BetIslands to close with player funds

[PaperTrail07]

clover...anyone willing to have 45K in BI is 2 things: RICH and Dumb...

[tarheelfan72]

Their backer was some unknown rich guy from new york
f

Unknown to the board, known to SBR, if they were telling the truth about verifying who the backer was.

Time to spill the beans and let justice happen.

[PaperTrail07]

You think God condones illegal gambling?

I love how you mix Morals with the laws created by some rich white fucktards in office LOL...

[mighty maron]

I mean how does this owner walk around feeling safe unless he is up MILLIONS, dude has a target on his back

This is easy to answer...look at the fiancial housing crisis in the USA a few years ago...people lost 35% of their houses worth and just took it...

sure they marched in the street for a week or so but in the end they just took it

so people hundreds or thousands of miles away have nothing to fear when people dont take care of robberies that happen in their own homeland

[Inkwell77]

fukk SBR and fukk these Costa Rican scumbags

I encourage everybody to take every last cent out of your offshore accounts (unless you play at Pinnacle or The Greek).

If you want to bet do it with a local or just go to Nevada (or hopefully New Jersey in a couple of months)

[Milk Money]

Unknown to the board, known to SBR, if they were telling the truth about verifying who the backer was.

Time to spill the beans and let justice happen.

If this is really true then SBR was in on the scam from the beginning or just too fuucking incompetent to be running a "watchdog" site. At this point I wouldn't even give any1 at SBR besides Justin7 a fuucking mop job.

I guess its time for me to leave this POS place once and for all.

[tarheelfan72]

clover...anyone willing to have 45K in BI is 2 things: RICH and Dumb...

Not necessarily. When Vegas announces it lost money on football in October, you know something is going on with the way lines are set that the casinos have not caught up with. Maybe blind luck, but a lot of average gamblers have been killing it this football season.

[magynuck]

At only 1.5 million in funds this would be a huge public relations coup for an established book. Write off as advertising expense. Attach a ridiculous 100X rollover. Create 150 million in action. Most would lose it back anyway. The goodwill created would be worth the possible expense.

[mighty maron]

I shoulda seen this coming. I thought it was odd the way this book would just give away freeplays like they were growing on trees. When in reality the whole thing was just one big ponzi scheme exactly like Full Tilt. Their business model was such that they really should never have taken big money sharp action.

They obviously mixed players funds with operating funds and in the end the "financial backers" just stole the money. And of course SBR has no choice now but to protect these financial backers because they were sending SBR a monthly check for what turned out in the end to be hush money.

I do appreciate the way SBR finally sucked it up and told "something resembling the truth" today rather than let it drag on by stringing people along.

Full Tilt floated *************** deposits when there processors were crashing from the DOJ. They got buried by extending credit instead of looking weak and saying enough is enough..no more deposits....after that they drowned

BI did not extend credit...they took the deposits and at some point decided to implement the "oddsmaker" plan

[mighty maron]

At only 1.5 million in funds this would be a huge public relations coup for an established book. Write off as advertising expense. Attach a ridiculous 100X rollover. Create 150 million in action. Most would lose it back anyway. The goodwill created would be worth the possible expense.

Little goodwill is generated with degenerates...as soon as a book does this and then when the first minor thing goes wrong..its what have you done for me lately

[cheddar327]

just got off the phone with BI and was told that they are still open for business.

[GoDeViLs]

I truly feel sorry for anyone who has stumbled across SBR and took their recommendations as gospel. Like leading sheep to slaughter while SBR lines their pockets up until the bitter end.

Hopefully this incident will educate people on how SBR isn't a player advocate but actually an entity that lies, steals and will help books defraud you. Unreal.

[KGambler]

6 digits?

No. Less than 6 figs. Still higher than any I have seen so far, but more people are coming forward. I don't want to say anymore.


SBR says bailouts were discussed... just how much does BI owe players in total?

[ForgetWallStreet]

At only 1.5 million in funds this would be a huge public relations coup for an established book. Write off as advertising expense. Attach a ridiculous 100X rollover. Create 150 million in action. Most would lose it back anyway. The goodwill created would be worth the possible expense.

The only books that could afford a bail out are already well known to BIs existing customer base so why would they bother?

[flyingillini]

does it rhyme with fun mice?

Griffy griff! Wouldn't be surprised if it's the same backers and the vice lords will become the #1 forum book, you can't make this stuff up!

[gwills]

No. Less than 6 figs. Still higher than any I have seen so far, but more people are coming forward. I don't want to say anymore.


