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Insurance is turning into BS !
Rob not doing well with it.
Marty guaranteed too much, 10k X 20K posters is too much $$$. Maybe Ken too. All that insurance always was BS.
There is no such thing as insurance for posted up funds offshore, premiums would be too high, Lloyd's wouldn't touch it.
I count myself very fortunate to have dodged all these recent bullets.
SBR Founder Join Date: 8/10/2005
... yet you didn't take the chance to warn other posters that you were slow-payed by No Juice a month before they folded. :an_shake:Originally Posted by Doug
SBR Founder Join Date: 8/14/2005
I warned a personal friend TRYTRYTRY via e-mail. I debated wether to post the slow pay publically decided not to. Their payday was Friday, funny thing was the amount was only $500, they said Monday, paid Sat ( must have got a deposit).
I knew that was a very bad sign. I didn't want to cause a run on the bank. That is when I decided I would not play there for awhile. It could have been a small glitch, but the book should be ready for payday.
I didn't know what the right thing to do was, decided against putting out a general warning to everybody, but considered it.
It put me in a tough spot, I'm fairly well known, and they paid next day. Very difficult spot if I post that or not, I struggled with it, and Dom even PM'ed at TOW thanking me for my patience.
SBR Founder Join Date: 8/10/2005
Mag: NJ always paid first thing in the AM ( like 8am) even, though they said within 24 hours, so I had to give them the 24 hours per their terms, they didn't miss it by a lot. Still it was a sign of troubles.
SBR Founder Join Date: 8/10/2005
i'm glad to see that you managed to dodge the bullets doug. because, if you didn't you know i would have did my best to aquire another bailout for ya bud.
SBR Founder Join Date: 8/10/2005
What about a bailout for BoS?
send me your details via an email to BBD@sbrforum.com
SBR Founder Join Date: 8/10/2005
emaill sent, thanks buddy
I hope to never need another one, I use far less books now that I expect could fail. I'm more into Jamaica, Mansion, Matchbook types now than low-rated books, still a bit of SIA but they have longevity.
SBR Founder Join Date: 8/10/2005
The RX owner made a blanket up to $10,000 guarantee that your Betonsports account was safe. At the time JC, and many others including myself were warning players that their funds were at risk. BOS was a house of cards ready to collapse.
JC thought that players funds were being used to pay for their massive advertising campaign in the constant need to bring in new players. When you rob players of their bonus, its difficult to retain them for the next football season.
The RX made a lot of money by herding the sheep to slaughter. I read The RX was to be paid $10,000 per month to heavily promote BOS and the rest of their scam books for the upcoming football season.
To RX posters, make sure they live up to their word and pay up on your "guaranteed" money.
SBR Founder Join Date: 12/29/2005
That was an offer made with nothing backing it.Just 100 accounts would be $1,000,000 in liability. It was false.
Taking it to the extreme would be 20k posters X 10k $ per for 200 million. That's a lot of coin. There was no insurance.
Last edited by Doug; 07-28-06 at 01:12 AM.
SBR Founder Join Date: 8/10/2005
Doug, are you saying The RX lied with a phony insurance offer to suck in more people to sending money to these thieves?
SBR Founder Join Date: 12/29/2005
I would imagine they "robbed" those "players" of their bonus because they didn't want to retain them for the football season.
SBR Founder Join Date: 12/16/2005
SBR spent a lot of money and time looking into what a "real" program would involve.
A program would have to be done in a trust. A trustee would be appointed to execute the rules of the trust. Cash would be put into the trust and it would be gone forever. That's the key. Once cash is put into the trust it becomes the players money forever. It can never come back to the website owner. It is indeed "in trust" to the players or future players. Even the trustee can be elected by the players or player reps.
The plan will work but it will be costly.
The plans out there today are simply marketing gimmicks. There is no money set aside and entrusted to future claimants at all...zero. Therefore they are hollow and simply gimmicks.
SBR POKER TOURNEY1st Place 3/31/2012
CHARITY DONOR
12/01/2011
$475 donation
SBR Founder Join Date: 7/12/2005
SBR POKER TOURNEY1st Place 5/12/2012
Wouldn't you have a trust per book, when your advertising program or insurance plan expired, the money would return to the site owners, no?
SBR Founder Join Date: 9/8/2005
Well, you could. But if you got $10k in ad money and you were a larger site you could easily have $500k in desposits in default. So that would be what 2 cents on the dollar? It would be a gimmick.Wouldn't you have a trust per book, when your advertising program or insurance plan expired, the money would return to the site owners, no?
A real plan would take a percentage of all ad revenue and continually put it into trust UNTIL you could match the players deposits dollar-for-dollar. That would happen in an irrevocable account where a player elected trustee is the only one that controls the money.
SBR POKER TOURNEY1st Place 3/31/2012
CHARITY DONOR
12/01/2011
$475 donation
SBR Founder Join Date: 7/12/2005
SBR POKER TOURNEY1st Place 5/12/2012
A real plan would be an insurance program players paid into imo.. the problem is virtually all these books are so high-risk you'd have trouble getting anyone to underwrite it..
That said, your strategy would be a good second choice.. I guess not much sense in implementing it given the current regulatory climate though..?
SBR Founder Join Date: 9/8/2005
The "current cliamte" was the same 2 years ago when we looked at it.That said, your strategy would be a good second choice.. I guess not much sense in implementing it given the current regulatory climate though..?
The so-called insurance offered now as a gimmick could certainly draw the attention of the wrong people.
SBR POKER TOURNEY1st Place 3/31/2012
CHARITY DONOR
12/01/2011
$475 donation
SBR Founder Join Date: 7/12/2005
SBR POKER TOURNEY1st Place 5/12/2012
I benefited from some insurance programs, but all were based on trusting the person making the guarantee. But those in the end were small and failed to keep going long term. Not even the big books are risk free as BOS points out. If the US government goes after you and has local support where you are operating you could easily be screwed. One just has to look for the most established base with operaters that you feel are good. SBR recommend list is good place to start. I would say look to established books in Europe, but honestly they bring their own "not-player-friendly" problems.
SBR Founder Join Date: 8/10/2005
Majorwager had an insurance program for his advertising books. When Camelot went belly up, he paid every player up to $500 that was an insured MW poster. So you can't say these insurance guarantees are just a gimmick.
When a website heavily promotes a book and offers up to $10,000 in guarantees to get people to send a stiff book their money, there should be a price to pay when that book stiffs everyone.
SBR Founder Join Date: 12/29/2005
Chuck: Wil says he misses you !
SBR Founder Join Date: 8/10/2005
I bet he does. I made that guy work overtime defending those crooks at BetOnSports.Chuck: Wil says he misses you !
SBR Founder Join Date: 12/29/2005
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