1. By continuing to use the site, you agree to the use of cookies .This website or its third-party tools use cookies, which are necessary to its functioning and required to achieve the purposes illustrated in the cookie policy.Find out more.
    Dismiss Notice
  2. Follow Casinomeister on Twitter | Facebook | YouTube | Casinomeister.us US Residents Click here! |  Svenska Svenska | 
Dismiss Notice
REGISTER NOW!! Why? Because you can't do diddly squat without having been registered!

At the moment you have limited access to view most discussions: you can't make contact with thousands of fellow players, affiliates, casino reps, and all sorts of other riff-raff.

Registration is fast, simple and absolutely free so please, join Casinomeister here!

Betting Partners forcing affiliates into Bitcoin

Discussion in 'Affiliate Issues' started by Casinomeister, May 2, 2016.

    May 2, 2016
  1. Casinomeister

    Casinomeister Forum Cheermeister Staff Member

    Occupation:
    Homemaker
    Location:
    Bierland
    Anybody see something wrong with this picture?

     
    5 people like this.
  2. May 2, 2016
  3. dionysus

    dionysus can turn wine into water CAG MM

    Occupation:
    n/a
    Location:
    I'm a Canucklehead
    I would if say, my employer tried to pull something like that, deciding to compensate me in something other than dollars that my bank, and the world, recognizes, and making me do the work for conversion
    Essentially, you could change 'bitcoin' to 'birdseed' in the above as it amounts to the same - 'we're giving you a cash substitute - now go figure out how to sell it and hopefully make the correct cash equivalent to equal the work you've put in'
     
    2 people like this.
  4. May 2, 2016
  5. Casinomeister

    Casinomeister Forum Cheermeister Staff Member

    Occupation:
    Homemaker
    Location:
    Bierland
    I don't trust Bitcoin. I really don't care how much it gets touted by the press and people who have invested in it - it is not the way to pay for advertising. It's the vendor who should dictate how he or she is to be paid, not vice versa. If you can't pay your advertisers properly using conventional means, then you should not be doing business with them.
     
    9 people like this.
  6. May 2, 2016
  7. dunover

    dunover Unofficial T&C's Editor Staff Member CAG PABnononaccred PABnonaccred PABinit mm3 webmeister

    Occupation:
    International Money Launderer
    Location:
    the bus shelter, opposite GCHQ Benhall
    There is also a total lack of accountability for legal, tax and VAT matters.
     
    2 people like this.
  8. May 2, 2016
  9. dionysus

    dionysus can turn wine into water CAG MM

    Occupation:
    n/a
    Location:
    I'm a Canucklehead
    To be clear, I say 'I would...' to your question 'Anybody see something wrong with this picture?' As in, I would see a problem. Not That I would accept Bitcoin.
     
  10. May 3, 2016
  11. PaaskeDenmark

    PaaskeDenmark Always think positive CAG PABnoaccred webmeister

    Occupation:
    Clerk with shipping discounts worldwide
    Location:
    UnKnown
    I can't see any picture only lot of text?

    Just kidding :p I totally agree in this Bitcoin is no good I am really scared of this virtual money thing. I feel it is crap and changing their payment to only be bitcoin is a absolute scam :mad:
     
    2 people like this.
  12. May 3, 2016
  13. vinylweatherman

    vinylweatherman You type well loads CAG MM

    Occupation:
    STILL At Leisure
    Location:
    United Kingdom
    This is a BIG problem, and one that could land bigger affiliates in serious trouble (assuming they are declaring their earnings). All of a sudden, their earnings vanish from their regular monthly appearance in the bank, yet the affiliate carries on living the same "lifestyle". HMRC are likely to start asking questions, and possibly placing one under formal investigation. The nature of Bitcoin would make it hard for anyone to correctly file their tax return in any case because Bitcoin fluctuates widely in value against fiat currency, and the legality of exchanging Bitcoin to fiat currency is a "grey area". This can also bring the unwelcome attention of a money laundering investigation as well as a tax investigation.

    It presents quite a legal minefield, yet affiliates have been given barely a month's notice for a change that probably requires legal advice in order to steer clear of unwelcome attention from the authorities for the higher earners.

