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Question(s) about reversing a withdrawal...

Discussion in 'Online Casinos' started by Jockohomo, Sep 29, 2010.

    Sep 29, 2010
  1. Jockohomo

    Jockohomo Dormant account PABnononaccred

    Occupation:
    composer
    Location:
    NYC
    After reversing a $2500 withdrawal (and losing it), I was shocked that my favorite casino manager, who had promised a bonus "worth waiting for," posted a meager $200 bonus with 30x wr and $600 max cashout. This manager has been nothing but wonderful and generous with me and the last time I reversed/played/lost a $1K withdrawal, I found $1K in no-strings bonus cash waiting for me.

    As I see it, reversing that withdrawal (a week after winning it) was like depositing it as cash. I usually get 160% bonus on deposits, with very low wr. Had I collected my winnings and played them at the same casino, I would have played with $6500. And if I lost it, there would be cash back bonus $$$, too.

    But all I've got to show for it is a lousy bonus that I won't even use.

    The manager has been too good to me to question about this (I would feel I was being ungrateful).

    What am I not understanding?

    Any thoughts on this greatly appreciated.
     
  2. Sep 29, 2010
  3. aodat2

    aodat2 Senior Member PABnononaccred PABnoaccred2 PABaccred2

    Occupation:
    I have a job
    Location:
    Malaysia
    Jockohomo:

    IMO, reversing a Withdrawal is NOT the same as depositing cash or etc. It's basically you being greedy and wanting to play more at the casino hoping to win more with what you currently have. (not trying to insult or add salt to the wound)

    Think of it this way... You are staying in MGM in Las Vegas. You played and won some money and you still have your chips with you. After which, you said you want to go back to your room without cashing in the chips. After a small rest, you decide to go back to the casino to play more with the chips you have in hand. To the casino, you have not brought in "New Funds", it's just old money which you have not converted to cash yet.

    In this sense, you actually were given some sort of compensation for doing so. In my case long long time ago, I won about $20,000 at a casino and made a cashout. The casino took quite a few days to verify my account, verify my ID and etc. Bare in mind this casino is even accredited here. After waiting for so long, I grew impatient and went ahead and played and reversed my withdrawal and lost basically EVERYTHING I had and the only thing I got out of it was
    "I'm so sorry to see you lose everything back. I should have flushed your account after you made the withdrawal."
    This came directly from the casino manager and they didn't even give me a penny extra for losing all the $20k. I was so disgusted with myself on that.

    So now-a-days if I make a withdrawal, I make sure the withdrawal goes through and then after getting the money, I will decide again on putting my money in there again or not. After all, reversing a withdrawal is totally NOT in your best interest.

    Also, certain casinos have a pending period to wait (not wanting to flush the account for you). If you reverse it, you will eventually have to redo the entire pending period again which is kinda stupid. So in future, NEVER reverse a withdrawal if you could.
     
  4. Sep 29, 2010
  5. Jockohomo

    Jockohomo Dormant account PABnononaccred

    Occupation:
    composer
    Location:
    NYC
    Why would I "think of it this way" instead of the way it actually happened? I DID cash out my chips. I reversed the withdrawal more than a week later and not idly, but with a well-known and still-trusted (now with a grain of salt) manager's promise of being well-compensated should I lose. Based on the manager's track record, I expected to find somewhere between 50%-100% of my squandered winnings replaced.

    I'm not complaining about losing, but rather trying to see this from the manager's point of view. Your hypothetical situation doesn't fit the events and frankly, the idea that it is players who, out of greed, mistake their winnings for, um... their winnings... is backwards.

    Many casinos, to encourage reversals, treat them the same as cash deposits (you can claim the same bonus with either a deposit or a reversal). I think that makes a lot of sense -- it's the only somewhat friendly tactic casinos employ to make sure you leave your money with them.
     
  6. Sep 29, 2010
  7. Nate

    Nate Ueber Meister CAG webmeister

    Occupation:
    Monster
    Location:
    Cyberspace
    Why would you reverse a withdrawal a WEEK Later? Is that not too long for you to be paid out?
     
    1 person likes this.
  8. Sep 29, 2010
  9. ksech

    ksech Dormant account

    Occupation:
    yes
    Location:
    Here
    Which accreditted casino holds a withdrawal for a week? You should let Bryan/Max know about this so they can do some investigating. Surely, this is against one of the rules for accreditation?

    Most of the accreditted casinos may take a few days, especially if you need to send in your docs, but I don't recall any of them taking a week.
     
  10. Sep 29, 2010
  11. steveh35

    steveh35 Senior Member

    Occupation:
    ..
    Location:
    doncaster
    Reverse Withdrawls should be banned if you went into a public place and won something you wouldn't expect them to hold onto it for a day or so you would want paying straight away why this practice is allowed I do not know.
     
  12. Sep 29, 2010
  13. newjam

    newjam Dormant account

    Occupation:
    research
    Location:
    Vienna
    Casinos know that gamblers enjoy gambling and that their profits rely to some extent on gamblers' indiscipline. By providing the temptation of a reversible cashout they know that they have a good chance of getting it back. There is no legitimate reason other than allowing the gambling mentality to hang itself through its own weakness. 24 hours is long enough for them to play this game - a week is virtually rogue tactics.
     
  14. Sep 29, 2010
  15. felicie

    felicie Ueber Meister PABnononaccred

    Occupation:
    self employed
    Location:
    somewhere else
    If this manager has been so good to you why not give him/her the chance to give you the reason for their action and then you'll have their point of view and right from the horse's mouth. :)
     
  16. Sep 30, 2010
  17. Jockohomo

    Jockohomo Dormant account PABnononaccred

    Occupation:
    composer
    Location:
    NYC
    Excellent advice. However, in light of this manager's unprecedented largess and personal attention, I would rather not broach the subject for fear of seeming ungrateful (in fact, it would be ungrateful). Maybe down the line I will follow your advice, but at present it would cast me in the role of a winning player who, receiving every consideration, complains that his bulging wallet ruins the line of his suit. I gambled and lost -- that's that.

    Clearly, the manager and I see this from radically different points of view. I'm hoping to gain insight into theirs and/or my own without going to the horse's mouth (for now).
     
  18. Sep 30, 2010
  19. Nate

    Nate Ueber Meister CAG webmeister

    Occupation:
    Monster
    Location:
    Cyberspace
    Well put Joko,

    What still eludes me is why your withdrawal has not been processed and is still reversible a week later?

    Nate
     
  20. Oct 2, 2010
  21. felicie

    felicie Ueber Meister PABnononaccred

    Occupation:
    self employed
    Location:
    somewhere else
    Ok jocko I get that now let's see if we can get some of the well-seasoned forum members here to answer this for you cause I never get why anyone acts the way they do LOL.
     
  22. Oct 2, 2010
  23. footdr

    footdr Banned User: PITA violations of the Forum Rules

    Occupation:
    management
    Location:
    cyberspace
    Here is the answer...

    Never, ever, reverse a withdrawal. You will lose 99% of the time and always ask what the terms will be on any promised bonus. Take a Copy of what they promise also, a screen shot works.

    And, why the heck would you reverse the total 2500.00?
     
    Last edited: Oct 2, 2010

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