All Forums | Gaming Industry - US

Thoughts on bookies charging interest rates on people that late pay them

...
Participants:
Search model icon
Views: 6352
Posts: 21
 
Banned
Participation Meter
Joined: Sep, 2011
Posts: 126
Posted: #1
My friend late pay his bookie because he was wagering over his head.  I think he said his bookie was charging him interest rate of 5% or 10% per week.  Are bookies suppose to charge their customers interest rate of they late pay them?  Let's say plays are Monday to Sunday, and settle day is either Monday or Tuesday and the customer doesn't have the money to pay up.  The bookie charges the customer 5% each week.  Is that normal?
 
Veteran
Participation Meter
Joined: Jan, 2004
Posts: 4427
Posted: #2
Yes they do charge and if you went to a loan shark they would charge you as well. Same principle. Not sure what the going rate is these days as I am out of the game but 3-5 points sounds right. 10 points seems a bit steep.
 
Prospect
Participation Meter
Joined: May, 2011
Posts: 271
Posted: #3
thats funny they charge a higher rate than banks are getting now.
 
Banned
Participation Meter
Joined: Mar, 2011
Posts: 1867
Posted: #4

Rule #1 in betting never bet more then you have in cash

 
Prospect
Participation Meter
Joined: Aug, 2011
Posts: 35
Posted: #5
WHEN I SAW THIS I ALMOST LAUGHED.  THERE IS NO NORMAL INTEREST RATE WHEN IT COMES TO BOOKIES......BELIEVE ME WHEN I SAY THAT IF YOU ARE DEALING WITH BOOKIES OR LOAN SHARKS, THE SKY IS THE LIMIT ON A DAILY BASIS ON "interest"
 
Veteran
Participation Meter
Joined: Jan, 2004
Posts: 4427
Posted: #6
They always charge higher than banks. 

No credit checks.

You want 10 grand no problem 3pts in eight weeks. 

 
Prospect
Participation Meter
Joined: Feb, 2009
Posts: 47
Posted: #7
To be honest, once you don't pay on time, your finished anyways. They know your full of it when you give a hard luck story. You are solely responsible for your wagering. Interest does happen, but not all the time. Depends on your payment history. The book typically will see how you want to make things right. If he doesnt like what you say, the interest subject will come up. Basically knowing you will either find the money, or will disappear and will never be seen again. 
 
Banned
Participation Meter
Joined: Sep, 2011
Posts: 126
Posted: #8
Quote Originally Posted by derekanderson:

To be honest, once you don't pay on time, your finished anyways. They know your full of it when you give a hard luck story. You are solely responsible for your wagering. Interest does happen, but not all the time. Depends on your payment history. The book typically will see how you want to make things right. If he doesnt like what you say, the interest subject will come up. Basically knowing you will either find the money, or will disappear and will never be seen again. 


My friend said that happened once last year when his paycheck from work was late.  And his bookie explained this to every single customers before they start using his service.  He never late pay his bookie again.

But yea, I think it's reasonable when the bookie charges interest for late payment.  I guess 10% to 20% is reasonable.  Which all comes down to one thing, just pay up on time to avoid the hassle.
 
Veteran
Participation Meter
Joined: Sep, 2006
Posts: 2904
Posted: #9
Ive never had a bookie charge me interest if i couldnt payoff what i owed for the week, he would allow me to roll it over to the next week and if i was up or square for the new week he was fine with that but the rollover amount never exceeded 400 dollars 
 
Banned
Participation Meter
Joined: Sep, 2011
Posts: 126
Posted: #10
Quote Originally Posted by cocky24:

Ive never had a bookie charge me interest if i couldnt payoff what i owed for the week, he would allow me to roll it over to the next week and if i was up or square for the new week he was fine with that but the rollover amount never exceeded 400 dollars 


Maybe he's just being nice to you, or he might be a friend of yours.  I've heard a lot of people say their bookies stated they will charge interest rate for late payment before they used their service.  Bottom line is, just pay up on time so you don't have to pay late fee.
 
