This sportsbook is also offline
SBR Bill Dozer reports:
Player reports elaborate con involving Detroit radio station tout and CypressSportsbook (not rated). The details of the scam draw many similarities to the BetCharter(SBR rating F-) SCAM of 2004. This report is still unfolding.
BetRoyal (SBR rating D) exits the credit business.
BetRoyal (SBR rating D-) Makes good to players scammed by Royal managed BetCharter.
The BetCharter scam another black-eye for players and so-called watchdog sites.
SBR Bill Dozer reports:
Note to operators: SBR will not overlook scam sportsbooks hiding behind the label of “credit shop” while quietly soliciting deposits.
BetRoyal (SBR rating F) continues to be a part in the alleged scam operation of BetCharter.com(SBR rating F-).
BetRoyal agrees to resolve the activity with BetCharter (SBR rating F-)
SCAM ALERT: BetCharter involved in an elaborate con for $9,500
BetCharter (hosted by BetRoyal) is apparently run by con artists who contact players that have subscribed to free sports picks from freeMailPicks.com.
Once the touts (calling themselves “a betting syndicate”) make contact with the player, they tout the player into making deposits to BetCharter. The bait is a profit-sharing arrangement with Charter fronting $86,000 with an agreement to split the profits 50/50 on games picked by the “betting syndicate”. The catch is the player has to invest 10% as part of this joint venture.
The player is enticed with discounts until he makes the deposit. When the $86k doesn’t showup in the joint account, the player calls Charter. Charter tells the player that the discounted price expired and he must deposit more in order to meet the requirements for this program.
When the player can no longer or refuses to deposit further, Charter touts announce that there are no refunds and the deposit has been forfeited to the syndicate. The player reports being taken for $9,500.
Breaking news of a sophisticated scam leads to a downgrade of all Royal Sports owned sportsbooks.
(SBR rating B+ and being considered for the SBR Top Sportsbook List) CEO goes on the offensive releasing financial results and balance sheet figures – Compared to the end of the year figures BoDog provided SBR last year (2002), BoDog’s Net Cash to Player Escrow ratio improved from $2.60 to $1 to $4.05 to $1, meaning for every dollar BoDog holds in escrow for players they currently have over $4 of net cash(less debt) on hand. The problem with this type of reporting is that it is not verified or audited in any way. However, SBR has over the past year raised BoDog from an early ’03 low of D+ to its current rating of B+ based on collaborating reports from Costa Rican sources that their business model was solidly accelerating as well as player feedback. SBR recognizes BoDogs significant financial improvement but will not put significant weight into unverified financial reports released by the CEO. SBR would feel more comfortable seeing financial highlights that carry a verified endorsement as to accuracy by an independent registered Canadian Chartered Accountant.