4 ms·

Ye well there is room for improvements. I have done sports betting like three times, when I realized the odds were bonkers, and retrieving the money after winn

Ye well there is room for improvements. I have done sports betting like three times, when I realized the odds were bonkers, and retrieving the money after winning was an extreme hazzle that took weeks with photocopies of passports and gas bills and what not. Paying the bets took a minute. I mean, online betting is a shady business. Physical casinos at least have some sort of brick wall to bang your head against.

dist-epoch 1y ago
> retrieving the money after winning was an extreme hazzle that took weeks that has nothing to do with sports betting. it's the same with trading stocks/forex/..., it's KYC/AML
- paxys 1y ago
  Yup I have used these apps, and it takes 10 seconds to deposit and withdraw money. They have every incentive to make it as seamless as possible, otherwise they aren't going to get repeat customers.
PaulHoule 1y ago
Was watching the Kentucky Derby at a party, thought it might be a hoot to bet the favorite to show [1] on my phone but I didn’t quite do it. I would have won but it could have been a hassle to get paid. [1] A heuristic to minimize your losses, because favorites are underbet, if you have minimal information
gruez 1y ago
>and retrieving the money after winning was an extreme hazzle that took weeks with photocopies of passports and gas bills and what not. Paying the bets took a minute. Blame the AML/KYC/income tax regulatory regime. Placing a bet doesn't require KYC any more than spending $10k at a club doesn't require KYC. However once the casino needs to disburse money Uncle Sam suddenly wants his cut and to make sure it doesn't go to Bad People.
- rightbyte 1y ago
  It is not really KYC though since we didn't meet or even talk or chat?
  - gruez 1y ago
    KYC means collecting documents/ID on your customers, not going on a date to "know" them.
- const_cast 1y ago
  Right, but elephant in the room: gambling is shady and addictive business. If we let gambling go on under the table, it will probably become worse, not better. Ideally we probably should have higher barriers to gambling on both sides, kind of like we do cigarettes.

dist-epoch 1y ago

> retrieving the money after winning was an extreme hazzle that took weeks that has nothing to do with sports betting. it's the same with trading stocks/forex/..., it's KYC/AML

paxys 1y ago
Yup I have used these apps, and it takes 10 seconds to deposit and withdraw money. They have every incentive to make it as seamless as possible, otherwise they aren't going to get repeat customers.

PaulHoule 1y ago

Was watching the Kentucky Derby at a party, thought it might be a hoot to bet the favorite to show [1] on my phone but I didn’t quite do it. I would have won but it could have been a hassle to get paid. [1] A heuristic to minimize your losses, because favorites are underbet, if you have minimal information

gruez 1y ago

>and retrieving the money after winning was an extreme hazzle that took weeks with photocopies of passports and gas bills and what not. Paying the bets took a minute. Blame the AML/KYC/income tax regulatory regime. Placing a bet doesn't require KYC any more than spending $10k at a club doesn't require KYC. However once the casino needs to disburse money Uncle Sam suddenly wants his cut and to make sure it doesn't go to Bad People.

rightbyte 1y ago
It is not really KYC though since we didn't meet or even talk or chat?
- gruez 1y ago
  KYC means collecting documents/ID on your customers, not going on a date to "know" them.
const_cast 1y ago
Right, but elephant in the room: gambling is shady and addictive business. If we let gambling go on under the table, it will probably become worse, not better. Ideally we probably should have higher barriers to gambling on both sides, kind of like we do cigarettes.