[SBR_John]

LONDON (MarketWatch) -- Online gaming company BetOnSports said Friday that, in the light of the temporary restraining order and indictment issued against it in the U.S., it has decided to close its U.S. facing operations. The company said it will cease its operations in Costa Rica and Antigua, which serve U.S. customers, will pay liabilities to staff and creditors and will repay balances to U.S. customers in an orderly manner. BetOnSports added that its ability to pay customers and creditors depend on it being able to realize sufficient funds from its assets outside Costa Rica and Antigua as well as earning sufficient profits from its non-U.S. facing business.

Huh??? WTF? Just give the players back their money! You don't need to earn anything if you have the players money in escrow. Oh right, the idea is to scam the US players and not pay them... OK then that plan will work. Once a scammer always a scammer. Any site that recommended these crooks should be making their apology today.

To the players that have been raped, everyone feels bad about what has happened. We will continue to work hard and pursue these crooks in Asia or to the ends of the earth until they pay.

[sunnyblue88]

Thanks for the update, John. Can SBR act for us to fight for our funds there? Guess it's time for those who have funds in BOS like me to get organized, and follow SBR who carries the big flag


Thanks again, John and SBR.

[sunnyblue88]

Does it mean customers like us will be the last on the list to get paid? Behind staff, creditors , even equity investors?


If that's really the case, guess we are done

[Kimmy]

Originally Posted by sunnyblue88

Does it mean customers like us will be the last on the list to get paid? Behind staff, creditors , even equity investors?


If that's really the case, guess we are done

The distribution of funds from a liquidation of a UK based company shoud normally be in the following order :

1) Staff Salaries & redundancy costs.
3) Liquidators fees
2) Preferential Creditors ( Tax etc )
3) Other Creditors
4) Equity Investors

The bank will normaly have a floating charge based upon some tangable asset ( normally deposits ) so , in this case , they will be the same as a preferential creditor.

Normally there will be a payout of a % in the $ for other creditors depending upon what is left after the liquidation.

The problems here may be that this company will carry on trading & not go into liquidation - this could mean any scenario although with them being UK based there will be serious problems if they do not pay out debts correctly.

[Bill Dozer]

That's always been the issue with these scam shops. They see the money as theirs once the player deposits. To state the obvious...It is the equivalent of a casino going broke while you are sitting at the BJ table. Then they grab all of your chips and say "sorry, we are going to need that for a while."

[Illusion]

BetOnSports blaming processors for inability to pay.
The manner in which BetOnSports handled the US District Court indictment has been scrutinized by everyone familiar with the situation. Now that the sportsbook has announced it will close and does not have all player funds, the finger pointing has ensued.

Recent reports suggested that BOS was unable to pay players because funds were inaccessible. An Associated Press news release published yesterday on Yahoo News stated "...because of the judge’s order on July 17, some payment processors, or e-wallets as they’re known, have stopped doing business with BetOnSports." Yahoo! interviewed an unnamed BOS executive who stated, "BetOnSports has no way to transfer the bulk of the pending wagers or deposits to gamblers."

Today’s shareholder statement infers that the book’s ability to pay players depends on future earnings and "the Company’s ability to persuade banks and cash processors to release its funds." View full shareholders statement.

Neteller tells SBR that was not the case with its BOS merchant service. Once a sportsbook chooses to cease operating, Neteller’s policy is to freeze the merchant account. BetOnSports made its intention to suspend operating clear when it released a statement shortly after the indictment was unsealed.

Sportsbook operators and industry analysts tell SBR that BOS overreacted to the affect the indictment would have on the company’s public stock value. BetOnSports Plc is believed to have ceased operating in order to freeze share prices. This left financial processors with no choice but to follow with a suspension on merchant transfers.

Kevin Smith, BetonSports Communication’s Director, also acknowledged this. When SBR inquired about the potential for the company’s other merchant accounts, which are used for their European gaming sites, also becoming inaccessible, he replied, "Neteller was probably reacting to the site coming off-line, not legal action against us".

Neteller is unable to comment on a specific merchant account status, but told SBR that its policy is to release merchant funds once the merchant provides signed documentation. This process documents the company’s intent regarding current balances and future transfers.

[Santo]

Originally Posted by Bill Dozer

That's always been the issue with these scam shops. They see the money as theirs once the player deposits. To state the obvious...It is the equivalent of a casino going broke while you are sitting at the BJ table. Then they grab all of your chips and say "sorry, we are going to need that for a while."

Of course, even if they let you keep the chips, they're worthless if the casino doesn't have the underlying cash to pay for them

[Bill Dozer]

Originally Posted by Santo

Of course, even if they let you keep the chips, they're worthless if the casino doesn't have the underlying cash to pay for them

Well, thanks for flushing my analogy right down the crapper.

[SBR_John]

Originally Posted by sunnyblue88

Thanks for the update, John. Can SBR act for us to fight for our funds there? Guess it's time for those who have funds in BOS like me to get organized, and follow SBR who carries the big flag


Thanks again, John and SBR.

We have already started. All scammmers are basically the same. They will pay only if it costs them less. We will pressure them every way possible and let their Asian and Euro players know what kind of stiffs they are until they pay.

[pags11]

OK so we admit BOS was scammers years ago...then they got "new management"...just wondering, how high did their rating get under the new management?...it's easy to say now that they are scammers, but we knew that the first time around if you know what I'm saying...

so in the future, we must consider a books past history into their rating...if they have five years of bad service, then all of a sudden two years of OK service, we should still factor in the previous five years...not saying that SBR doesn't do it, but I think at times we all have a short memory...

hopefully we can all learn from it...

[gorox]

Thanks for the update, and I'm proud that you guys never ever endorsed or supported this family of crooked books like some other forums out there...

[SBR_John]

Originally Posted by pags11

OK so we admit BOS was scammers years ago...then they got "new management"...just wondering, how high did their rating get under the new management?...it's easy to say now that they are scammers, but we knew that the first time around if you know what I'm saying...

so in the future, we must consider a books past history into their rating...if they have five years of bad service, then all of a sudden two years of OK service, we should still factor in the previous five years...not saying that SBR doesn't do it, but I think at times we all have a short memory...

hopefully we can all learn from it...

You can see their entire upgrade/downgrade history through the search function but just off the top of me head BOS remained in a range of D- to C+ for the past 5 years (since the rating guide was started).

Their stint at both extremes, D- and C+, were both short lived. The majority of the time was spent between C and D.

[Uncle B]

There must be some misunderstanding.


BoS is a perfect 10...One of the absolute elite sportsbooks, according to robberto.

05/18/2006

BetonSports upgraded from 9 to 10

Probably the most controversial upgrade according to some agenda driven insiders, BetonSports enters the Platinum selection with merit. It is positively refreshing to constantly monitor the book's efforts and tangible improvement in the customer service area.

apparently, all this crazy talk about them stiffing players, is nothing more than "agendas"..

[Chuck Sims]

Roberto aka Rev. Jim Jones served up the kool-aid to his followers. A dangerous man to be sure as not only does he promote crooks but attacks off-shore insiders trying to warn people about crooked books.

[Kimmy]

Originally Posted by ogdnutts

There must be some misunderstanding.


BoS is a perfect 10...One of the absolute elite sportsbooks, according to robberto.





apparently, all this crazy talk about them stiffing players, is nothing more than "agendas"..

Amazing comment from Robbie.

He truely is the man with the midas touch in reverse. Everything he touches turns to shit.