The RichCoast aftermath. What lesson did we get?

[SBR_John]

Its all spin at this point or if there were any facts to add to RichCoast falling down post them.

There is a lot of money at stake here not for the players but for roberto. tow figures if they can spin this just right it will save their rooki project.

[raiders72001]

A well run company starts with money in the bank, takes in customer deposits, and operates. If things go south and they burn through their operating capital, they raise more money through equity dilution or selling debt. They do this BEFORE they have dipped into customer funds.

Roberto just stated that there were funds to cover players. Withdrawals were being made right up until the time that SBR started yelling. At that point both withdrawals and deposits stopped.

[JC]

Roberto just stated that there were funds to cover players. Withdrawals were being made right up until the time that SBR started yelling. At that point both withdrawals and deposits stopped.

Why should SBR's comments stop them if they were solvent?

[SBR_John]

Roberto just stated that there were funds to cover players. Withdrawals were being made right up until the time that SBR started yelling. At that point both withdrawals and deposits stopped.

Why did they stop if they had the players money who cares what we say?

[raiders72001]

JC and John- I don't want to speculate on that so I'll wait for TOW to answer.

[SBR_John]

Specualte? LOL. This is just too funny. So tow wants us to believe this shop was fine but mean ole SBR said they were broke so they just stopped paying and held their breath. --- BUT--!!! in rides our savior roberto and gets everyone paid!! Too predictable I'm afraid my dear Watson.

[Chuck Sims]

I have read enough of the BS.

Conclussion: TOW has taken a HUGE step backwards in the credibility department.

John, I thank you for warning players. You no doubt saved a few players from flushing their money down the drain to richcoastsports.

[SBR_John]

Thanks Chuck. As one of the most knowledgeable posters in the industry its good to see you weighing in.

Although i dont agree with Peep often, he always says "follow the money". Sadly, that is true much of the time. TOW knows their rookie project is on its death bed. They are gonna make a hail-mary attempt to pawn and divert attention off this failure so they can keep the gravy train going.

[Bill Dozer]

nice try but i dont need bull or spin like what you are trying to do tonight. i dont know if you were part of all this or not, but i know i have ALL THE FACTS and if you really don't know what's up, then you are going to be PISSED tomorrow.

If you do know all the facts already, then you sir, are a scumbag.

and anyone who knows me, knows i dont do a lot of name calling, so for me to say that.....

Well, this should be good, considering you have had four days to cook something up.

I have been called a scumbag 3 times this week by blacklisted bookies so a RCS/TOW rep giving me a 4th isn't going to ruin my NYs.

I hope you guys did work wih your book and get it done for the players but don't insult their intelligence any further with excuses about heart attacks and majority/minority investors while the RCS site and phones are redirecting to BTB and their clerks.

Roberto just stated that there were funds to cover players. Withdrawals were being made right up until the time that SBR started yelling. At that point both withdrawals and deposits stopped.

When BookTheBet's Tony called, RCS' site said it was off-line for "an IP change" and he told us the migration was almost complete and players would get an email that night about roll-overs. RCS inherited a D grade closer to BookTheBet until the operation showed it was paying. When RCS didn't get it done there was a further warning and downgrade.

The players are going to get the info when we get it. If everything is going to work out, it will. If its not, then SBR readers who might have sent money will save money. I look forward to the good news.

[Patrick McIrish]

I guess this explains why your "hourly" soon to come update on the RCS situation never occurs, RPM. You are over here talking out of your ass and getting your teeth kicked down your throat.

[SBR_John]

Its a really a shame they have choosen this tact. Tow trying to blame others will be a transparent attempt to save face. Their credibility will be badly damaged. I guess thats what they have to do to keep promoting these high risk books. They want to prove to their advertisers that they can stand up to sites that report slow pays and problems. It kind of follows how major does it with Royal. I'm happy for SBR to take him on and expose this silly ploy.

