How will BOS end?

SwampyJ · 08-03-06, 08:27 PM

I have only been betting online for about 9 months and in that time I have have witnessed many books just disappear with their player's money. I personally have, at this time, lost money in the No Juice situation and now seeing the BOS problem has made me rethink the idea of betting online. It seems to me at anytime a book can just close up shop and vanish, leaving players high and dry. I feel players do not have any recourse when this happens. Who do you complain to? Sites like SBR, TOW and others will do their best to help, but after that I feel players are basically f-cked. I hate that I am becoming so negative about this business, but with recent events, it is hard to see any positives. I sincerely hope all the players in the BOS family of books get their balances back, but at this time it does not lok promising.

SwampyJ

althelegend · 08-03-06, 09:46 PM

They have not conducted themselves like you would expect a plc to go about its business.
Even before the arrests, sbr were investigating reports of slow payout and other sharp practices. Hence the downgraded rating. No decent company would behave like this.
So what has been the problem? They had a large enough customer base to operate successfully.
It remains to be seen whether any fraud has taken place concerning customer deposits, which should be ring-fenced, and safe, but is this the case?
Perhaps a take-over of the company is the answer-we shall have to wait and see.

Chuck Sims · 08-03-06, 11:00 PM

Trust another sportsbook? LMAO!!!!!!!!!!!!!!!!

BetOnSports/Millennium are thieves. You knew it, everybody who read these forums knew it. You sent the money anyway.
I am thrilled that a criminal enterprise is folding their tent.

And don't for a second believe the Feds were the cause of it. The Feds exposed them for the crooks that they are. Its over. There is no "players" money. BetOnSports had a terrible reputation all along. Before The RX started taking payoffs from these bums, BetOnSports was rated a "NO PAY STIFF BOOK". Nuff said.

increasedodds · 08-04-06, 04:31 AM

BOS will simply dissapear.

They do not and did not have the money to pay everyone. If they did, they would have already done so - what better way to keep customers than pay everyone while being closed by the DOJ and then reopen and say (See we paid you in the worst of times).

There is no reason not to bet online - just do your homework and you won't get screwed. Use books around for 10+ years with A ratings...

BOS was a C or D.

Nojuice was brand new.

Regarding the DOJ and BOS, I believe it was an isolated incident brought on by one or many of the following:

Connection to organized crime.
Truly taking bets inside the U.S. in vans/busses.
Stiffing the wrong people.
Multiple complaints for stiffs (Don't underestimate this one. - there are millions of people wagering online in the U.S. At least 50% of these people dont have a clue that there are even laws debating this let alone making it illegal. IF BOS stiffed 10000 people, it is likely 1000 of these either wrote off the loss as theft on their taxes or called the police/FBI. The internet crime divisions keep records and pursue the worse. If you steal once online, you'll likely never hear from them. If you have 100 complaints, the agencies will look at you. All it takes is one prosecutor who dislikes internet gamblin to see that 100 people have said you stole from them and boom, an investigation and indictment is on its way.

Gary Kaplan is/was a pro at scheming. Making BOS appear solvent and getting it listed on the AIM was his latest scheme in a line of years worth...

There are 1000 sportsbooks online. Hundreds of execs have been to the US including Calvin who was on the cover of Forbes for gods sake.

BOS was targetted for one of the above reasons.

-Sean

Halifax · 08-04-06, 09:42 AM

If I was a betting man, I would bet that they end up paying the customers.

SBR_John · 08-04-06, 10:22 AM

I also think they will pay.

carlos vincente · 08-04-06, 08:48 PM

After Six Months? A Year? Will They?

SBR_John · 08-04-06, 11:07 PM

No. If they don't pay by the 2nd week of the NFL then they have no reason to pay. At that point the company will probably fall into a bankruptcy trustee's hands. Under that scenario I would guess players might get back .50 on the dollar.

JoshW · 08-05-06, 09:27 AM

Halifax, any thoughts on why you think they will pay? I think there are all the obvious reasons, but none of the obvious reasons seem to be driving the behaviour of anyone in charge.

Chuck, if you think all the same charges can't be brought against WWTS (they pretty much already have), The Greek, or Sporting Bet PLC, I think you are wrong. This group of book might have been shit, but that doesn't mean all the same charges wouldn't stick to any other company. You might be right that other companies would handle it differently, but I still think the charges could happen to anyone.

Santo · 08-05-06, 09:36 AM

Well, if they don't send an executive to the US, the courts can have all the charges they want, they'd be unenforcable..

Chuck Sims · 08-05-06, 04:15 PM

lakerfan, the feds already have gone after numerous sportsbooks. The reputable sportsbooks never closed. Not even for a second.

BetOnSports thunbed their noses at the feds. Then the idiot CEO travels to the USA. Hiring agents and having them travel across the USA onto college campuses and NFL stadiums in a BOS custom made motor home, signing up bettors to bet off-shore was so assinine.

Stiffing players might have been icing on the cake to get these scumbags too.

JoshW · 08-06-06, 11:23 AM

Lot of good points Chuck.

increasedodds · 08-06-06, 12:32 PM

The only two reasons to shut down the sites are:

1. TO get DC bail.
2. YOu don't have players funds and this is a way out.

WSEX, WWTS, Bestline never shut down when the DOJ indicted.

If DC gets bail and BOS stays closed and that is not a consideration of his bail, then you can bet that payments will not be made.

IF DC gets bail and they open back up, you'll prob get paid.

wpet99 · 08-07-06, 09:05 AM

Any particular reason you mention the three books below ? (WWTS, TheGreek and SportingBet)

Originally posted by lakerfan

Halifax, any thoughts on why you think they will pay? I think there are all the obvious reasons, but none of the obvious reasons seem to be driving the behaviour of anyone in charge.

Chuck, if you think all the same charges can't be brought against WWTS (they pretty much already have), The Greek, or Sporting Bet PLC, I think you are wrong. This group of book might have been shit, but that doesn't mean all the same charges wouldn't stick to any other company. You might be right that other companies would handle it differently, but I still think the charges could happen to anyone.

carlos vincente · 08-07-06, 10:54 AM

Originally posted by increasedodds

The only two reasons to shut down the sites are:

1. TO get DC bail.
2. YOu don't have players funds and this is a way out.

WSEX, WWTS, Bestline never shut down when the DOJ indicted.

If DC gets bail and BOS stays closed and that is not a consideration of his bail, then you can bet that payments will not be made.

IF DC gets bail and they open back up, you'll prob get paid.

wonder when august 16 comes.. they will postpone the hearing for another 1 or 2 weeks. it has been going on all this while.. i dont see why they will postpone for another day.

i gave up thinking its a bad bet. atleast now i can do other things rather than worrying abt my money.

JoshW · 08-07-06, 12:26 PM

No reason on the books beside WWTS which has had similar heat as BOS from US. My point is they can go after any book, but others have made good points that despite that, these books have continued to operate.