New payment option for US players

[nitro2]

It is called goldpay:

https://www.gold-pay.com/

and has been used by a couple of bigger sportbooks since the mid of the last year.

Now a couple of casinos started using it too (Rushmore, Main Street)

Gold Pay Casinos

and seem to work smoothly as this SBR thread indicates:

Gold-Pay - Sports Handicapping, Betting & Picks - SBR Forum

What makes it interesting are the fees and the various deposit & withdrawal methods:

https://www.gold-pay.com/pages/fees/

A moneygram deposit is usually for free because most of the sportsbooks refund the $10 deposit fee if you deposit under $300 and the withdrawal fee for moneygram is just 2% and especially interesting for withdrawing smaller amounts of money and the funds can usually be picked up within a couple of hours after sending the withdrawal request.

They are based in Panama and well hidden as their about us page indicates:

https://www.gold-pay.com/pages/about_us/

and therefore very likely safe from the US authorities.

They can not only be funded directly but through an independent network of exchangers too therefore if 2-3 of this kind of payment processors would be added to every US sportsbook/casino... that targets the US market UIGEA wouldn't matter because this law will have next to no effect then...

Paying the US affilate payments through a processor like this would probably save them a lot of money too...

 

[TGP Sky]

I hope we start seeing more of these options for US players, good stuff ;D

 

[Rhondagrace]

Hi Nitro,

Thanks for posting, this goldpay looks interesting, going to check it out!

 

[Daera]

I couldn't get the site to load. Any of you have any luck?

 

[slotplayer]

site load fine,

its been listed under banking/cashier on numerous casinos for a while now.

 

[Vladi]

Its an interesting option but you have to remember your money is subject to fluctuations in the price of gold while it sits in your account there. I am guessing they just reinvest your deposits in gold and profit off the spread.

Not sure why they would be any "safer" than any other company transacting with U.S. gamblers.

You want to know why the online casinos like them? (from their faq)

all transactions are final, no chargebacks

 

[nitro2]

Its an interesting option but you have to remember your money is subject to fluctuations in the price of gold while it sits in your account there. I am guessing they just reinvest your deposits in gold and profit off the spread.

Not true. It works like that:

"Unlike fractional-reserve banking, DGCs (such as e-gold and GoldMoney) hold 100% of clients' funds in reserves with a store of value."

Digital gold currency - Wikipedia, the free encyclopedia

In plain English: the money you deposit there is gold backed - therefore the fluctuations.

Not sure why they would be any "safer" than any other company transacting with U.S. gamblers.

The real issue here is to run an operation nearly clandestine considering the pressure from the US and nevertheless being as reliable like moneybookers, neteller & co which is quite a tricky task considering the amount of money involved in online gambling (we are talking about billions here). The question is if they (the payment processors & US facing operations) have the intelligence to do it right.

You want to know why the online casinos like them? (from their faq)

With the recent credit cards troubles there is only quicktender/usemywallet left...(which could be smashed too if the US regime went seriously after it)

Here is the theory behind the stuff:

Mastercard - Speak to your reps NOW. - Page 3 - Gambling Portal Webmasters Association

 

[Vladi]

Not true. It works like that:

"Unlike fractional-reserve banking, DGCs (such as e-gold and GoldMoney) hold 100% of clients' funds in reserves with a store of value."

Digital gold currency - Wikipedia, the free encyclopedia

In plain English: the money you deposit there is gold backed - therefore the fluctuations.

Yes that is exactly what I said. Glad you agree despite calling it not true. They use your deposited money to buy gold and profit off the spread. In plain English, this means they offer you a worse rate than the spot price of gold then buy gold with your money at a lower price. Then when you withdraw they sell their gold and pay you back at the current rate they offer which again is worse than the spot price. And in the mean-time your balance is subject to the fluctuations in the price of gold, because gold-pay is not going to cover you if you lose money. On the other hand you could gain..

The real issue here is to run an operation nearly clandestine considering the pressure from the US and nevertheless being as reliable like moneybookers, neteller & co which is quite a tricky task considering the amount of money involved in online gambling (we are talking about billions here). The question is if they (the payment processors & US facing operations) have the intelligence to do it right.

I wouldn't be so confident. Security by obscurity rarely lasts.

 

[nitro2]

Yes that is exactly what I said. Glad you agree despite calling it not true. They use your deposited money to buy gold and profit off the spread. In plain English, this means they offer you a worse rate than the spot price of gold then buy gold with your money at a lower price.

I've not read thouroghly through the website but this would be the first gold currency that works like that because if you use the rest of them you buy & sell the gold always to the spot price. Correct me if i am wrong...

