Just wanted to check if John or Bill or anyone has any info or expectations of what will happen with the Betcorp (WWTS) books. Apparently suspended all operations for Americans today--cannot bet, cannot withdraw. I know there was talk earlier they'd do like VIP and Sportingbet have done and just privatize the part of the business that handles Americans. Is that still in the works? Are our funds safe regardless?
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Noticed that myself...it's site and all sister sites are temporarily unavailable. The sister sites of sportingbet- wallstreet, sportsbetting, etc...it's business as usual with the immediate privitization. I've got some bones tied up in wageronsports, a wwts sister site, so I'm interested alsoOriginally posted by TLDComment -
Where did you get that info. the website says down for maintenance. Check back at 12PM est. Of course that deadline has been missed.Comment -
The places like Carib, Grrek, Bowmans, Pinny, WSEX must love this, volume will go up.
The list of books to play at is getting smaller and smaller.Comment -
On a side note I noticed WWTS was downgraded from A+ to B+ this week. What is the downgrade for?
That's a pretty big move down!Comment -
Has been mentioned on several sites that people have called and been told "all operations have been suspended" for Americans, including withdrawals.Originally posted by rolemand
I put in for a withdrawal yesterday afternoon. It is not in my Neteller account.
They announced several days ago that they'd stop booking to Americans upon the bill's being signed, but the talk was they'd go the route of VIP and Sportingbet and just privatize that part of the business, so SBR felt their safety had only dropped from an A+ to a B+ at that time.Comment -
BetCorp: No more 'mericans
New notice up at WWTS and Betbet.com...
BETCORP LIMITED
NOTICE TO CUSTOMERS
13 OCTOBER 2006
At 10.00am this morning, US Eastern time, President George Bush signed the Unlawful Internet Gambling Enforcement Act of 2006, bringing that Act into force.
As a result, and in accordance with the advice of its lawyers, Betcorp Limited has suspended all US-facing operations, pending further analysis of the Act’s final text and receipt of further legal advice.
This means that, until further notice, it will not be possible for US residents to place wagers or make deposits on, or make withdrawals from, any website owned or operated by any company in the Betcorp group. This account freeze will remain in place until such time as Betcorp has fully assessed its legal position.
Betcorp’s websites will continue to accept deposits and wagers from, and process withdrawals for, all customers other than US residents in the ordinary course of business. Betcorp currently has customers in some 87 countries other than the US.
The Board and Executive Management of Betcorp are committed to ensuring that all US customers will have access to their accounts restored as soon as possible.
Betcorp’s help lines and online inquiry services for all Group websites will continue to operate, with additional staff being deployed to handle US customer inquiries. Betcorp will keep all customers informed of developments.Comment -
Your money is safe. They want players to know that they are not a BOS and do not have debt or any obligations ahead of players. Their only contingent libility is player funds which they can pay without problems. But, they would like to continue on as is, with the staff and management intact.
Lawyers are getting rich trying to work this out. There are A+ books trying to get a deal but the most likely scenario is the site coming back online later today under sold-off subsidiary and one of their sites servicing Americans while BetBet goes on to Euro.
That said, this shareholder induced message is 100% crap. They owe their players and their brand better than this.
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well that's a nice 5 figure tie up of funds for an indeterminate lenght of time for me.
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...and you'd think that would give them 87 reasons to carry on!Betcorp currently has customers in some 87 countries other than the US.
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Thanks for the feedback Bill.
I don’t assume you have any info on this, but I’ll ask just in case: In addition to my balance at WWTS, I have pending NFL futures at both WWTS and Betbet. Do you know what will happen with those futures if things play out as you’ve suggested and one of their sites reopens for Americans and Betbet becomes exclusively non-American?Comment -
I would expect nothing less than all wagers honored. If a book thinks paying on a bet is the same as taking action then it could have stopped taking bets when the bill was in congress. Sportingbet is cheated players this way as we speak.Originally posted by TLDComment -
i have a future bet for the tigers to win the world series. if they win i get $560. i am hoping they arent going to try and keep the money or grade the wager no action since that would obviously be bullshit.Comment -
I was told by their live help agent that all pending wagers are active. He seems to be pretty confident about that, but it still doesn't mean much. Anyway, it's consistent with Bill's expectation.Originally posted by justbet
Bill, could you show me a list of popular sportbooks that can be potentially affected by the new gambling bill? There was BOS, now sportingbet and WWTS.
