Online gamblers should be careful: Don’t let the government take your funds

Pay attention to online sports gambling and daily fantasy players: This does not mean that you may forget your online account, even though there is little or nothing you can gamble on now. If you are not careful, the money inside these accounts can go to the government.

It has been almost two years since the U.S. Supreme Court ruled the Pro and Amateur Sports Protection Act unconstitutional. The federal law in question dates back to 1992 and has effectively banned commercial sports betting in most states. Since the court’s decision, sports betting has been legalized in 21 states and the District of Columbia. Of the states that have legalized sports betting, roughly half allow online or mobile betting in some form. Legislation to legalize sports betting is currently under consideration in 13 more states, and two will be included in the November vote. 온라인카지노

The rise of sports betting legalization has gone unnoticed by unclaimed property managers. Simultaneously with the legalization bill, bills and regulations have been proposed in many areas to address the eventual disposal of funds held in gamblers’ accounts, which may be dormant at some point in the future. Simply put, some states have ways in place to empty an individual’s online betting account if he or she fails to pay attention to it. Talk about rubbing salt in the wound: Imagine that your account has no money without the benefits of betting!

Fraud, a business term administered by states that manage assets when an individual does not make a claim, is most commonly thought of in relation to forgotten bank accounts, insurance policies, and stocks. If certain criteria for maintaining an individual’s account are not met, assets can be seized in every state in the country. It is then the individual’s responsibility to track down and retrieve these missing funds from the state. Convinceding a state that you are “ParlayPaulie617” and that you get your money repaid will be harder than simply logging into a password-protected account.

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