Full BetEd bailout offer made from top book...ball is in their court

[stats13]

can someone in simple terms/reasoning/logic explain the ins and outs of a hypothetical buyout? i'm having some trouble really getting a grasp on why beted would or wouldn't do this, and why another book would really want to bail them out, their risks and benefits. I mean I can guess, but it all still seems hazy to me.

I'd rather ask someone who has a firm handle on all the issues involved than sit here and pretend I understand it all.

[chachi]

Theoretical situation -

"Stats13Bet" has 5,000 active customers in its database and goes under owing 400k to let's say 1,000 of the 5,000 names.

The acquiring sportsbook rescuing the customers would credit the 1,000 the 400k with a rollover, hope that they lose some/all of it trying to get it out, but otherwise would effectively be "buying at $80 a head" a list of degenerate gamblers into their operation, which is cheaper than offering freeplays/bonuses to new customer signups who may/may not end up being long-term active players.

[Bill Dozer]

Come on Bill, you know whats good for beted will never be good for the players or it would have already been done.

Well I think the bar has been raised which complicates things for a book that was going to offer a deposit bailout bonus thing. It looks like that was what they had planned initially. Step 1: Tell everyone there is no money because big bad authorities stole it. Step 2: Tell everyone that there is no hope and ignore offers from books to pick up the tab and SBR to help. Step 3: Have hero book step up with super generous bonus offer while creating vocal support by maybe covering balances of $50 or below. They didn't bank on the offers coming out from behind the scenes. Uh... no, there are no offers. SBR guys are lying clowns.

[thisisit]

Well they also didn't count on your email not getting there lol. Sgt Shultz works for covers who knew!

[shari91]

Well Bill, at least they finally said they received your email.

Freedom@Covers:

Update: We did find somebody who received an email from Dozier. Thank God. I thought he was losing it.

Lot's of people are coming out of the woodwork saying they had fantastic offers that betED.

That's the problem with a non-public process. There's no way to tell which guys are full of crap and just bitter, from the guys who have a legitimate beef. Plus there might be some great operations making shitty offers or some shitty operations making great offers - that you can only trust so much.

All I can say is that I was assured that all offers were taken seriously and they chose the best combination of offer/operator they could find and are getting to brass tacks. In fact, I wouldn't be surprised if one of the sites that was originally complaining to Dozier turns out to be the one.

[stats13]

Theoretical situation -

"Stats13Bet" has 5,000 active customers in its database and goes under owing 400k to let's say 1,000 of the 5,000 names.

The acquiring sportsbook rescuing the customers would credit the 1,000 the 400k with a rollover, hope that they lose some/all of it trying to get it out, but otherwise would effectively be "buying at $80 a head" a list of degenerate gamblers into their operation, which is cheaper than offering freeplays/bonuses to new customer signups who may/may not end up being long-term active players.

i'm sure plenty of the 5k/1k names would already be members at their site, if its a big one.

[chachi]

Indeed ... was a simple theoretical situation to explain how/why someone might want to do so

[beyond]

If I don't get a good bailout for this, Im not going to play at any books advertise on covers

[stats13]

it would be funny if say a book called 52dimes bailed out beted, for their 5k customer list, and osmething like 3500 of them had accounts already at 5 dimes, and the other 1500 had account balances so small or negative even that they never even bothered playing their "new" account

[SBR_John]

For covers to not even recognize or consider the offer from a book that actually advertises with them is baffling and extremely suspicious. We would be happy to prove the offer we posted here is legitimate and they know it is. So why would they deny there is an offer, accuse SBR of lying and not even contact the book who was ready to restore BetEd's players balances under generous terms??????

I thought originally they were trying to save their betEd's commissions. But wouldnt you contact all legit offers if that was the case?

Watching them try to spin and lie their way through this is painful.

[stats13]

Covers is shaky as ****. it's fairly obvious the way they are carrying themselves, all these promises, declarations, backoffs, spin, more spin, excuses, rinse and repeat.

[Dark Horse]

May I suggest an offshore Wall Of Shame?

If casinos have names and pictures of people they don't want inside, why not a similar list of the criminal owners of the Beteds and Cascades of the world? May even have a preventative effect.

[Kindred]

covers is a joke, that freedom clown and lou can go **** themselves

beted players are going to get screwed by covers, sbg global with 30x rollover capped max cashout or some similar slime ball crap.

[stats13]

covers is a joke, that freedom clown and lou can go **** themselves

beted players are going to get screwed by covers, sbg global with 30x rollover capped max cashout or some similar slime ball crap.

it would be suprising to hear about any bailout now, regardless of how shitty the rules of it

[Bill Dozer]

Somehow Covers went from flying down there to approve the deal to not knowing what's going on (with the exception of knowing that other bailout offers don't exist).

[HOTSTREAK11]

Hey guys just want to say my "sources" say nothing yet. Freedom@stake is on a super covert mission to save the gambling underworld as we know it!

[HOTSTREAK11]

No bailout

[ryanspeer2001]

I hope this works out for everybody and BetEd does the right thing now.

[pokerplayer22]

Freedom and Lou over at covers completely fuked everything up. Someday hopefully, they get what they deserve.

[shari91]

There is an excellent article written by Peter Amsel on calvinayre.com about this whole BetEd situation and the bailout offer(s).

