Cascade downgraded once again

suzysuzy · 04-22-07, 03:50 PM

lol im told that every week.

Helmut · 04-22-07, 05:39 PM

I was told I would be paid friday at the latest. Money is still in my account. Leeny and Richard must have some of the longest noses in this business.

them45ter · 04-22-07, 05:54 PM

I havent recieved any of my 5 figure payout yet (requested around 18 days ago). Will contact them again and see if they will give me a date, even though it is unlikely to be true. I have also tried requesting smaller payouts to no avail.

Helmut · 04-22-07, 06:30 PM

I call them about every three days they just tell you what you want to hear so that you will go away.

Tofu_Boy · 04-23-07, 12:39 PM

Last time we report someone get paid were last monday. If someone get paid this week please update.

Thanks.

Scorpion · 04-23-07, 04:56 PM

I am still waiting
Richard hasnt replied to my email I sent him last tuesday
Doesnt look good

suzysuzy · 04-23-07, 05:03 PM

richard ignores my emails too. but lenny assured me today that i will get paid this week. yawn.

Helmut · 04-23-07, 07:52 PM

Originally posted by suzysuzy

richard ignores my emails too. but lenny assured me today that i will get paid this week. yawn.

I was assured last week that I would be paid by friday the 20th for sure at the very latest. Still waiting.

Scorpion · 04-23-07, 10:04 PM

Originally posted by Helmut

I was assured last week that I would be paid by friday the 20th for sure at the very latest. Still waiting.

You are not the only poster, its happened to me too

suzysuzy · 04-24-07, 05:20 AM

ive been told "this week for sure" for 4 weeks. i did get a few western union transfers a few weeks ago, but only for 1k each, and i have 48k in my account. im counting it as a big fat horrendous loss. so sick.

mjc257 · 04-24-07, 05:39 AM

This has been going on at Cascade since January. I do not understand why they weren't downgraded more quickly? I called Cascade twice a day, everyday, for about six weeks. I got everything out chunk by chunk by early March. They do not respond to emails.

suzysuzy · 04-24-07, 02:45 PM

yeah seems like they werent downgraded quickly enough. i didnt have a lot of money in there until the beginning of march, when i went on a run, so i didnt realize they were having problems because i didnt try to cash out. they were still a B+ i think, so i thought i was ok.

Breaker · 04-24-07, 03:36 PM

Same here.
Nice run in Feb-March, now on hold for my payout.
I've been in touch with James over there a lot, he's realy up front about everything, very helpful with adjusting my withdrawal requests and he answers my e-mails within a day.

I'm not saying the situation is ideal, but at least I'm hearing back from them.

SBR_John · 04-24-07, 04:00 PM

There is new information that payouts will resume later this week. Considering the track record recently I'd give it a 50-50 chance.

Breaker · 04-24-07, 04:28 PM

Thanks, SBR John
I'll take that any day over "they're giving up and closing shop"

Any thoughts on what this information is?

Bill Dozer · 04-24-07, 04:30 PM

Originally posted by suzysuzy

yeah seems like they werent downgraded quickly enough. i didnt have a lot of money in there until the beginning of march, when i went on a run, so i didnt realize they were having problems because i didnt try to cash out. they were still a B+ i think, so i thought i was ok.

We gave Cascade too much leeway for "processing issues". That period right after Neteller was very challenging and SBR acknowledged that our ratings should be considered suspect and moved the recommended minimum rating to A-. That upset a lot of bookmakers who were B+ and in good standing. In the months of Jan and Feb, Cascade held a B rating and had paid all players who reported a delay to SBR. Players were encouraged to test them further with more withdrawals but some redeemed only partial balances.

Helmut · 04-24-07, 04:48 PM

I spoke with Lenny again today and was told that the delay was due to a check processor problem. I didn’t even want to continue the conversation any longer and here more lies. If he was that concerned over my account he would have at least asked for my account number or at least faked an interest. The thing of found most weird from the conversation is that in the middle of it he shouted at someone to change a baseball line to “8.5 over”. What difference does it matter what the number on a game is when you don’t pay anyone?

homedog · 04-24-07, 04:59 PM

Originally posted by Helmut

I spoke with Lenny again today and was told that the delay was due to a check processor problem. I didn’t even want to continue the conversation any longer and here more lies. If he was that concerned over my account he would have at least asked for my account number or at least faked an interest. The thing of found most weird from the conversation is that in the middle of it he shouted at someone to change a baseball line to “8.5 over”. What difference does it matter what the number on a game is when you don’t pay anyone?

People are trying to bet there way out of there right now.

Why did Aces Gold put up a bad line on the SB just before they walked? They knew they wouldn't pay as well.

homedog · 04-24-07, 06:08 PM

They are definitely taking a few shots on the games tonight.

suzysuzy · 04-24-07, 10:06 PM

Originally posted by SBR_John

There is new information that payouts will resume later this week. Considering the track record recently I'd give it a 50-50 chance.

50/50?? are u serious?? can u expand?

