So I've been giving this some more thought and it sounds as though the overwhelming issue is that sportsbooks can not process 100s of transactions each day without getting flagged. This means to me that they must be accepting hundreds of deposits and sending out hundreds each day. If you ask sportsbook.com they are sending 1000s of checks!!! This solution obviously would not work for a book sending 1 check/day, but they don't need a solution.
It goes to reason that a legit book is likely getting more $ in deposits than withdrawals.
So why not have players pay players? It goes like this... FIrst you set up specific withdrawal and deposit amounts _ say $100, $250, $500, $1000, $2000, $3000, etc.
When someone requests a withdrawal you tell them it will be fedexed or wired to them within 7 days.
Then if someone wants to make a deposit, you have them fedex it or wire it to a person waiting for a payment. Most payouts would likely happen in a day or two (especially at big books).
If 7 days go by, you fill any payouts that are lacking depositors (Unlikely unless your book is in trouble.
Once a player gets paid, he is asked to check off a form saying he was paid. The other player is then credited.
If the paid player does not check it off, the payer would provide proof of the wire or check to the sportsbook.
The books could establish a feedback system like ebay where players who check off the paid box in minutes get high rankings. As players await payments, they could be listed by ranking, and depositors could select who to send payment to.
There are two headaches:
1. is assholes who would say they were not paid. This can be combatted by bank wire traces, endorsed checks, etc and banning assholes. (The current processing system is not without risk of confiscations).
2. Players would lose some privacy. Players would not need to sign up for this option as their address or wire info would be given to other players, but if they did not choose this option, they could be made aware payouts could take 2 or 4 weeks. Then they could not bitch. I would sign up in a second to get paid in a few days and then I'd get a Mailboxes etc address.
When there are no payouts needed, the player wires to the book for book profits and reserves.
This isn't rocket science. The issue right now is sending money into and out of the US. Why bother...
Sean
It goes to reason that a legit book is likely getting more $ in deposits than withdrawals.
So why not have players pay players? It goes like this... FIrst you set up specific withdrawal and deposit amounts _ say $100, $250, $500, $1000, $2000, $3000, etc.
When someone requests a withdrawal you tell them it will be fedexed or wired to them within 7 days.
Then if someone wants to make a deposit, you have them fedex it or wire it to a person waiting for a payment. Most payouts would likely happen in a day or two (especially at big books).
If 7 days go by, you fill any payouts that are lacking depositors (Unlikely unless your book is in trouble.
Once a player gets paid, he is asked to check off a form saying he was paid. The other player is then credited.
If the paid player does not check it off, the payer would provide proof of the wire or check to the sportsbook.
The books could establish a feedback system like ebay where players who check off the paid box in minutes get high rankings. As players await payments, they could be listed by ranking, and depositors could select who to send payment to.
There are two headaches:
1. is assholes who would say they were not paid. This can be combatted by bank wire traces, endorsed checks, etc and banning assholes. (The current processing system is not without risk of confiscations).
2. Players would lose some privacy. Players would not need to sign up for this option as their address or wire info would be given to other players, but if they did not choose this option, they could be made aware payouts could take 2 or 4 weeks. Then they could not bitch. I would sign up in a second to get paid in a few days and then I'd get a Mailboxes etc address.
When there are no payouts needed, the player wires to the book for book profits and reserves.
This isn't rocket science. The issue right now is sending money into and out of the US. Why bother...
Sean
