When a casino confiscates funds, who actually gets the money?

[lovesmayfamilis]

My opinion, as in the previous topic, is that the casino has the right to keep this money for itself. It is likely that they will not immediately become the property of the casino, but only after some time, during which it may be necessary to challenge these funds in the event of a lawsuit. If the player applies to law enforcement agencies, the casino will be able to prove his guilt and eventually confiscate the funds or return them if the player's guilt is not proven

[Franctoshi]

The is not rocket science, when casino confiscate funds, the money belong to them.

That’s not really correct though. What if the user’s violation didn’t actually cause any loss to the casino at all, meaning the casino didn’t lose money in the first place. If they still confiscate the funds, that would only make sense if the law specifically requires them to do so.

A good example is money laundering cases, where casinos are required to freeze or confiscate funds in coordination with the government. But in that situation, do casinos actually have the right to keep the money for themselves? No, they don’t.

You're right, that's exactly what happens if there are clear reasons to do so after every necessary steps has been taken in the case of lawsuit. Therefore it depends on the situation on ground, that is, what reason lead the casino site to confiscate the users funds that determines if it's going to the hands of government, in the case of money laundering etc and if it's going to the casino platform's purse, in the case of bridge TOS tied to the casino platform alone, Therefore it's a flexible situation and isn't only tied to the government's hand because in many cases the government won't be aware that a user funds has been freezed or tied to the casino platform to use the confiscated funds because they're regulated.

[viljy]

For sure, most of the time the confiscated money remains at the disposal of the casino. In some cases, if the money was confiscated on the instructions of the authorities investigating the crime, the money is transferred to these state bodies (police, etc.). This may be related to the laundering of criminally obtained money. But in most cases, which are not related to crime, but only because of a violation of the TOS, the money is confiscated in favor of the casino.

[qwertyup23]

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Anyone here know how this works in practice, or have experience with licensed casinos explaining this clearly?

When casinos confiscate the funds of an account, it generally depends on the ToS because sometimes they mention on where the funds would be delivered.

From what I know, the funds will remain on the account of the person until there is a final verdict depending on the gravity of the offense committed. If the online casino has decided that a confiscation of the funds is warranted, then they will take custody of those funds.

This is the reason on why you should reach out to your designated CS agent if you encounter any issues with your account. If you fail to contest any action against you within the prescriptive period provided, they have the power to confiscate your funds and close your account in the process.

[Kelward]

My take on what happens to confiscated funds in a casino is that it becomes a donation to their reserve, they don't need to spend the money per say but it will always be a part of their asset. Except it is written as part of the regulation that a government stipulates for casinos in their regions that confiscated funds be remitted to them it has to be the property of the casino. The party who is at a loss is the owner of the seized funds, whether it ends in the purse of the casino or in the coffers of the government the gambler is at a loss because the funds won't be returned to him.

[yahoo62278]

The is not rocket science, when casino confiscate funds, the money belong to them.

That’s not really correct though. What if the user’s violation didn’t actually cause any loss to the casino at all, meaning the casino didn’t lose money in the first place. If they still confiscate the funds, that would only make sense if the law specifically requires them to do so.

A good example is money laundering cases, where casinos are required to freeze or confiscate funds in coordination with the government. But in that situation, do casinos actually have the right to keep the money for themselves? No, they don’t.

Most times a casino isn't confiscating funds for money laundering. Usually it's multi accounting, arbitrage betting, value betting, or things along that line. Very rare that they report anything to their license providers or government IMO. The casino pockets this money.

[cryptomaniac_xxx]

So this is in relation to my first topic created.

When a casino freezes an account for a TOS violation and decides to confiscate the funds, what really happens to that money? Does the casino keep it as part of their income, or are they required to remit it to their regulator or some authority?

Casinos often say “funds are forfeited,” but they rarely explain where it goes after that. If it just stays with the casino, that raises obvious questions about incentives and abuse.

