How big of a float should I have? (1 Viewer)

Nanook

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My concern about paypal/venmo is that the kind of activity required to cash out poker would get flagged. But it occurs to me, would having two separate accounts make sense? Receiving in one venmo account and paying out of another might help avoid such issues?
I have a venmo account and I use it regularly. I use it occasionally for poker and it is super convenient. The thought of being flagged or somehow getting in trouble for using it as a poker bank had never even occurred to me. What makes you think you/I could run into trouble? Has it happened to anyone here?

Honest question?
 

CraigT78

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I have a venmo account and I use it regularly. I use it occasionally for poker and it is super convenient. The thought of being flagged or somehow getting in trouble for using it as a poker bank had never even occurred to me. What makes you think you/I could run into trouble? Has it happened to anyone here?

Honest question?
I can tell you from experience of running a mavens server for 14 months that your weekly/monthly poker home game is little risk to being flagged, unless you're playing with drug cartel type money.
 

toothpic

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I keep $50 of quarters, singles and fives in my bank for cash-outs. (if you are interested in the breakdown about $5 in quarters, $25 in singles, and $20 in fives, and then I make my first buy in using tens and twenties to help out.) Most players round down to help the house, but I still find it presumptuous not to be prepared to cash out precisely.

Also, I do also keep a few hundred hand to cover venmo/paypal/etc... But I only pay cash out.

My concern about paypal/venmo is that the kind of activity required to cash out poker would get flagged. But it occurs to me, would having two separate accounts make sense? Receiving in one venmo account and paying out of another might help avoid such issues?
To limit the number of transactions, we keep a running tally of who has bought in and will be paying through Venmo. Since our group is just a bunch of close friends, we don't pay right at buy in but instead pay out at the end of the night. Whoever owes money sends Venmo to someone who won money until it's all settled. This makes it more complicated but limits the transactions.

So say
John buys in for $100 and loses it all
Tom buys in for $100 and also loses it all
Bill wins $150
Adam wins $50
John will Venmo $100 to Bill
Tom will Venmo $50 to Bill and $50 to Adam

We'll mark it as food or drinks in the comments (not even sure it matters)
 

Nanook

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For most players, playing with a larger stack size in a cash game is a major disadvantage.
It is funny you say this....
Poker teachers and such will say buy in for the largest stack size, but that is assuming you are a winning player or the best player at the table. We all seem to think we are the best player at the table, but the honest reality is that if there are 8 at the table only 1 is the best and the other 7 are not better off buying in for more.... or at the very most it is 2 or 3 should be wanting to be playing for more and the rest should be wanting to play for less, BUT we all think we are better than we actually are!
 
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To limit the number of transactions, we keep a running tally of who has bought in and will be paying through Venmo. Since our group is just a bunch of close friends, we don't pay right at buy in but instead pay out at the end of the night. Whoever owes money sends Venmo to someone who won money until it's all settled. This makes it more complicated but limits the transactions.

So say
John buys in for $100 and loses it all
Tom buys in for $100 and also loses it all
Bill wins $150
Adam wins $50
John will Venmo $100 to Bill
Tom will Venmo $50 to Bill and $50 to Adam

We'll mark it as food or drinks in the comments (not even sure it matters)
It's cool that this system is working for you.
I couldn't imagine, doing this style of payout late at night when only 3 drunk people are left. Also makes it hard, if wolfgang has an early morning and cashes out his small win at 11pm. Who pays him then? Is it frank who's up $100 right now but manages to lose his stack and 2 more buyins whilst playing until 4am?

I prefer having either a cash or online bank where everybody deposits his cash before receiving any chips. This way you have a person in charge for giving out chips and making sure sure everybody gets what he is owed at the end of the night.
 

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It's cool that this system is working for you.
I couldn't imagine, doing this style of payout late at night when only 3 drunk people are left. Also makes it hard, if wolfgang has an early morning and cashes out his small win at 11pm. Who pays him then? Is it frank who's up $100 right now but manages to lose his stack and 2 more buyins whilst playing until 4am?

I prefer having either a cash or online bank where everybody deposits his cash before receiving any chips. This way you have a person in charge for giving out chips and making sure sure everybody gets what he is owed at the end of the night.
Yea, there's definitely nights when it's not that easy. For some reason the difficulty seems to scale with the number of drinks I've had :ROFL: :ROFLMAO:

If someone leaves early it's fine, as we settle later on. If they are up someone will send them money, but if they are down I'll tell them where to send the money. I wouldn't do this with a looser group of people, it only works because we're all close friends.
 

warma

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Cash, all the way. I bring way more change and small bills than needed, but I’d rather not run into any issues.
 
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