Pinnacle sports $50,000 litecoin withdrawal NOT ACTUALLY SENT PLEASE HELP THEY ARE UNRESPONSIVE

[sportsbettor5]

This is a common problem for sportsbooks. It's actually gotten a lot better because most offshores have sped up their bitcoin payouts. But it's still an issue at some.

The book will "process" the payment, but all that means is they send it to the 3rd party for them to actually process. This can lead to a delay of several hours to several days. If the price of bitcoin goes down during that time, you lose.

What is immensely frustrating is that these sportsbooks don't realize this loss is their fault, and they need to own up to it. If they don't like it, they should improve their payout process - get a better 3rd party provider and/or negotiate quicker agreed turnaround times.

Do you really believe that Cryptopay (Pinnacle's crypto processor) takes hours to days to convert fiat into litecoin? No exchange could survive with conversion times like that.

 

[DontTailMe]

Do you really believe that Cryptopay (Pinnacle's crypto processor) takes hours to days to convert fiat into litecoin? No exchange could survive with conversion times like that.

That's not what I'm saying. It's not an exchange. It's a service. And it's pretty common for sportsbooks to outsource this work. Becoming less common, which is why I think this issue isn't as widespread as it once was.

 

[sportsbettor5]

That's not what I'm saying. It's not an exchange. It's a service. And it's pretty common for sportsbooks to outsource this work. Becoming less common, which is why I think this issue isn't as widespread as it once was.

At least for bitcoin, Cryptopay's website states they do instant fiat->bitcoin purchases:

Instantly exchange the funds you arleady[sic] have on your account for just 1%. But before you can do that, you need to put them there from another crypto wallet or make a bank deposit.
​

Note that Cryptopay doesn't support CAD, which is the account currency @leafsfan1967 uses. That means Pinnacle would have to have an amount of USD or EUR or GBP in their account with Cryptopay equivalent to the CAD withdrawal amount to process the transaction.

 

[sportsbettor5]

@DontTailMe I think your view is that Pinnacle has a special arrangement with Cryptopay whereby Pinnacle will send the fiat withdrawal amount and recipient litecoin/bitcoin address to Cryptopay and then let Cryptopay handle the rest (therefore my last post would seem irrelevant). I'm saying I don't see any strong evidence that this is the way Pinnacle works with Cryptopay, and since Pinnacle is very opaque about how this all works we can't really know.

 

[DontTailMe]

@DontTailMe I think your view is that Pinnacle has a special arrangement with Cryptopay whereby Pinnacle will send the fiat withdrawal amount and recipient litecoin/bitcoin address to Cryptopay and then let Cryptopay handle the rest (therefore my last post would seem irrelevant). I'm saying I don't see any strong evidence that this is the way Pinnacle works with Cryptopay, and since Pinnacle is very opaque about how this all works we can't really know.

I could be wrong in this particular instance. I wasn't aware that we had information on the third party being used here. I was merely applying a common problem I've seen elsewhere which seemed to fit the story they had given OP. Sorry if I misled.

 

[sportsbettor5]

I could be wrong in this particular instance. I wasn't aware that we had information on the third party being used here. I was merely applying a common problem I've seen elsewhere which seemed to fit the story they had given OP. Sorry if I misled.

It's all good man. Cryptopay is the processor that Pinnacle lists on its website and the one that Pinnacle mentioned in its e-mails when it was screwing me. That said, only Pinnacle knows how it's doing these conversions, and they won't share any info with players beyond "we use Cryptopay". BOL and BM, by contrast, are far more transparent with their fiat/crypto conversions.