What will the ramifications be of not paying an owed gambling debt to a MAJOR ONLINE poker site?

I owe around $1000 to an online poker site based offshore (will remain nameless, but one of the big ones like Absolute Poker, PartyPoker, PokerStars, Pacific Poker, etc.) I have owed this debt for many months, with no correspondence from the company asking about when I will pay it (after the initial e-mails stating how much I owed). Now I am reading about the possibility of these offshore companies soon not being allowed to accept bets in the United States.

The company did state in an e-mail to me after I inquired that they could employ a collections agency and report the debt to credit bureaus...which would suck. But the thing is...I've owed this debt for so long and they haven't done anything...so I don't know whether they'd actually do this.

Of course the moral thing would absolutely to pay. But I'd also like to save the $1000 if I were to pay it and a few weeks later the company was banned from doing business in the U.S. and thus unable to collect from me.

Any thoughts?

I used the site's ACH/EFT system, where it takes a few days to actually deduct from your bank account. Went overboard one day and made deposits I thought I could win back.

So they didn't give me credit per se...I just did the equivalent of writing checks for money I didn't have.

Yes, this was stupid. Yes, I know it was wrong. Yes, I realize there was a serious problem. But let's not turn that into the issue. I haven't played poker in over a year and the thought of it actually repulses me now.

On that note...I should clarify that it has been much longer than the supposed 100 days before notifying credit bureaus. These transactions occurred about 17 months ago.

Hope this clarifies things. And thanks for the responses so far...keep em comin

Your first statement was correct it's a moral issue as with all debt. You promised if credit was extended to you you would pay it. It's all about character not saving $1000.

I had the same problem. I was able to get my money back. I downloaded this handbook at http://www.recoveronlinegambli...

I also joined GA and stopped gambling! :+) Report It

It wouldn't matter in your case if off shore online gambling were made illegal in the US because your debt was incurred before that law was in effect. The company is probably waiting the manditory 100 days before reporting your debt to a collection agency at which point your credit rating will be knocked down a couple of pegs...

A financial obligation is a financial obligation regardless of changing laws... I'd contact the company and see if you can arrange for monthly payments.

Because it is illegal for them to accept bet from you in the first place, they cannot go after you for this illegal action. I wouldn't worry about the collection agency going after you. Most collection agencies buy your debt for pennies on the dollar, but if this debt is illegal they would just be wasting their money trying to collect on this debt.

Put the money into a savings account (even if it's $50 - $100 at a time). Don't touch it and stop gambling.

Check your credit report. If there are smudges, it will cost you a lot more than $1000 to get your credit back to good.

If contacted, pay in full or negotiate a reduced settlement that clears your debt. But... if you don't have it, don't bet it.

They will send a couple of Cyber Goons named Vinny and Anthony"Three Fingers" Vicelli to your computer and break your virtual legs. You won't be able to surf the web for weeks.

The honorable thing would be to pay the debt, but also, If they are following the laws in the states, even if america banned online gambling, the debt would still exist becuase it happened before the law was put in place.
Sooner or later they're going to collect on the money...so save yourself some trouble and a bad credit rating and pay up.

The morally right thing to dois to pay it . If the positions were reversed and you owned the site what would you do ? When or if you won you got paid so what is the question . However gambling debts are illegal so you can stand on that but beware some off shore sites are also turning over to the IRS the records of transacvtions on their sites so the IRS can go after people who do not report gambling win/losses sheets . Is it worth it to have theIRS all over you on top of a ruined credit rating ? I would highly doubt it . You lost - opay up- and then go to gamblers anonymous if you have a problem .

How did you get one of this sites to extend you credit?

This is a legitimate debt. Make a good faith payment immediately or make the payment in full. I agree with the previous answers that $1000 isn't worth the trouble you will incur on your credit report.
That kind of a debt means you are addicted. Sorry, that does sound harsh, but unfortunately it applies here. If you know you're going to continue to gamble, it will be much harder to get more credit with anyone, if you fail to make payment. Of course, that might be a good thing but I'm not sure that's what you intend.
Good luck...

The best answer here was another question. I have not heard of a way to get credit at poker sites. How did you do this?