Beginning July 1, a new policy took effect regarding “Re-Deposits.” The term “Re-Deposits” refers to deposits made by players shortly after withdrawing funds from HorseTourneys. This activity has been commonplace, and has been increasing in frequency as of late.
Why is this an issue for us? HorseTourneys pays significant transaction fees to financial institutions on all deposits made by players, whether those deposits are made by credit or debit card, PayPal, or ACH. HorseTourneys does not charge these deposit fees to customers, and instead absorbs these fees within our expense structure. These deposit fees represent–by far–the largest expense line item on our balance sheet.
While other horse racing wagering sites (such as major ADW sites) typically charge a minimum of $5 per transaction for a credit, debit or PayPal deposit, HorseTourneys currently only charges a 75 cent transaction fee on those deposits, and does not charge a fee at all on ACH deposits. Our deposit policies are by far the most customer-friendly in the industry—and HorseTourneys does this while operating on a takeout margin roughly half that of a traditional pari-mutuel wagering outlet.
When players withdraw funds from HorseTourneys, and then re-deposit funds again within 24 hours, HorseTourneys is essentially double-paying deposit fees for those funds. This is unwarranted.
We understand why players may wish to do this, particularly with credit and debit cards. Many credit and debit cards offer rewards on use of those cards. The more a player deposits with said cards, the more rewards are earned. Or, the activity may be simply one of habit, or as a means of bankroll management. Regardless of the reason, management has determined that we cannot allow this activity to continue as is currently the case.
Beginning July 1, 2023, HorseTourneys is implementing the following policy:
-Players will be allowed a maximum of five (5) “re-deposits”, defined as a deposit made that is equal to or less than a withdrawal that has been requested within the past 24 hours, within a rolling 30-day period
-If a player exceeds this re-deposit threshold within the 30-day rolling period, those re-deposits above the threshold will incur a five (5) percent fee. In other words, five percent of the requested re-deposit amount will be added to the total of the deposit. This additional five percent will not be credited to accounts
If applicable, the fee will be included in the deposit summary that is presented to you prior to confirming a deposit.
Players can easily avoid this fee by simply not depositing an equal or lesser amount of a previous withdrawal within 24 hours. Entry fees that are intended to be played within 24 hours should be played from an existing account balance.
HorseTourneys strives to be as player-friendly as possible with regard to takeout, fees and other financial issues affecting customers. If you have questions regarding this change, you may reach out to us at support@horsetourneys.com.