BetOnSports closed for business?

[Santo]

Main site now reads:

IN LIGHT OF COURT PAPERS FILED IN THE UNITED STATES, THE COMPANY HAS TEMPORARILY SUSPENDED THIS FACILITY PENDING ITS ABILITY TO ASSESS ITS FULL POSITION. DURING THIS PERIOD NO FINANCIAL OR WAGERING TRANSACTIONS CAN BE EXECUTED. FURTHER INFORMATION WILL BE POSTED ONCE THE COMPANY IS IN A POSITION TO DO SO.

The BETonSPORTS.com

[BigDog]

Damn!....looks the US govt is serious about online gambling after all

[SBR_John]

Ouch!

This is very bad.

[bigboydan]

not good at all indeed.

[poolstag]

Does anybody know what will happen to pending wagers? I spoke to Customer Services who said that pending wagers would be graded. But she seemed extremely uncertain!

I'm getting increasingly concerned about my Bet on Sports funds and whether I'll be able to withdraw them.

[JoshW]

I put a withdrawal request with MVP Sportsbook today and was paid alredy FWIW. I also have a request in to BetTheRock so will see how it goes.

Am a little surprised they went this way, but maybe they are trying to get David out of jail.

[SBR_John]

BetOnSports players:

While this book is in trouble due to charges filed by the US government they are not going out of business just yet. They do have your money according to their last reported balance sheet.

There is no reason to think you have lost any money. Be patient and follow the news.

[JoshW]

One would think ever worst case with their great recreational base would be a true buyout. At least this didn't happen during football.

[Dark Horse]

Man, I have a sudden desire to start an offshore sports book.

[RightAngle]

My guess is they shutdown to stop the flood of payout requests, simialr to a freezing trade on a stock because everyone is selling.

They will likely reopen once their position stabilizes.

[magnavox]

And there goes another TOW book.

[acw]

My guess is they shutdown to stop the flood of payout requests, simialr to a freezing trade on a stock because everyone is selling.

My feelings too!

And there goes another TOW book.

Not only TOW book, EOG, TheRX, Majorwager, etc., but we all know where does guys come from long time. And trust me SBR has 7x more readers than the second best of the lot.

[Chuck Sims]

This is by far and away the best news possible for the off-shore gambling community.

Part of the fraud indictment against these scammers is their set up of 2 phony watchdog websites to sweep player siff job complaints under the rug.

The 2 websites owned and operated by BetOnSports are "OSGA" aka Offshore Gaming Association...and the International Sportsbook Council.

[Uncle B]

can't see the twisted logic in finding any of this "good news".

even if you think the principles deserve it, the fact that a mainstream shop is in this situation, can't be good for the industry as a whole, puts everyone, and everything, under a microscope.

[Donny]

But rogue operations like BOS and Sportingbet are good for the industry? How lost would i feel as newbie without SBR?

This industry as whole is/was far from being good, and if it is cleanup time now - so be it. Maybe that shuts all the sellouts up.
Take a look at raiders in the private forum, he is a good example.

[Bill Dozer]

The BOS asian books like Easybets are still online. BOS said today that they are freezing the part of the business that operates out of the CR "facility".

[Chuck Sims]

Its great news because a very large criminal enterprise, BetOnSports has built their company on lies, and from scamming players have now been shut down. They have been doing this with impunity. Setting up phony watchdog sites to sweep player complains under the rug. Paying off sites like The Rx, MajorWager, and EOG...etc. to herd the sheep to slaughter.

Reptuable sportsbooks have been operating for years with their owners having been indicted. They keep a low profile and are not stupid to set foot on U.S. soil. As long as they do that the U.S will leave them alone.

[Uncle B]

Its great news because a very large criminal enterprise, BetOnSports has built their company on lies, and from scamming players have now been shut down. They have been doing this with impunity. Setting up phony watchdog sites to sweep player complains under the rug. Paying off sites like The Rx, MajorWager, and EOG...etc. to herd the sheep to slaughter.

Reptuable sportsbooks have been operating for years with their owners having been indicted. They keep a low profile and are not stupid to set foot on U.S. soil. As long as they do that the U.S will leave them alone.

right.


still think it sheds an unfavorable light on the industry in general, and opens up a huge can of worms.