    I expect Betting Partners are doing this to steer clear of fiat currency and all the problems this entails, especially when some banks don't like gambling transactions, and some countries consider it illegal. Ducking and diving to keep the fiat currency flowing can be expensive for the operator.

    Of course, what about KYC, Bitcoin is automatically associated with crime and money laundering as by design it allows anonymous possession and transfer. It's like a casino accepting just your email address as your ID documents, and you are then good to go to receive withdrawals.

    When it eventually comes to cashing in your Bitcoin, you then have a volume of fiat currency coming in "from nowhere" that you might be asked to explain for tax purposes, but you will have no paperwork to back up your version of events. You might then find your money confiscated by the bank at the request of the state because you can't satisfy them it has come from a legitimate source.

    Bitcoin might be OK for small affiliates who really only earn "pocket money", but for those "in business" as affiliates it would be toxic.
     
    2 people like this.
  14. May 3, 2016
  15. Webzcas

    Webzcas Winter is Coming!

    Occupation:
    Webmaster
    Location:
    Block S25, South Stand, Ashton Gate, BS3
    This is as bad as some affiliate programs still insisting on making commission payments into 'Casino' Player Accounts. I still have one such program that does this, something I am currently in the process of trying to rectify.
     
    2 people like this.
  16. May 3, 2016
  17. Casinomeister

    Casinomeister Forum Cheermeister Staff Member

    Occupation:
    Homemaker
    Location:
    Bierland
    Ditto on that. That's such bullshit. I hate that.

    Imagine having a large company office, and you have new locks installed on all the doors, and you tell the locksmith you'll pay him with Bitcoins?? :what: I wonder how far that would go. :rolleyes:

    Again, like countless times before, affiliates are treated like the red-headed stepchild of the online community. Betting "Partners" - there is no partnership here. You don't dictate to partners, you come to agreements with them.
     
    4 people like this.
  18. May 3, 2016
  19. tomgalanis

    tomgalanis Casino Rep for Accredited Casino

    Occupation:
    Director, GameOn
    Location:
    Kent, United Kingdom
    It's a bizarre move. You've got to wonder why an affiliate program operating apparently successfully in grey/black markets would feel the need to enforce this change on affiliates.

    Asset freezing of the ownership perhaps? Bitcoin the one thing that can escape this?
     
  20. May 3, 2016
  21. Casinomeister

    Casinomeister Forum Cheermeister Staff Member

    Occupation:
    Homemaker
    Location:
    Bierland
    This is one reason why it pays to do business in non-grey markets. Still, Bitcoins should be given as an option, not as an obligation. I'm sure many affiliates would welcome that.
     
    1 person likes this.
  22. May 3, 2016
  23. tomgalanis

    tomgalanis Casino Rep for Accredited Casino

    Occupation:
    Director, GameOn
    Location:
    Kent, United Kingdom
    Interesting timing on a Bitcoin love-in piece on CalvinAyre.com today too.... You must register/login in order to see the link.
     
    1 person likes this.
  24. May 3, 2016
  25. Casinomeister

    Casinomeister Forum Cheermeister Staff Member

    Occupation:
    Homemaker
    Location:
    Bierland
    :cheerleader::cheerleader::cheerleader::cheerleader:

    LOL :lolup:

    Makes ya go hmmmmm....:rolleyes:
     
  26. May 3, 2016
  27. Elgoog

    Elgoog Experienced Member webmeister

    Occupation:
    webmeister
    Location:
    Europe
    Of course, i was also very asthoinished when i read their email

    But if you really had to accept these bitcoins, you could every time you receive a payment in bitcoins, change them for money at an exchange and tie the payment to the specific month/payout of the casino, just like we do now
     
  28. May 3, 2016
  29. Redbush54

    Redbush54 Experienced Member PABaccred webmeister

    Occupation:
    igaming
    Location:
    At the end of the rainbow
    Couldn't resist........You must register/login in order to see the link.

    More info on the creator of bitcoin....You must register/login in order to see the link.
     
