CREDIT SHOP SCENRIO

[smartplayer]

Say a credit/postup shop has a ton of money in the bank. The banks are all offshore, what if they have a bad month and all the credit cash here in the states runs out. how do they get the cash too pay the credit players if all the rest is in offshore banks. It doesn't mean the place is bad, but how do they come up with the cash.

[Jeff]

How about fedex? crazy as it sounds, it was once common procedure........from what I understand.

[Dragon]

Aside from the stupidity involved what with possible theft and all, is it legal to fedex cash? If so, up to how much?

[chestrockwells]

Legal or illegal implies "the law". You're not breaking the law by sending cash, below the magic figure. You're violating "Fedex" regulations. What I find extremely humorous and scary at the same time about people today is how the law and company policies are often used synonymously. I deal with it daily. But back to the topic at hand, people as well as businesses send cash through the overnight carriers all the time. You'd be surprised how many businesses(non sportsbook) do this. The bottom line is that if its lost and it was cash, they won't cover it beyond the standard coverage, even if you've insured it. But as far as transferring money back, there are many ways of doing this short of fedexing cash. I mean, come on.

[smartplayer]

So they withdraw the money offshore and send a cash fedex back too the states for the agents. Ihave fedexd cash within the united states and never had a problem, but with customs opening packages, I don't think it we work from that standpoint.

[sportshobby]

Smartplayer, this is a plausible scenario. Do you think it has happened recently (cash shortage) at some books?

[smartplayer]

It happened too the origial skybook before they merged with rio. I just think that it can definitely happen, and it could hurt a good books rep, even if they have the money in offshore banks. I was just wondering if anyone else ever thought of this scenario.

[sportshobby]

In that case, the shortage of funds should be temporary. Aren't you still maintaining that some former Skybook credit players have not been paid?

[ShiftySheik]

This works both ways. It's one of the problems of running a credit/postup book. Sometimes the troubled book needs the cash owed from the agents to pay the postups. They could easily get busted for money laundering if they're not careful.

[smartplayer]

No, all players have been paid.

[Jeff]

Fortunately most books no longer operate this way........though there are more than a few.....