[Santo]

Expect an orderly process as usual.

The purpose of this notice is to advise you that the Board of Directors of Lasseters Corporation Limited have decided that Lasseters Sportsbook will cease accepting bets.

Following the announcement to the Australian Stock Exchange on 9 September 2008, the Directors have taken the subsequent decision that Lasseters Sportsbook will cease accepting bets.

It is therefore with sincere regret we wish to inform you, effective immediately you will no longer be able to wager with Lasseters Sportsbook.

It is important to note that whilst you will not be able to bet, you will still have access to your Lasseters account to withdraw your funds.

To avoid unnecessary delays, please ensure that the personal registration and payment details in your account are up-to-date and accurate.

Your Lasseters account balance, minus any unused bonuses is available to you immediately by following the withdrawal procedure on our website.

Players who have not previously provided age identification and have an existing cash balance are required to provide suitable age ID prior to withdrawing funds. Please refer to the site FAQ's for further information pertaining to proof of ID.

To meet the closure of business deadlines, please ensure that your withdrawal request is submitted by Friday 31 October 2008. Please be assured that withdrawal requests will be processed as quickly as possible. We recommend that withdrawal by bank to bank transfer is the most time efficient method.

Further updates will be provided to all customers during this period.

Further separate advice will be provided to those customers who have open bets.

From the staff here at Lasseters Sportsbook this is a very disappointing day. We would like to take this opportunity to express our sincere gratitude for your custom.

We offer you our best wishes and hope you enjoy good luck in the future.

Brian Gordon
Operating Officer

[Champi]

It was predictable move Following the announcement to the Australian Stock Exchange on 9 September 2008, the Directors have taken the subsequent decision that Lasseters Sportsbook will cease accepting bets. .I suppose they are honest and all funds will be payed out.

[Santo]

Yes I've not had a bonus there in some time, so just waiting for my outstanding golf stuff to be settled thin will cash out Monday.

[bigboydan]

I can't say I'm surprised by this move after they stopped accepting casino wagering a few weeks ago.

[citlec]

I took there 20% bonus for Moneybookers deposits a few weeks back and managed to do the turnover required. I only found out last night that they had stopped taking bets. I withdrew my balance and it was in my Moneybookers account this morning.

Another bookmaker bites the dust.

[bigboydan]

At least you received your funds promptly from them, which is a good sign for everyone else.

[vanman]

Recieved my payout today,can`t imagine there being a problem with any payouts for anyone.

[isetcap]

This place is a perfect example of why nobody in the world should be rushing to support any measure that establishes "government regulation" of the bookmaking industry. Lasseters is essentially a government entity that simply did not have the flexibility to do the things they needed to do to make money because their overhead prevented them from ever printing a number in the black.

[michael1963]

Recieved my payout today,can`t imagine there being a problem with any payouts for anyone.

Hope your right Vanman as I am still waiting for an £850 withdrawal requested 12 days ago and the site closes down on friday.

[bigboydan]

First off, Welcome to the SBR forum

Please keep us posted on your situation sir.

[vanman]

Hope your right Vanman as I am still waiting for an £850 withdrawal requested 12 days ago and the site closes down on friday.

Have you verified your account and completed any bonus rollover requirements?

[chance]

I have been waiting over a week for my $2000.

I got this email last week but they didn't reply to yesterdays email.

Your withdrawal is still Pending.

Due to the overwhelming response for withdrawals this week the Finance team are processing them all as quickly as possible. If there has been any problems I will email you to advise.

Please allow a couple of extra days at this stage.

Kind Regards
Leesa Collins
Customer Care Manager
Lasseters Online

[michael1963]

yes my account has been verified and I have completed rollover requirements.
I recieved a very similar email to 'chance' when i contacted them yesterday.

[chance]

This place is a perfect example of why nobody in the world should be rushing to support any measure that establishes "government regulation" of the bookmaking industry. Lasseters is essentially a government entity that simply did not have the flexibility to do the things they needed to do to make money because their overhead prevented them from ever printing a number in the black.

I don't agree when you say Lasseters is essentially a government entity. Yes they are licensed in the Northern Territory but that is a wild west part of Aussie. Actually they are privately owned by a Singapore company.