[SBR_John]

Time will tell if this is a one-off or the first dominoe. For sure if you go on 60 Minutes or advertise on the sides of New York City buses I think its safe to assume you are a target.

[poolstag]

I know it's still early days, and sorry for asking a dumb question, but has anyone been able to get an indication of whether Bet on Sports will ever go "live" again?

I've got a $14,000 balance. Time to put my car up for sale?

[SBR_John]

Poolstag,
I think you are ok. No indication when they will open but I think payouts will resume next week. We will know more in 48 hrs so keep the faith!

[gotsteam]

Poolstag,
I think you are ok. No indication when they will open but I think payouts will resume next week. We will know more in 48 hrs so keep the faith!

John is 100% correct on this one!

They have the money, players will be paid.

Benefit of a PLC, transparency, if they were insolvent, we would know.

unfortunately it doesnt help with their business practices

Personally I think the whole thing will be resolved with one of those out of court settlements a LARGE fine, and no admitting or denying guilt, combined with promising not to do what they are not admitting to or denying ever again


The industry is going to be damaged in a huge way if this drags on, as it affects all the other large gaming companies who are publicly traded, especially considering in that group, BOS is a small fish when compared to Party or LNG

[SBR_John]

We are still getting about 10 emails an hour.

We are trying to respond to every one(not easy when I'm debating Gotsteam on the pm thingy ).

SBR strongly believes that all players will be paid probably starting next week. This process could take about one month.

This is just an opinion but it is well thought out and our best thinking as of today.


John

[JoshW]

Situation like this I don't see SBR being able to do any more than keep people informed. Once they open back up again, then everyone should get paid and those that don't quickly could then bring up issues.

[serontin]

From SBR home page

"07.19.2006 (10.34 CST)
BetOnSports(SBR rating D-) expected to be offline at least until the weekend. The sportsbook will confront the USA which issued an order for BOS to stop all transactions with US residents. The US has also ordered BOS to return all money to its US citizen clients. "

And No-US citizen clients?
I'm from Europe, so I'm in troubles!!!

[SBR_John]

And No-US citizen clients?
I'm from Europe, so I'm in troubles!!!

I don't think so... I mean all the players are in some trouble, that's obvious. But if this all goes really bad I could see BOS trying to keep their Euro and Asian operations as well as their poker. So, I think you are ok.

[serontin]

I hope you are right: thank you

[Chuck Sims]

If the USA has their citizens best interests at heart, they'll keep the scumbag CEO behind bars until every american is paid their money.

[paul2650]

They have about $270 of mine, which is my winnings since I started betting at the start of the baseball season.

Fortunately, I withdrew the $500 that I started with a while ago.

Funny thing is that when I first joined this site about 2-3 weks ago, the first thing I did was ask for suggestions for a company I should switch my business to.

I got several, but never switched. :/

[JC]

Time will tell if this is a one-off or the first dominoe. For sure if you go on 60 Minutes or advertise on the sides of New York City buses I think its safe to assume you are a target.

I'd like to point out if that is partially directed at me, I wasn't on 60 Minutes until after I was convicted and sentenced.

[SBR_John]

I'd like to point out if that is partially directed at me, I wasn't on 60 Minutes until after I was convicted and sentenced.

It wasn't directed at you. But it does seem that those who were the most visible have received the most DoJ attention.

[SBR_John]

No one it seems is giving BetOnSports CEO Carruthers a chance to be granted bail at his bail hearing on Friday. Well, I will predict he is granted bail and not a severly high bail either. Maybe in the $100k range.

[JC]

I predict he has a 20% chance of getting bail. I predict that if he does get bail it will be between $2 million and $5 million and he will have to wear an ankle bracelet and not go far.

[isetcap]

He's a bit too international for a small bail amount. I agree with JC.

[poolstag]

"The UK boss of online gaming site Betonsports has waived his right to a bail hearing and will remain in prison in the US".

http://news.bbc.co.uk/1/hi/business/5204176.stm

Don't know if this is good news for people with BoS accounts or not? Still no word about if or when BoS will be trading again.