Veteran
Participation Meter
Joined: Sep, 2006
Posts: 2904
Posted: #11
Quote Originally Posted by FranklinQ11128:



Maybe he's just being nice to you, or he might be a friend of yours.  I've heard a lot of people say their bookies stated they will charge interest rate for late payment before they used their service.  Bottom line is, just pay up on time so you don't have to pay late fee.
He is a friend.........
 
All-Star
Participation Meter
Joined: Apr, 2007
Posts: 11688
Posted: #12

Quote Originally Posted by cocky24:

He is a friend.........

and to be honest if he is a decent sized bookie $400 is nothing to him anyways.

 
Banned
Participation Meter
Joined: May, 2011
Posts: 536
Posted: #13

thats right they should why not YOU get paid when you win right ?

Why should he NOT charge some interest when YOU aint got it and need 2-3 weeks to pay up !

fuck em i say go here  legalbettinginusa.blogspot.com 

 

 
Prospect
Participation Meter
Joined: Feb, 2007
Posts: 106
Posted: #14
You don't pay your car on-time, you get charged a late fee.
Why not with a bookie ?

I'm sure most don't but if you are getting jerked around by the player
Hell yeah !
 
Legend
Participation Meter
Joined: Jan, 2006
Posts: 66756
Posted: #15

since when is the bookie your FRIEND?

that's some bloody nonsense right there!

 
Rookie
Participation Meter
Joined: May, 2004
Posts: 573
Posted: #16
Quote Originally Posted by KktdocT:

since when is the bookie your FRIEND?

that's some bloody nonsense right there!

                     NONSENSE, The bookie IS YOUR FRIEND!!!!!......and He should be.................WHY?   BECAUSE HE DOES WHAT YOU ASK!!!!!...........you ASK  him to hook you UP with someone to make a BET with......In other words....YOU WANT TO MAKE A BET.....YOU HAVE NO ONE TO MAKE A BET WITH.......YOU ARE SAD ABOUT THAT....YOU GO TO WORK OR THE BAR OR THE GUY NEXT DOOR OR YOUR MOTHER IN LAW AND YOU SAY.....I BET CINCY BEATS THE BROWNS....GIVE ME 7 POINTS..............AND THEY L0OK AT YOU AND SAY.....WHAT THE HELL ARE YOU TALKING ABOUT?????????????.......And so the BOOKIE EXISTS............ He is your friend.......He will be all of those people who are too square to place a friendly bet on a game......the bookie is THERE FOR YOU...................Let me just say this to everyone who bets......you have to treat every bet as a friendly money wager with the person who is sitting by you at the bar or at work or whatever........the bookie...HAS NOTHING TO DO WITH THIS......this NEED...to bet........................He is just there in case the guy at the bar doesn't show up......................GET IT?    and P.S.   he takes a little commission for his troubles.......FAIR ENOUGH.............................
 
Rookie
Participation Meter
Joined: May, 2004
Posts: 573
Posted: #17
......by the way you can also just TURN HIM IN to the local authorities......because he IS breaking the law............and the LAW is on your side.......in other words tell him to FUCK OFF......tell him he took action from a dumb-ass who couldn't pay so that HE becomes a DUMB- ASS GREEDY BUSINESS MAN WHO MADE A DUMB-ASS MISTAKE BY GIVING A DUMB-ASS  KID ACTION NOT KNOWING IF THE DUMB-ASS KID COULD PAY!!!............then leave town..................
 
Captain
Participation Meter
Joined: Nov, 2002
Posts: 5505
Posted: #18
44 years old been wagering for almost 30 years.I never had a book charge me interest in fact when I was young and foolish and bet over my head at times the bookie would give me as much time as I needed to pay it off.For example if i lost a few grand when i was in my twenties and told him I needed 2 months or so I never had a problem.It has to do with the quality of bookmaker you are using some are truly business men and want your business in the future .I suggest you find a new bookie there are many of them out there that are "Gentlemen" regarding losses.I always paid and there never was a problem.I know friends who got into trouble and the bookie even gave them 12 month pay out.You don't need to deal with this asshole!!!!!!
 
