How much is too much offshore

[Phil]

We mentioned this in another thread in the other forum but it's an interesting question so I thought I would just add what my thoughts are.

It is a real question as to just what level of money deposited off shore is too much. Like would anything over say $5000 in an off shore be considered a big risk. Obviously here I'm talking only about the very established and trusted books like Bowmans, Tops, Wsex, Sos, etc... None of the new flybynight shops would even be considered for this. I have always thought that indeed anything over $5000 is probably too much but recently have run up a couple of my accounts a bit over this in a couple of the good shops. Now I don't feel concerned what so ever about getting my money but I would be interested to know what others feel in regards to this.

Sometimes it seems that a balance of the high 4 figures is quite alot off shore but then a few times now I have overheard another operator taking bets for upwards of 10 dimes!!! on a game. I certainly don't bet near that much on one game so if there are people doing this they must have account balances well over this level.

thoughts people?

[grinder]

Seems to me that one has to have enough to cover several wagers at once, according to his/her betting limits and patterns. So a $100 bettor might have $500-1000, and a $1000 bettor might have $5000-10000. Otherwise, he limits his opportunities. Obviously the one with the bigger balance risks more total $, but I don't see any way around it.

[oddswiz]

I think the old saying "Never bet more than you can afford to lose" probably stands true for how much you should keep on deposit as well.

It's all relevant,depending on the individual.Grinder sums it up best.You need enough to cover your play,and no more.It's your money.No sense in leaving "extra" in an account,when you could be using it elsewhere.

I suppose if you always keep in mind that "Anything can happen to any book",you'll be fine,and just like investing,don't keep all your eggs in one basket.........

[Underdog7]

Phil - I currently have accounts with several offshores on an average of five digits. But as what Oddswiz was saying, anything can happen to any book. So, this is how I do it.
When my account exceeded the amount of my deposit I always ask for a payout. Sending funds to them (offshores) is not a problem anymore. They will do it for free. Example: If I sent $5,000 for deposit then next day it goes up to $10,000 then I will call and ask for a $5,000 payout. So that if anything happens at least you got your money back. I think that is the safest way to do it. Opening an account with several offshores is the best way to do it. Sending $25,000 in one offshore is much dangerous than opening an account of $5,000 in five different services.
Good luck to you.

[Phil]

thanks for the thoughts and insight guys. It is appreciated.
I am taking your advice Crippler and will only keep enough on deposit anywhere to cover a series of bets and after that I ask for a payout. And I will only play with the very established places - I'ts funny, I used to always want to find new outs with great specials and bonuses, but now I just want a place that has been around for a long time and is not going anywhere - specials be damned. (which not incidently is what Oddswiz has been saying all along)

On a related topic - I am getting slightly concerned that one or more of my places might shut me down as I have been winning quite a bit in the last month or so. Is this a legitimate concern or are my wins of small 4 digits pretty much negligible in the grand scheme of things to them?

[AYCE]

Nobody will shut you down if you win a small four digit amount, Phil.

I'm a small player and usually my balance is under 1,000. Last month I bet a teasar and won 6,000 (a very lucky bet - I suppose to bet $30 but I typed in $300) and ask for payout for the next day, everything was fine and the same as now.

But, one thing I will concern about. If you keep winning and you're hot, they maybe take a look at your betting pattern and give you a different set of lines and that maybe something to think about.

Just my thoughts.

[dragonboy]

Phil, just to reassure you....

Most of the established books have very, VERY stable funding. Four digit balances should not be an issue with them. Last year, during the end of the season, I went on an incredible run and had several books owed me $5,000 plus. On one of the books, I had a balance of around $21,000. I too was concerned about the safety of the money. I requested for two checks at $10,000 each and voila, the checks were at my doorstep the next morning FEDEX. The books I have dealt with were Intertops, SOS, and Margarita. I have never, and I mean never had an issue withdrawling 4 or even 5 digit checks from these establishments. The only concern you should have is when you start depositing these checks.

[dragonboy]

to clarify the above,

you should watch out for Uncle Sam.

[Phil]

thanks - for me the guy to watch out for is Uncle Jean (our PM up here in Canada) and Revenue Canada.

[Hartley]

No concerns Phil. Winfalls are free in Canada.

[MAXIMUM VALUE]

Has anyone ever had any problems with the IRS in regards to cashing offshore cheks.
I mean if a person was to deposit offshore checks into the bank and that amount was big enough to catch someones attention then what could happen to that person at that point?

[MAXIMUM VALUE]

anyone have aymore input on the subject?

[dragonboy]

I don't know about Canada, but in the US you don't have to fill out any forms if you are depositing a check for any amount. You have to fill out an IRS tax form if you are depositing $10,000 or more in cash.

[oddswiz]

You've got to use common sense,and do your homework when dealing with any large sums of money you may win.Actually,it doesn't necessarily have to be a large amount.There was a great article on Gamemasteronline a while back about a semiprofessional blackjack player who was harassed by the IRS over a very small amount of money.I'll see if I can dig it up.

[AussieVamp2]

another interesting oldie