Anyone here know how this works in practice, or have experience with licensed casinos explaining this clearly?

Nah, I don't think that they are going to remit it to the regulatory body. Casinos pay those body already to get their license so after that they will just have to operate within that law. So I do not see that it includes paying them with the funds confiscated.

So it will be added to the casino itself. From the looks of it, that is bad practice as you are taking money from the customers. But that could be included in their ToS to confiscate money because players are operating against their Terms.

[_act_]

Most times a casino isn't confiscating funds for money laundering. Usually it's multi accounting, arbitrage betting, value betting, or things along that line. Very rare that they report anything to their license providers or government IMO. The casino pockets this money.

If it is about multi accounting, arbitrage betting, value betting, or things along that line which are related to the player cheating, it is on all the gambling sites TOS that I have read before that the person's account will be banned and his money will be confiscated, so the gambling site will take the money if the gambling and there is nothing the gambler can do about it legally.

[_act_]

Most times a casino isn't confiscating funds for money laundering. Usually it's multi accounting, arbitrage betting, value betting, or things along that line. Very rare that they report anything to their license providers or government IMO. The casino pockets this money.

If it is about multi accounting, arbitrage betting, value betting or things along that line which are related to the player cheating, it is on all the gambling sites TOS that I have read in the past that the person's account will be banned and his money will be confiscated, so the gambling site will take the money of the gambler and there is nothing the gambler can do about it legally.

[TastyChillySauce00]

Casino will frozen the money until the investigation to the account who violated TOS is gonna completed. When account proven the guilty by violating casino's rules, they can keep it for themselves, but if it's related to serious violation, they may be transferring it to the police or officials.
Yet, if the account is being not being proven wrongdoing, they will release it back to the users.

[crwth]

So this is in relation to my first topic created.

When a casino freezes an account for a TOS violation and decides to confiscate the funds, what really happens to that money? Does the casino keep it as part of their income, or are they required to remit it to their regulator or some authority?

I haven't experienced this, but from what I read from different sources, it's going to be part of their funds, and then the amount they deposited would be returned if they are not forfeited completely. I think they would only do that if they suspect the funds are from illegal activity, and then confiscate them. If not, it can be returned.

I'm not a lawyer, but it's best to find legal ways to approach this.

[Die_empty]

So this is in relation to my first topic created.

When a casino freezes an account for a TOS violation and decides to confiscate the funds, what really happens to that money? Does the casino keep it as part of their income, or are they required to remit it to their regulator or some authority?

Casinos often say “funds are forfeited,” but they rarely explain where it goes after that. If it just stays with the casino, that raises obvious questions about incentives and abuse.

Anyone here know how this works in practice, or have experience with licensed casinos explaining this clearly?

It will depend on the reason why the funds were seized. If the money in the casino account is connected to money laundering, the funds might be forfeited to the government. Since the money might be proceeds from criminal activities, the victims would have to get their money back.

If the account is frozen because the gambler defrauded or cheated the casino, then the money would be taken by the casino. They are the victims and need to be compensated accordingly. 

Anyway, the ToS of the casino might contain how these funds are managed.   

[AprilioMP]

So this is in relation to my first topic created.

When a casino freezes an account for a TOS violation and decides to confiscate the funds, what really happens to that money? Does the casino keep it as part of their income, or are they required to remit it to their regulator or some authority?

Based on my positive logic, the casino has clearly stated what is allowed and what is prohibited, and we must also clarify that the violation in question is indeed a violation on the part of the user. I don't know the details, but I think the money belongs to them. They will use the money from users who violate the rules as they see fit.

[Mhizlove]

Like my own point of view on this whole thing is, this don't have a single aspect or way of answering this because rules do Changes alot and when it comes to casinos that are serious and also holding their stand about this license of a thing will not just wake up one day and start doing away with money in their possession, because thry have rules and regulations that guide the system. But in a platform that lacks supervision, loopholes can easily be manipulated.

