New Pinnacle Withdrawal Fee

[terminators]

Interesting new rule introduced by Pinnacle.

General Rule 30:

Please note that any deposit made to an account which is not rolled over (risked) five times will incur a 3% processing fee and any applicable withdrawal fee.


So for every deposit made. You deposit $500 you need to turn over $2500 before making any withdrawal. Apparently brought in to stop the pros dumping 20K in for 1 bet and withdrawing immediately. Little guy caught in the crossfire.

 

[Bunk Moreland]

Ok but 5 times???

Give us a *in spell, that's ridiculous.

 

[Tassieboy]

Not really much of a problem since I don't need to withdraw all that often.

 

[GROTTO]

Ok but 5 times???

Give us a ****in spell, that's ridiculous.

They should charge a fee that is in proportion to the amount withdrawn, would have been fairer for all.

 

[Taylor]

They should charge a fee that is in proportion to the amount withdrawn, would have been fairer for all.

Like a percentage?

 

[GROTTO]

Like a percentage?

Lol. Shut up its late.

 

[Big Fozza]

Interesting new rule introduced by Pinnacle.

General Rule 30:

Please note that any deposit made to an account which is not rolled over (risked) five times will incur a 3% processing fee and any applicable withdrawal fee.


So for every deposit made. You deposit $500 you need to turn over $2500 before making any withdrawal. Apparently brought in to stop the pros dumping 20K in for 1 bet and withdrawing immediately. Little guy caught in the crossfire.

I think you get 1 free withdrawal a month. You did last week anyway

 

[terminators]

I think you get 1 free withdrawal a month. You did last week anyway

Completely different. You still get a free withdrawal, unless you haven't turned over money you have deposited 5 times. Example:


-Deposit $1000
-Bet $1000 and win $4000
-Withdraw $4000 and you get charged 3% as you haven't turned it over 5 times


To get your winnings out you'd need to turn over 5K or you'll be charged 3%.

 

[banana_bus]

That's *ing ridiculous.

Not getting any of my money.

 

[Thedeftouch]

Don't understand the uproar. The Skrill transactions cost money and it's not particularly fair for Pinnacle to foot the bill for people to constantly shuttle money on and off their site.

 

[Bunk Moreland]

Don't understand the uproar. The Skrill transactions cost money and it's not particularly fair for Pinnacle to foot the bill for people to constantly shuttle money on and off their site.

Actually I would have thought it's completely fair. It's what all their opponents offer (for now anyway).

 

[Thedeftouch]

Actually I would have thought it's completely fair. It's what all their opponents offer (for now anyway).

Their "opponents" have completely different margins and business models

 

[Thedeftouch]

If you are Pinnacle and you get a Skrill deposit from John Nitberry for $100

You lose 2.5% on the way in

John makes a bet on an EPL handicap at $1.97

Assume if he wins, he withdraws the $197, costing you another 2.5% ($4.93)

50% of the time he loses, and you're ahead $97.50
50% of the time he wins, and you're out $197 payout + $4.93 outgoing fee - $97.50 received = $104.43

Nitberry is a significantly -EV customer for you even if he has no skill.

 

[Bunk Moreland]

Their "opponents" have completely different margins and business models

Wonder why that is

I think "completely" is a bit of stretch though.

 

[Kynge of Begrem]

 

[d3ft]

If you are Pinnacle and you get a Skrill deposit from John Nitberry for $100

You lose 2.5% on the way in

John makes a bet on an EPL handicap at $1.97

Assume if he wins, he withdraws the $197, costing you another 2.5% ($4.93)

50% of the time he loses, and you're ahead $97.50
50% of the time he wins, and you're out $197 payout + $4.93 outgoing fee - $97.50 received = $104.43

Nitberry is a significantly -EV customer for you even if he has no skill.

While I agree with your logic, surely Pinnacle is getting volume discounts on transaction fees.

 

[happy punter]

Actually I would have thought it's completely fair. It's what all their opponents offer (for now anyway).

Rolling over a deposit x 5 is not industry standard as far as I am aware

 

[terminators]

Rolling over a deposit x 5 is not industry standard as far as I am aware

I don't know of any aussie books that require this for your own funds with no bonus attached. Most only require 1x roll. Pinny has a different structure though because of their tight margins I guess. 5 times seems excessive though, drop in 1K and have to roll over 5K before withdrawing or pay 3%

 

[flylikeaneagle]

You cannot compare Pinnacle with the Aussie books most of you are used to.

Pinnacle is for big boys with big toys who want big limits and the best lines.

Aussie books are for people who want regular bonuses and who are looking to win $1 billion from their $15 multi.

 

[Hamingja]

The turnover requirement is neither here nor there for me personally. I've had an account with them for two years and made 2 deposits and 3 withdrawals so would have satisfied the turnover requirements multiple times on my withdrawals.

When I heard about it though I pulled my cash just to wait for the dust to settle and see if it is a response on their part for transaction costs or if they are having liquidity problems.

 

[Jan Juc]

Wonder if this anything at all to do with them starting up in AUS ?

 

[Rooster Cogburn]

Wonder if this anything at all to do with them starting up in AUS ?

Bet365 stopped in-play betting to Aus members when they started the process of getting their Aus licence, so until Pinnacle does the same I'd say no.

 

[iluvparis]

Will you also give me a deposit bonus? My account is empty there.

 

[Bunk Moreland]

You cannot compare Pinnacle with the Aussie books most of you are used to.

Pinnacle is for big boys with big toys who want big limits and the best lines.

Aussie books are for people who want regular bonuses and who are looking to win $1 billion from their $15 multi.

Big boys with big toys who don't ever want to withdraw money, I assume.