I wouldn't be so confident. Security by obscurity rarely lasts.

If they lack the intelligence to do it right - like understanding that this is mainly a political issue for example - death through monopolization is the alternative.

 

[nitro2]

Here is an exchanger which does only goldpay:

About Us

The interesting option there is the funding via bankwire because the fees are 2% (which is acceptable) and goldpay doesn't offer that.

The fees can go dramatically down when the volume increases and with this kind of exchangers you can offer a lot more payment options.

 

[lots0]

Hmmm... These guys have been around for a while.

I only have one thing to say. I wouldent play at a casino that was registered in Panama... Why in the hell would I want to put my money in a business registered there?

Panama is the hole where really bad guys hang out and the government of Panama is for sale real cheap. You put your money in a outfit from Panama and your shooting craps with loaded dice.

 

[nitro2]

I only have one thing to say. I wouldent play at a casino that was registered in Panama... Why in the hell would I want to put my money in a business registered there?

The operators that cater towards the US market have to make sure that it works reliable otherwise they'll be out soon because for obvious reasons you cannot register this kind of business in the US or in more "civilized" countries...

Panama is the hole where really bad guys hang out and the government of Panama is for sale real cheap.

Put enough money on the table and they'll not give in to the pressure from the US to close this operation down; the same goes for banks which handle the money streams etc.

 

[lots0]

The operators that cater towards the US market have to make sure that it works reliable otherwise they'll be out soon because for obvious reasons you cannot register this kind of business in the US or in more "civilized" countries...

Put enough money on the table and they'll not give in to the pressure from the US to close this operation down; the same goes for banks which handle the money streams etc.

I guess you don't remember that the USA actually invaded Panama with real troops (Manual Noregia), to get rid of corruption... you see how that worked out.
All any "pressure" would do is make the criminals laugh real hard.

Its your choice if you want to put money in a business located in Panama. But I like my money, so I am not going to risk it unnecessarily in Panama.

Like I said before, I wouldn't play in a casino located/registered in Panama... why would I want to put my money there...

 

[nitro2]

I guess you don't remember that the USA actually invaded Panama with real troops (Manual Noregia), to get rid of corruption... you see how that worked out.
All any "pressure" would do is make the criminals laugh real hard.

If they give a s*it about the US it would be even better because you don't have to pay them then...

Its your choice if you want to put money in a business located in Panama. But I like my money, so I am not going to risk it unnecessarily in Panama.
Like I said before, I wouldn't play in a casino located/registered in Panama... why would I want to put my money there...

You are already doing it because quicktender/usemywallet is for sure located in some third world country. The model suggested here will work 100% if it is "streamlined" and sound payment processing is absolutely essential for the entire industry to thrive despite uigea and similar measures in other countries. If i am going to stay in the industry this is actually one of the two tasks i could tackle.

 

[TheGamblingGuru]

If they give a s*it about the US it would be even better because you don't have to pay them then...



You are already doing it because quicktender/usemywallet is for sure located in some third world country. The model suggested here will work 100% if it is "streamlined" and sound payment processing is absolutely essential for the entire industry to thrive despite uigea and similar measures in other countries. If i am going to stay in the industry this is actually one of the two tasks i could tackle.

I can assure you that QT/UMW is absolutely NOT located in some third world country! Where the fux did you come up with that from?
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[nitro2]

I can assure you that QT/UMW is absolutely NOT located in some third world country! Where the fux did you come up with that from?

I can assure you when they don't say where they are located and are nevertheless located in a jurisdictions where they could be pressured by US authorities this is a desaster in the making:

QuickTender Ltd about us

 

[TheGamblingGuru]

I can assure you when they don't say where they are located and are nevertheless located in a jurisdictions where they could be pressured by US authorities this is a desaster in the making:

QuickTender Ltd about us

Jeeze nitro, of course they are not going to broadcast all info, especially in light of the UIGEA and all. They are also more likely safe in a non-3rd world country than in a 3rd world country. Think about it mate...we have more armed forces, cia, doj and other personnel in 3rd world countries than we have ever had in non 3rd world countries.
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[nitro2]

Think about it mate...we have more armed forces, cia, doj and other personnel in 3rd world countries than we have ever had in non 3rd world countries.

Think about it mate...it is far easier to influence a goverment or whatever in small and corrupt countries like Panama or Costa Rica (both about 3-4 millions inhabitans) then doing the same let say in Canada or Germany. If you want the proof just look at Ayre in Antigua. As said it is a political issue in the end.

 

[lots0]

Hey nitro hate to rain on your parade... the LTD should give it away.
QT is located in the UK.

 

[nitro2]

QT is located in the UK.

The implementation of UIGEA is two months away.