That's why you see transparency and trust are really important than all those odds or bonus. You see if casinos can't openly explain how the money that is seized are being handled, then that's a serious concern or a warning sign, so I will urge you to be careful on platforms you pick or choose, when it comes to answering your questions in a straightforward manner.

[Zigabel]

So this is in relation to my first topic created.

When a casino freezes an account for a TOS violation and decides to confiscate the funds, what really happens to that money? Does the casino keep it as part of their income, or are they required to remit it to their regulator or some authority?

Casinos often say “funds are forfeited,” but they rarely explain where it goes after that. If it just stays with the casino, that raises obvious questions about incentives and abuse.

Anyone here know how this works in practice, or have experience with licensed casinos explaining this clearly?

Here's a simple logic, except for case of proven money laundry, regulatory agencies do not interfere with the funds and running of these casinos, their finances is been controlled by them with regulations which is been made known to theses regulatory agencies where they are also informed about the possible penalties for defaulters, so if it's not a cas of a gambler laundering money with their gambling account but defaulting the rules and guidelines of the casino, whenever the casino says you forfeit such funds, they reserve the right to do with it as they wish except there's a law in such a country that concerns itself with such an incident when it happens.

[jcojci]

Funds forfeited will not go anywhere except to the casino. We guess that is what happens but we don't know the right. I am not sure if that money will be remit it to the regulator but that could be like that.

Casino can easily use confiscates funds for themselves. That is my guess which I am not sure. Gamblers break the TOS and will not able to withdraw win money except their deposits money.

Casino can hold the money while they investigating the case and ensure everything. If their member breaks the rules, casino will take the money.

[acroman08]

It depends, I think, I mean, I remember reading that if the casino confiscated the money due to money laundering or other crimes where the authorities need to be involved, the casino is required to give up the money to the authorities. But if the casino confiscated the money due to other reasons, I think the casino keeps the confiscated funds.

[boyptc]

The funds simply go to the casino because it's not in the gamblers right to own or claim the funds due to restrictions or issues that has to do with cheating.

The gambler who owns that fund, owns it.

But they're playing the rules that they set in the platform they own and that's why those who aren't proven to be cheating.

They are not going to say the main reason why they need to confiscate it. What these casinos will have to do is to release the funds before banning them for life.

What if the gambler complete every requirement to retrieve back his funds, undergo every process, will these casinos releases the funds? With the way these casinos behave whenever a player fails rule, I don't think they'll be down to earth to release what no longer belong to them.

They'll have to and they have no reason to delay the funds if it's about to be withdrawn by the owner.

That's what they want to happen and for every customer to follow the compliance that have been set to them and so, they're passing it to the customers.

I am starting to disbelief in casinos because of their dubious attitude, it sucks

Not all of them are the same.

[pawanjain]

So this is in relation to my first topic created.

When a casino freezes an account for a TOS violation and decides to confiscate the funds, what really happens to that money? Does the casino keep it as part of their income, or are they required to remit it to their regulator or some authority?

Casinos often say “funds are forfeited,” but they rarely explain where it goes after that. If it just stays with the casino, that raises obvious questions about incentives and abuse.

Anyone here know how this works in practice, or have experience with licensed casinos explaining this clearly?

When you deposit funds on a casino site, especially cryptocurrencies, the money goes to their wallet.
On the site, you just see numbers increasing and decreasing based on your bet results.
So whenever the casino site says that the funds are in freeze or seized or confiscated or forfeited it all means that the funds are gone.
Basically the casino site now owns those funds unless you somehow make them give back your funds.

[Dr.Bitcoin_Strange]

The decision whether the casino can keep the money for themselves or not always varies depending on the region where the casino is licensed and also depending on the licensing policy of the casino too. The casino might report such confiscated fund to the licensing authorities which determines whether they can keep it or not but I think if a customer break ToS, the casino would want to keep the money since it's their ToS and also their casino.