How about theGreek, BetJM, bodog, CRIS, bowman,VIP ... Are these later books intrinsically different from those affected books?
A lot of scary things happened recently, go to have heart stroke.
Thanks!Comment -
They're back up but with the following notice:
A total account freeze until they have decided the legal implications?!BETCORP LIMITED
NOTICE TO CUSTOMERS
13 OCTOBER 2006
At 10.00am this morning, US Eastern time, President George Bush signed the Unlawful Internet Gambling Enforcement Act of 2006, bringing that Act into force.
As a result, and in accordance with the advice of its lawyers, Betcorp Limited has suspended all US-facing operations, pending further analysis of the Act’s final text and receipt of further legal advice.
This means that, until further notice, it will not be possible for US residents to place wagers or make deposits on, or make withdrawals from, any website owned or operated by any company in the Betcorp group. This account freeze will remain in place until such time as Betcorp has fully assessed its legal position.
Betcorp’s websites will continue to accept deposits and wagers from, and process withdrawals for, all customers other than US residents in the ordinary course of business. Betcorp currently has customers in some 87 countries other than the US.
The Board and Executive Management of Betcorp are committed to ensuring that all US customers will have access to their accounts restored as soon as possible.
Betcorp’s help lines and online inquiry services for all Group websites will continue to operate, with additional staff being deployed to handle US customer inquiries. Betcorp will keep all customers informed of developments.Comment -
I don't recall BOS being affected by the bill. They had already shut down and stiffed everyone before that for other reasons.Originally posted by gerry
But in any case, so far I think what we're seeing is:
.....Bookies that tried to go "legit" by becoming public corporations have been more affected than those that remained private entities.
.....Poker sites have been more affected than sportsbooks.
.....Books that didn't focus on Americans anyway and could more easily jettison them have been more affected than the books that need American customers to survive.
But so far--and let's keep our fingers crossed it stays this way--even the poker sites, the European shops that can do without Americans, and the public companies have NOT stiffed their customers. They have either a) Closed the American accounts and returned all the money, or b) done some phony $1 sale to themselves and paper reshuffling to return to status as a private company and continued business as usual.
This is a time to be concerned and to monitor what happens, but certainly nothing yet warrants panic.Comment -
It seems I have been overly optimistic on the time frame. It may be more realistic to expect access to your money by the middle of next week.Originally posted by Bill DozerComment -
Dark Horse,
You are entirely correct. Nothing in the bill precludes Betcorp from simply paying off all thier US customers. In fact just last week, they were offering 15% deposit bonuses to qualified players. Knowing full well that the bill was due to be signed soon.
If these guys want anohter 24 hours to complete the sale of wwts, that's one thing. I'll give them 24 hours. But if they want to claim the right to hold our money hostage until the US legalizes gambling, then they are just a bunch of stiffs like the boys at BOSComment -
The nice part is I can still login and screen snap my balance and open wagers.Comment -
Rather unprofessional approach by WWTS. Waiting until the last minute ('board is meeting tonight') and freeze all US accounts, including the ability to withdraw, possibly for an entire weekend of football action? How long did they need to prepare for this Friday the 13th anyway?Comment -
What have you found out that leads you to say that, Bill (if you’re at liberty to say)? That’s how long it’ll take the sale to be finalized? There is no sale and that’s how long it’ll take them to close all the accounts and arrange to send people their money? Something else?Originally posted by Bill DozerComment -
Nicole Griffith: until further notice, it will not be possible for US residents to place wagers or make deposits on, or make withdrawals from, any website owned or operated by any company in the Betcorp group. This account freeze will remain in place until such time as Betcorp has fully assessed its legal position.
ME: Well, thats not a smart answer to tell your customers.
ME: You should at least tell me when I am going to get my funds
Nicole Griffith: Unfortunately I will not be able to give you an answer as to when your funds will be available to youComment -
What about VIP? They are an A+ book, and are'nt they having issues?Comment -
I think we will hear more Monday and hopefully they get whatever paper work done before then. If closing was the goal, they would have simply stopped taking deposits and let players withdraw normally and bet down their balances. They want to keep their island employed.Originally posted by TLDComment -
This is the last public company to be disowned.Originally posted by szk1983Comment -
sucks to hear these shut down for the time being...just glad I haven't played with them since last year...Comment