(ABN 48 083 201 923). Lasseters Corporation Ltd is a wholly owned subsidiary of Lasseters International Holdings Limited (Company No. 200402223M) incorporated in Singapore and is listed with the Singapore Stock Exchange.

[isetcap]

I don't agree when you say Lasseters is essentially a government entity. Yes they are licensed in the Northern Territory but that is a wild west part of Aussie. Actually they are privately owned by a Singapore company.

(ABN 48 083 201 923). Lasseters Corporation Ltd is a wholly owned subsidiary of Lasseters International Holdings Limited (Company No. 200402223M) incorporated in Singapore and is listed with the Singapore Stock Exchange.

I am not saying the Australian government owns Lasseters. I am saying that the only reason Lasseters existed the way that it did is because it had to play by every rule the government put in place to be able to claim "government backing". I would also submit that it was not helpful to have one of the regulations be to disallow any Aussie bettors. When government regulation is thrust into an industry that most efficiently operates by self-regulation, then you can be sure that underperformance is on the way...or you can beg for Barney Frank to make the rules.

[Santo]

Disallow aussie bettors? I know a ton of Aussies who bet there.. There is certainly no such rule.

Also regulation in Aus works pretty well, there are still a lot of bookies operating their quite successfully, and new ones keep opening (with bonds lodged with the government as security)

[chance]

Disallow aussie bettors? I know a ton of Aussies who bet there.. There is certainly no such rule.

Also regulation in Aus works pretty well, there are still a lot of bookies operating their quite successfully, and new ones keep opening (with bonds lodged with the government as security)

Agree regulation is Aussie does work very well although the regulations differ from state to state. Northen Territory is the least stringent.

This is the at least the third book to quit in Aussie in the last few months. One of them paid me 8K the very next day. That is why I am getting concerned about Lasseters. Still shocked they could not turn a profit with a pioneer in sportsbetting in Aussie running the show.

[Santo]

My understanding is that the problem stemmed from the casino division, essentially making the whole entity unviable. The bookmakers moved onto another firm, possibly even before the official closure of the sportsbook.

I am also waiting on a wire. I know people have received them who put in for a withdrawal on Thursday or Friday, but I had to wait for my golf bets to be settled.

[isetcap]

Disallow aussie bettors? I know a ton of Aussies who bet there.. There is certainly no such rule.

Also regulation in Aus works pretty well, there are still a lot of bookies operating their quite successfully, and new ones keep opening (with bonds lodged with the government as security)

This is still available to peruse on their website.

As per the Lasseters "Terms of Use" under the Interactive Gambling Act 2001, players who are physically present in Australia are prohibited from creating a Points and/or Cash account at Lasseters Online Casino.

Lasseters reserves the right to monitor the location from which you access the site and to block cash gaming for any Jurisdiction at any time without prejudice.

[isetcap]

My understanding is that the problem stemmed from the casino division, essentially making the whole entity unviable. The bookmakers moved onto another firm, possibly even before the official closure of the sportsbook.

I am also waiting on a wire. I know people have received them who put in for a withdrawal on Thursday or Friday, but I had to wait for my golf bets to be settled.

I won't go into to this too deeply, but it is undeniable that the losses incurred by the casino did in fact cause the overall closure. This is interesting considering every casino game they offered had a significant house advantage. It will be argued by some that they were too frivolous with their bonus policy or perhaps they devoted too much money to marketing. In fact, the opposite is true on all fronts. The regulatory restrictions placed on their organization created an overhead level that could never be overcome by standard operations.

They never gained a fertile base of players because they were handcuffed in terms of developing a software platform that could compete with the rest of the industry. Their bonuses were so opaque and term-filled that they would turn players away. Their affiliate program contained one of the industry's worst compensation packages. They were trying to compete in an environment where just about every operation was more player and advertiser friendly than they were, primarily because their license mandated such levels.

