SPORTSBOOK REVIEW NEWSWIRES
Bet911 announces it is broke and unable to give players their funds
5/6/2010 1:20:13 PM
Bet911 (SBR rating F) has announced that their sportsbook is insolvent, and cannot pay winners their balances.
Bet911 was the subject of a May 3rd report regarding Moneybookers slow-pay complaints.
Moneybookers addressed the report by stating that Bet911 had no money in its merchant account.
Bet911 claimed initially on April 29th that fraudulent transactions had taken place from Moneybookers users, and that an internal investigation needed to be completed before payouts could be processed. Today Bet911 retracted that remark by issuing the following statement to players at SBRforum:
Bet911 Robert: Bet911 has no funds to pay our players at this time. I want everyone to know that we are doing our best to relocate all of bet911 players with another book that will honor all the funds you have in your accounts and the withdraws that you are all requesting. We have no funds cause you the players have beaten us. It is that easy. We are honorable and are trying to either sell the book or find some partners that will back us up with funds. My estimated date for resolvement of this issue is the 21 of May to the end of May. Yes there is a chance that we may not find anyone, but I am trying my best and I will keep you all updated as to what is happening when something does happen.
Bet911 has been downgraded to F. SBR is aware of at least one sportsbook looking at the possibility of taking over player balances. Bet911 has a higher than average amount of sharp players that make the acquisition undesirable to most potential suiters. Bet911 has been attempting to partner or sell to another sportsbook for at least the past year. Bet911 offered too-good-to-be-true bonuses in conjunction with reduced juice pricing; a very risky model especially for a sportsbook that has to balance its own costs and processing without the help of a white label host. |
SBRforum: Bet911 admits to stealing funds