    2 people like this.
  30. May 3, 2016
  31. vinylweatherman

    vinylweatherman You type well loads CAG MM

    Occupation:
    STILL At Leisure
    Location:
    United Kingdom
    This can actually be a problem. Many of these exchanges have been shut down by authorities as they are "laundering" untraceable Bitcoin payments into fiat currency without any checks or audit trail to demonstrate that the original Bitcoins came from legitimate activities.

    One major exchange got shut down by the US authorities, and many people who had lodged their Bitcoins with the exchange lost them. These exchanges are themselves "grey market", and are not seen as fully respected and legal exchanges in the same way that Wall Street or the London stock market are.

    Even where you do declare the income for tax after exchanging the Bitcoin payments, you don't have the same audit trail, and thus it will be harder to prove to the satisfaction that the income you are declaring for tax purposes has come from a legitimate source or activity, nor that it represents the total income you received.

    Quite a few tax dodgers will pay tax on some of their income so that the tax authorities are less likely to get suspicious because absolutely no tax is being paid, despite a relatively affluent lifestyle.
     
  32. May 4, 2016
  33. Elgoog

    Elgoog Experienced Member webmeister

    Occupation:
    webmeister
    Location:
    Europe
    i am not saying bettingpartners is doing the right thing, nor that accepting bitcoin is good.
    Only tried to explain it's not that much different from other payment solutions,

    Trustworthy exchanges do exist imo , in the Netherlands even is one .
    (by the way, you do not need to exchange the bitcoins to a "normal" cuurrency, you can fill them up on your tax form as an asset (differs from country to country))

    About the audit trail; do you think it is much different as from accepting payments through Worldpay, Skrill, Neteller?
    (must say i avoid getting paid through Neteller also)

    while writing this, i think you could compare bitcoin to Neteller as payment method

    btw, not going into detail, but bicoin transactions are traceable, although not easy, it is not anonym at all, at the end
     
    1 person likes this.
  34. May 5, 2016
  35. Webzcas

    Webzcas Winter is Coming!

    Occupation:
    Webmaster
    Location:
    Block S25, South Stand, Ashton Gate, BS3
    Bodog are one of Betting Partner's clients. :rolleyes:

    Anyhow, good subject for the latest video blog which I am now currently editing. :D
     
    2 people like this.
  36. May 6, 2016
  37. GourdFollower

    GourdFollower Meister Minion Manager Staff Member CAG MM

    Occupation:
    Gourd Follower.
    Location:
    gourdville
    Here's a fascinating article that explains everything you ever wanted to know about Bitcoin. The introduction starts at the logical beginning by asking and answering the question "What is money?". (I love the story about the Yap islanders and their limestone currency!) Enjoy! :D

    You must register/login in order to see the link.
     
    2 people like this.
  38. May 11, 2016
  39. kahntrutahn

    kahntrutahn Full Member webby webmeister

    Occupation:
    Professional Poker Player and Affiliate for 14 yea
    Location:
    Abroad
    It's not nearly as volatile as it once was. The more time that goes by, and the more people that adopt it, the more stable the price becomes. As the size of the market grows relative to fiat currencies, bitcoin prices become harder to move, be it by legitimate large buys or sells, or through outright manipulation by traders, governments, news, etc. I'm not saying it's on par with USD, or Euro, etc but it's not chump change any longer. Bitcoin is now a 7 billion dollar market, and growing.

    I agree, that is horse hockey and they should have handled it differently.


    Absolultely! I posted this on another forum, but it's worth a copy/paste here I think:


    I agree. It is going to present challenges to larger affiliates. Especially those with no knowledge or background in dealing with bitcoin prior to this change. However, I predict that more things like this will follow. Money has been becoming digitized for decades now. Paper bills are the exception to the rule, not the reality of money. This is just the next evolution and I think it behooves us all to get in while it's still in the early adoption phase.

    Adapt or die I think. (and yea, I'm still learning all this stuff myself, but my disposition towards it is more cheerful than many on the aff forums heh)

    You know, at least with regards to online poker, in the US markets, I saw A LOT of payment hiccups and changes recently. Seemingly around the time the "Panama Papers" were leaked. Coincidence? Perhaps...
     
    3 people like this.

Share This Page