Why is it such a pain to cash from a sportsbook?

Decided to play my ponies offshore on sunday.  I deposited around $150 into BetPhoenix using my Qt account.

I ended up hitting a few doubles and won $800.  My account manager told me I could cash out via WU or MG and have the cash on monday.  I applauded them for being so easy to work with compared to most books that can take a month or two.

So I did what anyone would do, I celebrated by spending part of my cashout on monday night.  Extremely please with this new book.

I was angry when I got up monday morning to the typical "You deposited with ewalletexpress and you have to wait 10 days between deposits, cashout denied".. I replied saying I only use Quicktender and all of my quicktender money is free and clear".. I have been using the same bankroll for about 6 months now.

They replied stating that all ewallet's are considered ewalletexpress and that they hold for 10 days to protect them against chargebacks.  I told them that I have never been aware of quicktender charging back against the merchant and that is why I use them.. it is simple and easy.

So, long story short.. I cant cashout until the 22nd.  So much for anything online being easy.  Protecting themselves is one thing.. but who protects us?  I am almost prepared to send a screenshot that my quicktender is completely liquid and ask for interest on the 10 days..lol.. in my dreams.

??? ??? ???

Hi Jocan,

That's a very long time for an ewallet.  I don't see how anyone can do a chargeback on an ewallet? 

So is the money just sitting in your sportsbook account? hoping that you might spend it perhaps?  Or is it actually withdrawn from the account and they are earning interest on it?

I would certainly question the delaying tactics - maybe have a word with Nic Johnson.  I know he's "casino" but maybe he can help to at least confirm that what they are doing is "normal practice".

blue

Hi Blue,

I accused them of stall tactics and they sent me the TOC's for Ewalletexpress, meanwhile reminded me QT is treated just like Ewalletexpress and credit cards for that matter.

The money is just sitting in my account.

I have also never heard of ewallet's charging back to the merchants.. my guess is its a stall tactic.  I have asked to have a manager review and cash it out, but am not getting a reply. 

If I dont have a reply by tomorrow, I am going to file a report with SBR.  They have a B+ rating there and that is why I decided to deposit with them.

I should also mention that I only requested a cashout of $300.. which would leave 500 in my account, well over the deposit amount.

This whole thing stinks the more I think about it.

Chris,

I went a head and had a word with my accounting manager. It looks like you deposited with an “online wallet” to fund your account. Be it ewalletexpress or quicktender, accounting processes all of these deposits the same, placing a 10 day hold on the deposit. This is due to protect from chargeback, which is possible for both services. Since there is a risk of chargeback, an automatic 10 day hold is put on all deposits with this similar risk. This includes credit cards, debit cards, and internet wallets. I’ve provided a link with our banking information on holds.

http://www.betphoenix.com/banking

The following is an excerpt from the page:

**Clients depositing via credit, debit card or E Wallet Xpress must complete a 10 day hold of their deposit + winnings before requesting a withdrawal out of their betting account. (Valid beginning on Dec 9th at 12:00 am ET)

If you have any further questions about your payout or any other matter please don’t hesitate to contact me.

Kind regards,

Shawn Bets

Account Manager

1 (877) 717-7747 Ext. 2314

That sucks. I wouldn't play there again either. WTH is going on with these places lately ???

Good luck to you.

:-*

Hi Jocan,

They have you by the "short and curlies" and there isn't anything that you can do but wait. 

It begs the question, why would you do a chargeback if you won? 

Short answer is - you wouldn't!  But I guess they have to protect themselves from it - I don't know what percentage of deposits end up as a chargeback but I'm guessing it must be high for them to have this rule.

blue

Hi Jocan,

Sorry to hear about your bad experience. Stay tough and don't let them win by you spending it before the 10 days.

I am glad to hear your a pony man! Don't run into too many of them. Hitting $800 in doubles is doing ahright!

If i may make a suggestion to you, one sports book you might be happy with. Players Only pays out pretty quick. There is no ridiculous wait to get your well deserved wins!

It is not uncommon to be approved and receive winnings in one days time. Don't give up on the ponies........you sound like you know how to handicap!!

Lips

Hi Jocan,

 

Sorry to hear about your bad experience. Stay tough and don't let them win by you spending it before the 10 days.

 

I am glad to hear your a pony man! Don't run into too many of them. Hitting $800 in doubles is doing ahright!

 

If i may make a suggestion to you, one sports book you might be happy with. Players Only pays out pretty quick. There is no ridiculous wait to get your well deserved wins!

 

It is not uncommon to be approved and receive winnings in one days time. Don't give up on the ponies........you sound like you know how to handicap!!

 

Lips

Lips,

Thanks for the suggestion.  Players only is a skin of Sportsbook.com, who I believe have a D rating.  Their software is great and they will process my cashout quickly, however, I wont actually be paid for a month or so.

Looking at a few few other site's forum threads, it looks like they always pay and I do see some complaining about the 10 day hold. 

I plan on hitting a few more doubles on tomorrow's Hollywood card, I will post here and see if we can get this section of the forum to wake up!

Hi Jocan,

That would be awesome to hear about your horse racing experiences!!! I will be looking forward to hear from you!!!!

Lips

Was busy today and wasnt able to handicap, I will post about tomorrow's plays in a new thread.

Btw.. I sent an email to my account manager complaining and they went ahead and sent me the cash today.

Whoopee.

That's a fantastic result Jocan.  Nice move and well done.

blue

I am glad you got your money sooner rather than later. Fantabulous :P

:-*

Awesome news jocan!! Now win some more and share your stories!!

Lips