An Idea Whose Time Has Come?

Inter-site chip transfer service

by , Aug 5, 2009 | 5:51 pm

I came across this new site the other day, and I think it’s kind of interesting. In short, Send My Chips appears to be working as an independent third party that lets you send your own money from one site to another (i.e., Full Tilt to PokerStars) without having to negotiate a trade with someone you may or may not know through a forum or some other site.

I must say, I haven’t tried this site and have no idea of how effective or trustworthy it may be. It looks like they’re facilitating money moves between major sites (Starts, Tilt, UB, Cake, to name a few), but I’m curious as to how those transfers are appearing in a user’s deposit/withdrawal history. Are they listed as P2P transfer or a deposit? Also, are these transactions being made with or without the sites’ knowledge or permission?

As a player, I think the concept is interesting and I certainly like having the ability to move money between one site and another if I wish. But, I also worry about how these transactions may look to the site operators? Is there anything here that could cause them to raise red flags and, potentially, put my account under review or possible suspension? Is the “convenience” worth the potential risk? I’m not sure I’m willing to find out.

8 Comments to “An Idea Whose Time Has Come? ”

  1. Kevin Mathers

    I believe it’s a standard P2P transfer, as they use their account on the various sites to facilitate the transfer. They’re only available for now from noon to midnight EST.

    Also, it appears they have approval from several sites already:

  2. DanM

    PokerPages says:

    Several of the world’s largest sites have already partnered with to take advantage of the auditing suite, including: Full Tilt Poker, Ultimate Bet, and Cake Poker. Using the auditing suite’s Black List Facility, sites can monitor fraudulent transactions so they can take appropriate steps to identify and eliminate “scammers”.

    Though they seem to be going the extra mile to ensure “security”, I do question the level of “partnership” they have. After all, we are technically partnered with Google and WordPress.

    But the concept really does seem simple enough: We’ll buy your chips off you so long as you agree to receive payment in the form of another site’s chips.

    From a technical and logistics standpoint, It doesn’t even seem too hard to do (theoretically) while still not violating TCs of any of the “participating” sites.

  3. JaKat

    I too wonder about the level of partnership between the sites and Send My Chips. If this is something they’re truly endorsing, would it be in their interest to let their respective user bases know about the service? Or is this something they’re silently condoning but not really supporting?

    I’m sure the sites don’t love the idea of players moving their bankrolls around between them, but if this something that’s already a done deal, it seems like they could help add credibility to the service by doing more than allowing their respective logos to be used on the web page.

  4. Kevin Mathers

    There’s several threads on 2+2 about people doing trades between sites, the sites may not like it, but it’s sort of tolerated.

  5. TripJax

    Did I miss something in the post. Just wondering how they get their cut. As an example, If you request a $100 transfer do you end up with $95? Or do you send $105 and end up with $100. Guess it could be net of or add onto.

    It’s a great idea and something I’ve pondered…glad to see it. PStars not onboard?

  6. DanM

    yeah, i think they charge a fee. it seems like just paypal for online poker sites. i even see them avoiding one set of legal troubles because these transactions have nothing to do with the actual gambling … well maybe not nothing, but a truly independent one-off seems plenty legal in all sorts of realms. (political contributions, for example.)

    of course financial transactions is what the UIGEA is all about … so what keeps them out of trouble one way could be what gets them into it in another.

  7. J

    Finally – the ability to take your money from one site to another. This has been a long time coming. Shouldn’t the burden of participation (“traffic”) should be on the various sites and their ability to attract players with better interface environments, tournaments and ring games – rather than the idea that players have their money locked in at any particular site?

    Anyway, as far as cost, here’s what I found:

  8. yestbay1

    It does not appear to help US players (yet), since question # 1 on their FAQ page says that they do not accept transactions from US players. Oh well, maybe someday…..