SBR_John · 04-24-07, 10:50 PM

Not much more I know about to expand on Suzy. They say they have funding coming on. I hope they do. But recent history tells me otherwise or at a minimum not to be overly optimistic.

Breaker · 04-24-07, 10:58 PM

Originally posted by suzysuzy

50/50?? are u serious??

I don't know what the "new information" is, but I do know this:

Cons

Cascade probably has little to no money available at the moment
Even if there was money available, withdrawal options are limited to checks ONLY, which takes a while with the current banking restrictions
Due to the news of payment issues spreading fast there is probably a rush of clients trying to get their money out. This doesn't improve matters
Missed deadlines for promised payments and other broken assurances don't help stem the flow of people who've lost confidence and want to withdraw either
Other books don't seem to want to give them credit anymore at the moment

Pros

Cascade has been around since 1995 and has weathered quite a few storms
There is so much money going around in the world of online sports wagering, you never know where financial relief might come from
It DOES say right on their main page that they can only do payouts by check, and that there is a long wait for those due to the current finacial climate. There are still reports about people receiving checks, and I'd rather have them continue that process at a snails pace than stop it all together
I firmly believe that if they didn't see any hope of getting back on track the website would be down and the phone shut off. Instead there are about 7000 wagers made each day (check the ticket numbers), odds are that IF they get an influx of money by September for Football season, a lot of the people that are stuck with accounts right now will have depleted part of their balance because of all those wagers by then, leaving less money to pay out for Cascade and a better chance to get any at all

DrSlamm · 04-24-07, 11:31 PM

CONS: there lines are totally stale AND -105 so they will continue to get crushed by scalpers and shoppers and will never get out of the red.

Breaker · 04-25-07, 12:09 AM

True, the main reason I stayed with them through Feb-March were the awesome overnight odds I got to take advantage off for the NBA.

suzysuzy · 04-25-07, 12:30 AM

good post, breaker. i guess i shouldnt write it off as a loss yet.

also, i was hoping the "new information" that came in wasnt just the same old promises from lenny. sounds like that's all it probably is though.

Breaker · 04-25-07, 12:43 AM

I'm just glad he's still trying.

Anyone that has been betting sports for a while knows about streaks, ups and downs.

Pinny and Neteller closing for the US market was a HUGE loss, the WTO and Barney Frank initiative might turn things around a bit.

Same with Cascade, I asked for a payout right after superbowl, and it took seemingly forever (45 days), now I would be VERY happy to be guaranteed my money in that timeframe, but who knows, a month from now this might all be old news because someone bailed them out and we all got paid, who knows.

If I sound overly optimistic, know that I am owed quite a bit of money by them and am anxious as hell about the situation.
But I've been in this business long enough to know things do go in valleys and peaks, and as long as they keep their site up and answer their phones I know I have a shot.

DrSlamm · 04-25-07, 01:14 AM

from everyones posts i am pretty sure they are at least a million in debt

slash · 04-25-07, 02:21 AM

SBR John, how can you ever justify saying there is a 50/50 chance of getting paid here?!? And you have absolutely no info to back it up except that that was what the owners told you???

If you said there was a 1/99 chance that people got paid, you would still be overly optimistic, and it doesn't help the guys with money there.

It's like a gf telling you after having dumped you that you MIGHT get backtogether in the future...

suzysuzy · 04-25-07, 02:51 AM

yeah no kidding, john.

SBR_John · 04-25-07, 09:42 AM

Slash I think I said there is new info that Cascade is getting some funding. Thats what we were told and I shared the info. I guess I could of held it back like you suggest. With their track record recently I probably should have.

Right or wrong I'm reporting what they told us.

Breaker · 04-25-07, 12:29 PM

John, please keep sharing any info you might get, reliable or not, it is greatly appreciated!

them45ter · 04-25-07, 02:54 PM

Please do keep filling us in on anything you know. I appreciate it. I have my fingers crossed that this is true.

suzysuzy · 04-25-07, 06:24 PM

Originally posted by SBR_John

Slash I think I said there is new info that Cascade is getting some funding. Thats what we were told and I shared the info. I guess I could of held it back like you suggest. With their track record recently I probably should have.

Right or wrong I'm reporting what they told us.

with their track record, im very surprised you said 50/50.

Breaker · 04-27-07, 01:34 PM

Guess it was the other 50 for now, Monica didn't have any new info on funds becoming available as of today...

Bill Dozer · 04-27-07, 02:37 PM

Originally posted by slash

SBR John, how can you ever justify saying there is a 50/50 chance of getting paid here?!? And you have absolutely no info to back it up except that that was what the owners told you???

If you said there was a 1/99 chance that people got paid, you would still be overly optimistic, and it doesn't help the guys with money there.

It's like a gf telling you after having dumped you that you MIGHT get backtogether in the future...

If we were to post every time there was some wheeling-and-ealing going on the line of communication would disappear pretty quick. Forums are for opinions and discussion, even if you happen to be the owner of the site. I can appreciate the desire to know about any week to week details.