sportsbook account balances ?
If I have $5,000 in my Olympic account and I left this to my wife in my will it would still be up to the book to pay her. The courts would not be able to legally enforce this because online gambling is not considered legal in the U.S.
I would estimate that Olympic has 250,000 active customers (defined as customers with money in their accounts). I would estimate that during any given year 2% of these customers may pass away. This is a very low estimate, but still means that Olympic would have 5000 funded accounts go doormant every year. If we assume the average balance being $1,000 which is again a low estimate, this would give Olympic $5,000,000 a year free money. This is not to mention all the interest they make off our money which they get to keep.
My question is would a book like Olympic, Carib, BHB, Heritage, etc. pay the next of kin in the event of death or does this become the books money ?
I have seen this rule at books - "Payouts will be made only to the name on the account". At first glance, I think "well duh, of course". But now I see why this rule is on the website. So that low tier books can claim they are keeping the money and its in the rules. I can hear Five Dimes defending this now.
Distraught Woman - My husband passed away in a horrible accident and with all his funeral and burial expenses the kids and I could really use that money in his account.
F.D. Rep - Our rules clearly state that payouts will only be made to the name of the account holder.
Woman - But my husband passed away.
F.D. Rep - Can you read ?
Woman - Yes , but I dont think its right for you to profit off his death.
F.D. Rep - Read our rules.
If I have $5,000 in my Olympic account and I left this to my wife in my will it would still be up to the book to pay her. The courts would not be able to legally enforce this because online gambling is not considered legal in the U.S.
I would estimate that Olympic has 250,000 active customers (defined as customers with money in their accounts). I would estimate that during any given year 2% of these customers may pass away. This is a very low estimate, but still means that Olympic would have 5000 funded accounts go doormant every year. If we assume the average balance being $1,000 which is again a low estimate, this would give Olympic $5,000,000 a year free money. This is not to mention all the interest they make off our money which they get to keep.
My question is would a book like Olympic, Carib, BHB, Heritage, etc. pay the next of kin in the event of death or does this become the books money ?
I have seen this rule at books - "Payouts will be made only to the name on the account". At first glance, I think "well duh, of course". But now I see why this rule is on the website. So that low tier books can claim they are keeping the money and its in the rules. I can hear Five Dimes defending this now.
Distraught Woman - My husband passed away in a horrible accident and with all his funeral and burial expenses the kids and I could really use that money in his account.
F.D. Rep - Our rules clearly state that payouts will only be made to the name of the account holder.
Woman - But my husband passed away.
F.D. Rep - Can you read ?
Woman - Yes , but I dont think its right for you to profit off his death.
F.D. Rep - Read our rules.
