TAB Refusing withdrawal.
Hey all,
I’m a recovering problem gambler.
I haven’t gambled in about a year. Previously I lost tens of thousands over the course of a few years.
Late last night I had a bit of a relapse and deposited $500 into TAB online.
I came very close to placing a bet but managed to stop myself.
TAB is now refusing to withdraw my $500 back to me as it hasn’t been “turned over” (e.g. placed a bet).
Here is their reasoning:
“We can see your current betting balance is $500 and the withdrawable amount is 0.
This is due to government regulations (Anti-Money Laundering and Counter-Terrorism Financing Act of 2006) which restrict any funds that are deposited into a betting account, being withdrawn unless they have been turned over through betting.
As these funds were deposited via Paypal who are a third-party service, this deposit will need to be disputed with Paypal directly.”
Firstly, this seems completely wrong. How can an anti-money laundering act favour TAB by forcing people to bet their funds? I’m aware TAB have been in the news recently for anti-money laundering allegations but this seems ridiculous.
Furthermore, I am uncomfortable disputing it via PayPal as it wasn’t a fraudulent transaction, so that would be lying.
Does anyone have advice or know if this is true based on the law they quoted?
I’ve come very close several times to just betting the money but keep stopping myself.