"Perhaps the most puzzling question here is why Covers/betED turned down the BetOnLine bailout offer. We have been in direct contact with BetOnLine and know that, contrary to what Covers is reporting, there was a solid offer put on the table and Covers/BetED have not even responded to it. We hope this does not mean that betED are just going to reappear under a new name and still force all the players to accept a deal requiring excessive rollover requirements. The industry could do without another such (self-inflicted) black eye. The other big question is who has all the player balances that wouldn’t have been held in operating accounts. Has this money already been spent by reckless and greedy owners or do they still have it and just don’t want to give it back?"

[stats13]

wow, so sick that covers is pretty much denying EVERYTHING reported in this thread not out of their own mouth

[chachi]

I still cannot believe that muppet had the gall to post this ... just how stupid do they think their members are ?!?

If anything, I think this situation shows that maybe, just maybe, certain forums that claim to be strictly in it for the players might just have some hidden agendas that are not always in the players' best interests.

[pokerplayer22]

wow, so sick that covers is pretty much denying EVERYTHING reported in this thread not out of their own mouth

Everyone at every forum is saying how corrupt and dishonest covers is. Can everyone really be so wrong?? Not a chance. Its covers thats in the way of any deal being made and yet they are trying to convince people that they are actually trying to help. What a total joke!!!

[Extra Innings]

For covers to not even recognize or consider the offer from a book that actually advertises with them is baffling and extremely suspicious. We would be happy to prove the offer we posted here is legitimate and they know it is. So why would they deny there is an offer, accuse SBR of lying and not even contact the book who was ready to restore BetEd's players balances under generous terms??????

I thought originally they were trying to save their betEd's commissions. But wouldnt you contact all legit offers if that was the case?

Watching them try to spin and lie their way through this is painful.

Bury this guy @ Covers

[pokerplayer22]

Read this article. Just more proof that covers is the biggest scum on the earth.

http://calvinayre.com/2011/06/09/business/covers-com-beted-player-scandal/

[jackkkk2009]

When does WSEX get a bailout Bill?

WSEX should be the next beted..

[Legions36]

It finally came out and now im sure as to who is a reliable source here, obviously covers cannot be trusted here and im pretty sure as the news spreads people will realize what they are really about and their word has no meaning. Fu-ck u covers for trying to get ahead on this matter.

[Dark Horse]

I wouldn't get too down on covers. They're a data site first, and most players use them. Are they knowingly fooling people with the books they advertise? I doubt it. More likely that they are very ignorant on this topic. In the final analysis it's the players responsibility to do the research and find out what the different sites, such as sbr or covers, are about. It's not that hard in the google age.

[Ballpark]

At this point, I would love SBR to step in and try to get a deal for players with Covers being cut out of the picture.
But I'm not sure how easy that would be.....

[alling]

what happened to my thread/post titled “BetED.com Folded Like a Cheap Suit: BetOnLine.com Bailout Suitor" that i found on gambling911.com?

[beyond]

I been following all the forums last 2 weeks. Most likely covers/beted will give bailout to a new book that they probaly own portion of it

[Bill Dozer]

At this point, I would love SBR to step in and try to get a deal for players with Covers being cut out of the picture.
But I'm not sure how easy that would be.....

We talked with books that were interested in helping but they need full cooperation from BetEd, or Covers if they are brokering for BetED. These books need the database to know how many players there are and what their exact balances are. That's not to mention how much of the funds were bonus monies, how many payouts were in route and deducted that weren't received from that closed processor and they need to figure out stuff like what to do with futures bets on Miami or Dallas Mavs. On top of all that, being a month later, does a sportsbook feel confident that BetED hasn't seeded their balance list with Ed, Fred, Ted and Jed?

Yes, the book behind the bailout we initially outlined was BetOnline.

[katstale]

Give it up guys for Alex and BOL. Any love Alex for Cascade players?

[BetOnline]

Yes, the book behind the bailout we initially outlined was BetOnline.

Thanks, Bill. And thanks for your help throughout this process. When we didn't hear back from the BetEd guys well past the deadline, Bill made our offer public so it'd be a matter of public record.

You can see our offer down on post 76 of this thread; we tried to keep it very simple and fair for all. And that offer stands.

Of course BetEd would have preferred an offer with cash up front; that's called Christmas. Only a complete ass would put money up front for a bailout deal... but we can only assume that's what they're still out there looking for.

We do hope their players end up somewhere decent with a fair deal; it's certainly being spun that way elsewhere but this dragging it out helps no one. In the meantime, fingers crossed for you BetEd players!

Cheers
Alex

[pokerplayer22]

Thanks, Bill. And thanks for your help throughout this process. When we didn't hear back from the BetEd guys well past the deadline, Bill made our offer public so it'd be a matter of public record.

You can see our offer down on post 76 of this thread; we tried to keep it very simple and fair for all. And that offer stands.

Of course BetEd would have preferred an offer with cash up front; that's called Christmas. Only a complete ass would put money up front for a bailout deal... but we can only assume that's what they're still out there looking for.

We do hope their players end up somewhere decent with a fair deal; it's certainly being spun that way elsewhere but this dragging it out helps no one. In the meantime, fingers crossed for you BetEd players!

Cheers
Alex

Thanks for the effort Alex. Im guessing this deal would have got done if it hadnt been for covers. We'll all keep our fingers crossed that something can still get done.