SBR says bailouts were discussed... just how much does BI owe players in total?

This may seem like a rookie statement, but can you describe what a bailout would entail?

[5mike5]

Griffy griff! Wouldn't be surprised if it's the same backers and the vice lords will become the #1 forum book, you can't make this stuff up!

exactly

[boatboatboat]

1 v i c e.... we need help!! let Griffin come in here and talk!

SBR pride wouldnt allow that to happen.

[ronald]

My limits were $1000 sides/totals. I got hot the last month and more than doubled my balance. Tried to take a 5k check recently but they said "Sandy" knocked out their processor. I got talked down to a couple $975 p2ps instead. Then lucky me I won another $2500 this past weekend to bring my balance to its highest ($10,700). Just a shitty circumstance that I get burned at my highest fig.

Sorry to hear.

[Milk Money]

Their backer was some unknown rich guy from new york
f

This unknown rich guy from New York just stole a lot of money from a lot of people. I think its time to make him known.

I mean I wonder how this unknown rich guy got his money.

And also unknown rich guy as a solid financial backer does not = established bookmakers as SBR claimed for their "B" rating of Betislands.

Did SBR do any research of any kind into the financial backing of this book over a year ago or not?

[GoDeViLs]

The BetIslands rating is a joke and more or less fraud. The book is paying well because of partnership now with SBR, who still only rates them a B but gives them a banner doesn't comment on them much but allows their forum to be infested with BetIsland shills. The real deal behind that book is Jon essentially doesn't exist. Jon formerly used the name Nick and managed two different shops SBR has rated D-. He then became Jon when moving to WagerChief brand and SBR helped build him up. When he lost that position he continued the sell and took over BetIslands.

SBR pulled a stunt. BetIslands was rated D with other Jazz sites. With it being an unknown tiny book, they just deleted all reference of it for a few months. Then they initiated them at C- on March 22, 2011. The forum shills started with a bad group but Jon is the man and kept repeating it.

It took less than 8 months to go from C- to B.

11/03/2011 06:57 PM CST
BetIslands upgraded from B- to B
08/04/2011 03:05 PM CST
BetIslands upgraded from C+ to B-
06/21/2011 12:26 PM CST
BetIslands upgraded from C to C+
05/17/2011 08:00 PM CST
BetIslands upgraded from C- to C
03/22/2011 06:21 PM CST
BetIslands - SBR initiates rating coverage at C-

SBR would have a tough time selling this book so the ghost just do it. Granted while Jon has been there everything has been fine, but this was just a take over a dead brand and was the continuation of the fabricated Jon character SBR helped sell when he was with WagerChief.

...

[PPH]

At only 1.5 million in funds this would be a huge public relations coup for an established book. Write off as advertising expense. Attach a ridiculous 100X rollover. Create 150 million in action. Most would lose it back anyway. The goodwill created would be worth the possible expense.

Why would any book even want to do this? Most of the bigger balances are with customers that probably have accounts with the big boys. I am not sure how SBR felt that Jon was some stand up guy. Everyone that knows him knew that he was a marketing guy and had no clue how to manage betting accounts. You don't give reduced juice and free half points on key numbers and expect to last long in this industry. I also find it hard to believe that SBR didn't see this coming after there most recent move into the EZ office. That smelled of desperation with the whole "we are expanding our office and buying another book".

[JasonDC]

This may seem like a rookie statement, but can you describe what a bailout would entail?

There is no bailout coming..just move on and accept that your money is gone..i lost over 6k myself and im sick about it, but its gone..dreaming about some bailout thats not coming wont help.

[magynuck]

clover...anyone willing to have 45K in BI is 2 things: RICH and Dumb...

Took weekly withdraws. Started NFL season with 6k. Bet there only when best line available. Made initial deposit of $500. Have had regular withdraws for a couple of years. Not dumb.

[Milk Money]

The BetIslands rating is a joke and more or less fraud. The book is paying well because of partnership now with SBR, who still only rates them a B but gives them a banner doesn't comment on them much but allows their forum to be infested with BetIsland shills. The real deal behind that book is Jon essentially doesn't exist. Jon formerly used the name Nick and managed two different shops SBR has rated D-. He then became Jon when moving to WagerChief brand and SBR helped build him up. When he lost that position he continued the sell and took over BetIslands.

SBR pulled a stunt. BetIslands was rated D with other Jazz sites. With it being an unknown tiny book, they just deleted all reference of it for a few months. Then they initiated them at C- on March 22, 2011. The forum shills started with a bad group but Jon is the man and kept repeating it.

It took less than 8 months to go from C- to B.