Now they have closed; not because they are bankrupt, but instead they see it as the easiest way to dispose of their antiquated business model. When they originally started, the industry was such that it was advantageous for Lasseters to have a close regulatory relationship with the government. Trust was seen as the only barrier to success. As the industry matured it began to more efficiently and effectively regulate itself, which became a steadily adverse environment for Lasseters to operate. There are still plenty of idiots out there who think all online casinos are "rigged", but they will think that whether the operation is regulated or not. They simply don't have the mental capacity to understand that cheating is certain death for a casino in the online community. As for the rest of the people who like to play the casinos for entertainment purposes, they are going to gravitate to all the things that Lasseters could not offer.

[Santo]

Ah right, yes Aussies couldn't play at the casino (to avoid competition with "pokies" etc) but could certainly play at the sportsbook with real money.

I didn't understand you were making a distinction.

[isetcap]

Ah right, yes Aussies couldn't play at the casino (to avoid competition with "pokies" etc) but could certainly play at the sportsbook with real money.

I didn't understand you were making a distinction.

I was speaking of the casino since it was the casino that caused the whole operation to shut down, and it is casino gaming that leads to the debate about regulation. Bettors trust leagues to play fair games but have more difficulty trusting a RNG to roll the dice.

[bigloser]

I deposited about 800gbp got a 288gbp bonus

busted out BEFORE turnover was met balance was zero

Redeposited 340gbp just before the business closed - did NOT receive any bonus for the redeposit

Went to WD - they have taken the 288gbp from the reup money

I am still having similar problems with Portlandbet - Ozzie books arent waht they were

[EBSB52]

I don't agree when you say Lasseters is essentially a government entity. Yes they are licensed in the Northern Territory but that is a wild west part of Aussie. Actually they are privately owned by a Singapore company.

(ABN 48 083 201 923). Lasseters Corporation Ltd is a wholly owned subsidiary of Lasseters International Holdings Limited (Company No. 200402223M) incorporated in Singapore and is listed with the Singapore Stock Exchange.

It's election time, any chance to throw in a jab will garner one

OTOH, the US example of selective medical care is a great example of privatized, corporatized social services.

[EBSB52]

I am not saying the Australian government owns Lasseters. I am saying that the only reason Lasseters existed the way that it did is because it had to play by every rule the government put in place to be able to claim "government backing". I would also submit that it was not helpful to have one of the regulations be to disallow any Aussie bettors. When government regulation is thrust into an industry that most efficiently operates by self-regulation, then you can be sure that underperformance is on the way...or you can beg for Barney Frank to make the rules.

self-regulation...as in the American mortgage mess? Yea, worked pretty well for us

[Ira Wilton]

I have money in lasseters in pending wagers. The website is offline. Any ideas?

[isetcap]

self-regulation...as in the American mortgage mess? Yea, worked pretty well for us

Last time I checked, the casino industry was incredibly different from the mortgage industry. If you can't think that one out then there really isn't any value in me trying to help you with it.

[isetcap]

I have money in lasseters in pending wagers. The website is offline. Any ideas?

They will cash you minus unrolled bonus. Call them.

[EBSB52]

Last time I checked, the casino industry was incredibly different from the mortgage industry. If you can't think that one out then there really isn't any value in me trying to help you with it.

The emphasis was about the self-regulation, you must have missed that.

Just because corporations are different in their business, the regulating or lack thereof bythe gov is common.

[chance]

Website gone and still have not been paid. They have given no indication when they will either in the emails.

I am tinking about contacting the NT racing and gaming people to recover my money that way

[bigboydan]

Website gone and still have not been paid. They have given no indication when they will either in the emails.

I am tinking about contacting the NT racing and gaming people to recover my money that way

I just noticed that their casino side of the website is still working sir. Here are the email address I have found if you need to contact them:

support@lasseters.com.au

[Santo]

From what I hear the web site should be online again within the next day or so, and payouts are going out, albeit slowly.

[michael1963]

Just recieved my withdrawal after two and a half weeks.
Anyone that still hasn't been paid might be reassured by some of the posts on this Aussie forum.
http://www.puntingace.com/forum/view...eters&start=90

[chance]

I got my money. Yippeee

The Aussie system does work. When they shutdown you get your money when a US off shore book goes you lose all your money.

[bigboydan]

Glad to hear you received your funds. Thanks for following up on your original post.