
Commander X-2
 
PokerXanadu's Avatar
 
Join Date: Oct 2006
Location: Florida
Posts: 10,431
Re: Legality of transactions from Online Poker

Quote:
Originally Posted by bustallday View Post
I’ve been doing plenty of reading on the legality of online poker, in regards to UIGEA etc. I have a few questions. From what I’ve gathered, I understand online poker is completely legal for citizens of US. I understand that banks however can not process gambling related transactions. I’ve read no one has been chased down for using bank institutions for online gambling, but bank accounts can be shut down if account holder is found guilty of having online gambling transactions.

My questions
How do those with high online poker income in US withdraw winnings?

If one were to withdraw bitcoin from poker site and sell that bitcoin for USD, there will be one transaction on bank statement. This is obviously the USD from selling the bitcoin. Is this transaction still a “gambling related transaction”? Or is it merely a sale of bitcoins, nothing gambling related?
With this question, I’m talking in terms of legality. I’m not interested in answers like “they won’t know it was from gambling so it doesn’t matter”. Would dealing with bitcoin be completely fine from a banks perspective, even if this bitcoin was obtained from gambling?
No. If a bank discovered that the bitcoin was obtained from online gambling, they would consider it an online gambling transaction and react accordingly.

BTW, your "understanding" as described in your first paragraph is flawed in some aspects. Check out this site for more info: http://www.gambling-law-us.com/
PokerXanadu is offline   Reply With Quote
Old 04-09-2018, 10:19 PM   #3
bustallday
newbie
 
Join Date: Aug 2017
Posts: 40
Re: Legality of transactions from Online Poker

Appreciate the clarification
bustallday is offline   Reply With Quote
Old 05-20-2018, 09:11 AM   #4
TS2
old hand
 
Join Date: Mar 2010
Location: Las Vegas
Posts: 1,390
Re: Legality of transactions from Online Poker

my wtihdrawals are just cash, pick them up in person. but i have made direct withdrawals via ach to my bank account as well.
TS2 is offline   Reply With Quote

Reply
      

Thread Tools
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off


Forum Jump


All times are GMT -4. The time now is 07:47 PM.


Powered by vBulletin®
Copyright ©2000 - 2018, Jelsoft Enterprises Ltd.
Copyright © 2008-2017, Two Plus Two Interactive
 
 
Poker Players - Streaming Live Online