11/03/2011 06:57 PM CST
BetIslands upgraded from B- to B
08/04/2011 03:05 PM CST
BetIslands upgraded from C+ to B-
06/21/2011 12:26 PM CST
BetIslands upgraded from C to C+
05/17/2011 08:00 PM CST
BetIslands upgraded from C- to C
03/22/2011 06:21 PM CST
BetIslands - SBR initiates rating coverage at C-

SBR would have a tough time selling this book so the ghost just do it. Granted while Jon has been there everything has been fine, but this was just a take over a dead brand and was the continuation of the fabricated Jon character SBR helped sell when he was with WagerChief.

wow that pretty much sums it up...

[KGambler]

This may seem like a rookie statement, but can you describe what a bailout would entail?

Another book takes over the accounts. They gain customers, customer info (dormant accounts) and goodwill. They attach a rollover to the balance, so you just can't immediately withdraw the money.

The problem is that the A books have no incentive to do this. They have to love to see this... A shop that was offering insane bonuses and promos, and who used a convenient but very costly payout method is no more... And the players are scared shitless and looking to only post up with the most solid shops. This is good for them, all of the money being gone. Only downside is that some people may never pay offshore again, but I really think that fear is overblown. This is tremendous news for all of the most solid books.

So it would have to be a lower tier site coming along and I don't anticipate that happening.

SBR should give a bailout since they were complicit in all of this (ignoring stupid business plan of BI, confirming that backers were big time and financially secure, covering up lies about BI not being associated with EZstreet, talking up "Jon Kreta" - I can go on). How about your balance is transferred to SBR book as a freeplay balance with high rollover? It's not much but at least it's something and would show that SBR is interested in salvaging their reputation.

[JAKEPEAVY21]

wow, I feel terrible for you guys that had significant funds there..

[Kindred]

Why are these books run like ponzi schemes? Why is segregated player funds not a requirement for high SBR ratings?

[allin1]

SBR pride wouldnt allow that to happen.

They already raised their rating from D to D+. Never say never. Money talks. Anything can happen around here.

[tarheelfan72]

Why are these books run like ponzi schemes? Why is segregated player funds not a requirement for high SBR ratings?

Because then there would only be two banners at the top of the page, and sbr couldn't make any money.

[Monitor-Tan]

Is it possible that someone knew in advance that this was going to happen? I am trying to avoid paranoia but still, it's a possibility that someone at least felt that this could happen.

Supposedly there was another site that posted that BI would go down about a month ago

[magynuck]

Why would any book even want to do this? Most of the bigger balances are with customers that probably have accounts with the big boys. I am not sure how SBR felt that Jon was some stand up guy. Everyone that knows him knew that he was a marketing guy and had no clue how to manage betting accounts. You don't give reduced juice and free half points on key numbers and expect to last long in this industry. I also find it hard to believe that SBR didn't see this coming after there most recent move into the EZ office. That smelled of desperation with the whole "we are expanding our office and buying another book".

It is a reach but...

1. Get some degens in the door. Most will lose money on rollover and maybe play more since they have been accustomed to place and they only lost because of "bad money management' might play there more.

2. The action they do not want will bet more -ev bets to complete rollover. At a place like bookmaker I am lucky to do 20k a week in bets. That would change.

3. Advertising is part of the budget. Will Hill for example has done crazy things in the past to get there name out there.

I know it is not going to happen but trying to put a positive spin on it to show there is some upside.

[big joe 1212]

If there is another SBR bash, the brass might want to hire some extra security. Lots of people will be wanting to kick you guys in the nuts!

I doubt you will have another bash though. This place has lost all credibility! Only reason to be on here is to talk some smack and grab some points for free sHit!

SBR obviously lied. Even going back to last summer when they tried to deny BI's involvement with Ez and 7red. If they weren't lying then they are very incompetent! Either way they are no good!

I like how Bill has all the answers all of a sudden this morning. They didn't see anything coming?
Go back to last year when BJ closed. He made they announcement at like 6:30 in the morning. How long did they know about that move?


bottom line is that SBR only cares about $$$$
They don't care about us at all!

SBR can't be trusted! This place is going down!


Fuckkk you SBR!!!!!

go ahead and ban me! I don't give a fukkkkkkk!!!!

[Brooks]

i havent smoked a cigarette since august 25th, heading to a bar now and most likely will light up. at least im an sbr pro tho

[Scooter]

clover...anyone willing to have 45K in BI is 2 things: RICH and Dumb...

Comments like this are ignorant and contribute nothing to the discussion.