Banned
Participation Meter
Joined: Sep, 2011
Posts: 126
Posted: #19
Quote Originally Posted by ILPRATO:

44 years old been wagering for almost 30 years.I never had a book charge me interest in fact when I was young and foolish and bet over my head at times the bookie would give me as much time as I needed to pay it off.For example if i lost a few grand when i was in my twenties and told him I needed 2 months or so I never had a problem.It has to do with the quality of bookmaker you are using some are truly business men and want your business in the future .I suggest you find a new bookie there are many of them out there that are "Gentlemen" regarding losses.I always paid and there never was a problem.I know friends who got into trouble and the bookie even gave them 12 month pay out.You don't need to deal with this asshole!!!!!!


Sounds like the asshole is you because you're a frequent slow paying asshole. 

What makes you think you can slow pay and not pay interest?  LOL!

A lot of bookies will not do business with you anymore once you slow pay.  They'll tell you to find someone else after you pay up the debt. 
 
Captain
Participation Meter
Joined: Oct, 2004
Posts: 6724
Posted: #20

 No interset charge is necessary, but if a bookie slow pays or a player is in over their head, I think there should be a good faith negotiation where a certain percent of the debt must be paid EVERY week.  And every time the one who owes is late on ANY payment, they should have a finger chopped off with a meat cleaver.  Fear needs to be instilled like the mafia days to get deadbeats on both sides to wake up and fulfill their obligations.  This would make the world much more pleasant and hold people accountable.    

 
 
Banned
Participation Meter
Joined: Sep, 2011
Posts: 126
Posted: #21
Quote Originally Posted by wizardofroz:

 No interset charge is necessary, but if a bookie slow pays or a player is in over their head, I think there should be a good faith negotiation where a certain percent of the debt must be paid EVERY week.  And every time the one who owes is late on ANY payment, they should have a finger chopped off with a meat cleaver.  Fear needs to be instilled like the mafia days to get deadbeats on both sides to wake up and fulfill their obligations.  This would make the world much more pleasant and hold people accountable.    



Honestly, I think Interest fee and having a finger chopped off with a meat cleaver is both neccessary.  That's how they do it back in the mafia days.  If a player is late, charge 10% each week.  He doesn't pay up, chop a finger off. 
All Forums | Gaming Industry - US
About Us
Contact Us
Careers
Our Team
Brand
Testimonials
Betting Guides
Sportsbook Reviews
Sports Betting News
Podcasts
Responsible Gaming
Sports Betting
US Betting Sites
Canada Betting Sites
Canada Casinos
Best Betting Apps
Contests
Streak Survivor
King of Covers
Ultimate Race
Office Pools
The Covers community has
618,670
lifetime members worldwide
Covers 25 Years Logo Established in 1995,
Covers is the world
leader in sports
betting information.
Site Map Help Privacy Terms of Service youtube logo facebook logo twitter logo instagram logo linkedin logo google news logo
Covers is verified safe by: Evalon Logo GPWA Logo GDPR Logo GeoTrust Logo Evalon Logo
Copyright © 1995 - 2025 CS Media Limited All Rights Reserved.

If you choose to make use of any information on this website including online sports betting services from any websites that may be featured on this website, we strongly recommend that you carefully check your local laws before doing so.It is your sole responsibility to understand your local laws and observe them strictly.Covers does not provide any advice or guidance as to the legality of online sports betting or other online gambling activities within your jurisdiction and you are responsible for complying with laws that are applicable to you in your relevant locality.Covers disclaims all liability associated with your use of this website and use of any information contained on it.As a condition of using this website, you agree to hold the owner of this website harmless from any claims arising from your use of any services on any third party website that may be featured by Covers.