[Patrick McIrish]

I am trying to hold off for a final opinion tomorrow but it does appear you are right John. I like Roberto, I worked with him and his wife on a bailout when he was at Royal and the man worked his ass off. His wife too and she was pregnant at the time. Between them they saved a lot of players a lot of cash, that has to count for something. As a result I am trying to give him the benefit of the doubt, however when I first read this initial post from RCS I was suspicious right off the bat....


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To all Rich Coast clients,
As RPM stated our majority shareholder did have a major heartattack earlier this week. He has sold his equity position and new owners have stepped in. With this change we decided in the interest of lowering expenses to relocate our call center and servers to the bookthebet location in Escazu. Where we can share staff and resources. We anticipated that this move would take appoximately 4 hours. Due to unforseen issues this have taken much longer than anticipated. Nothing in Costa Rica seems to ever happen as quickly as it should. We are currently exporting our database right now and expect to bet able to process wagers within the hour. We did anticipate having it up early as indicated by RPM but we ran into a few addtional snags.

Sincerly,
Rich Coast Sports


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I got no gripe with RCS, don't even know who's behind them, but this release seemed fishy to me right from go. The majority shareholder had a heart attack "earlier this week"? I think this was posted on a Wednesday and the guy had already sold out? Was it Monday or Tuesday all this happened? It's hard for someone like me who's Dad had one to believe it. In the same week of the heart attack he has already sold his position in the book and made other big decisions? I know they told my dad not to even begin to think of business again for 90-120 days. No time to make a change if you got deep pockets, let RCS function like normal until you get back on your feet. Of course along with that the new owners had already stepped in and it was also decided to relocate the call center? All within the same few days too? They also managed to squeeze in enough time to not only move the servers but find another book in Escazu to host them? Busy few days.

I know some of this sounds nitpicky but you are in a gambling forum, readers are cynical by nature. Once Bill posted the initial warning and they attacked you guys over it then I knew there was more to this than meets the eye. This was before all the delays began. People got real defensive real fast. Anyway as you know we don't always agree but Bill posting the warning was the smart thing to do regardless of what is said tomorrow. If the man did have a heart attack I wish him and his family well, I really do. Sounds strange to me but I am holding out for tomorrows big news, I could be mistaken. I really am hoping no one gets stiffed on this rookie project stuff....

[SBR_John]

I know some of this sounds nitpicky but you are in a gambling forum, readers are cynical by nature. Once Bill posted the initial warning and they attacked you guys over it then I knew there was more to this than meets the eye.

First of all, I like Roberto too. I think he took a wrong turn with the rookie project and now he is trying to save the ship.

Oh your quote... yea well you know that's how this industry works unfortunately. Next we will have an agenda or whatever. Funny thing is, they know and I know and most the guys that have been around for a while know exactly what they are trying to pull. They want to save the rookie project, its HIGHLY profitable. Its worth a shot to blame someone else. They are fooling themselves.

[pags11]

what I've learned is to stick around this forum and you'll save yourself a lot of headaches...

[pier0]

First of all, I like Roberto too.

ahahahahahahah

This is a good one...

[Concorde]

I believe Roberto could be the next Steve Young ...

12.31.2005 (12.31 CST)
RichCoast Sports (SBR rating F) promoter SCRAMBLES to keep book alive.

Can you imagine Roberto take a snap and rush for 20 yds? Oh Boy!

Pier, e ma sta Lottomatica Roma vola proprio ...

[JC]

Well well..I still have reggie's email, the one I forwarded to you. He was openly stating he was desperate, he had half a mil in liabilites, 25K in the bank and no one to sell to....

I missed the Blue Marlin debacle.

How did he end up upside down? Did he have 500K in the bank the day before and lose 475K that day? Did he EVER have more in the bank than in player balances?

[Scorpion]

JC
BlueMarlin stiffed me for $3500, can you bail me out?(WSEX)

[Scorpion]

I will send WSEX $3500 and wager $35K(10x roll over) if they match?

[JC]

First of all, you would need to take that up with them.

I don't know why anyone would do that. What you are asking for is a 100% bonus with a 5 or 10 time rollover. A 10 time rollover ($70,000) on a 100% is a break even to losing proposition for the house.