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Legality of transactions from Online Poker Legality of transactions from Online Poker

04-09-2018 , 06:44 PM
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?
Legality of transactions from Online Poker Quote
04-09-2018 , 08:48 PM
Quote:
Originally Posted by bustallday
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/
Legality of transactions from Online Poker Quote
04-09-2018 , 10:19 PM
Appreciate the clarification
Legality of transactions from Online Poker Quote
05-20-2018 , 09:11 AM
my wtihdrawals are just cash, pick them up in person. but i have made direct withdrawals via ach to my bank account as well.
Legality of transactions from Online Poker Quote

      
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