BetEd Sportsbook out of business

pokerplayer22 · 05-25-11, 12:38 PM

Originally posted by RickySteve

No f'ing way in hell ALL of BetEd's money was in accounts seized.

Of course it wasnt all seized. Do people really believe that beted kept all 30 million or 50 million or whatever they had was all in one bank acct? Get real. They prob had 20 bank accts and had 2 of them seized...then ran off with the rest of our money.

Santo · 05-25-11, 12:39 PM

BallPark: Not really, they are subject to FSA requirements and would likely investigate it, but it probably depends if BetED have any fund left in their merchant account.

Moneybookers have covered a few corrupt books in the past when funds were left.

treece · 05-25-11, 12:40 PM

play at A books only from now on.

Santo · 05-25-11, 12:40 PM

Originally posted by pokerplayer22

Of course it wasnt all seized. Do people really believe that beted kept all 30 million or 50 million or whatever they had was all in one bank acct? Get real. They prob had 20 bank accts and had 2 of them seized...then ran off with the rest of our money.

A lot of last weekends payments probably haven't even cleared the merchants yet. Would be interesting to know who they used to process transactions over the weekend - was it still Linwood/DOJ?

Coming Back! · 05-25-11, 12:45 PM

I don't understand why anybody on this forum would ever play at Beted. I really don't.

Boscoe · 05-25-11, 12:49 PM

well... they are one of the few books that had opinionated entertainment props which is why i played there. fortunately, i cashed out most of my balance a couple of weeks ago.

gregm · 05-25-11, 12:49 PM

Originally posted by treece

play at A books only from now on.

The DOJ is not out there using ratings to targets b- or c- books, bookmaker is an A book and they were still targeted.. Poker starts and full tilt were highly rated, and I still have not seen a penny from full tilt

thetrinity · 05-25-11, 12:54 PM

gregs right. full tilt apparently had 60million in play on credit and they havent paid americans yet about 6 weeks later.

that place is enormous compared to beted or even bookmaker. why would anyone think they are above this at this point?

LVHerbie · 05-25-11, 12:59 PM

I know I got promotional email from them on the 23rd... What happened to the funds of people who recently deposited? Their neteller and moneybooker accounts weren't touched so where are the funds they had sitting in ewallets?

Absolutely impossible that all their funds were snatched by DOJ...

thechaoz · 05-25-11, 01:00 PM

Just keeps getting worse every single day

ROYAJA8 · 05-25-11, 01:03 PM

Dam they closed and there still sending me an email for the 50% bonus on Monday. What a bunch of hustlers these guys trying to make as much as they can before making a run for it.

No coincidences · 05-25-11, 01:05 PM

Originally posted by stats13

official statement, in the form of a post from a covers ref:

I will start with the news that many people have already suspected: betEd is closed and will not be reopening.

But there is more news: All of the player funds have been seized.

That is not a typo. There is no money left. The American government has it all.

Now, this isn't the first time sportsbooks have gone out of business, so you might be wondering why Covers feels the need to make an official statement about the status of betEd.

It is simple. They were at the top of our Top Sportsbooks list, and this is the first time in 16 years that we have ever recommended a sportsbook that went out of business without paying their customers.

And it is a damn shame.

It wasn't their fault. They got entrapped by a sting run by the American government, and now the American government has seized all of their bank accounts and holds your money.

I've already heard people complaining that betEd must have been shitty businessmen to lose the player deposits.

Nope. That was all accounted for. They ran a small, but very professional shop. They intentionally tried to stay below the big government radar. They made business decisions based on the idea that sometimes it was a good idea to leave a little bit of profit on the table if it meant that they would be more secure.

None of that mattered. The money was seized.

That is scary.

But I will end this post on a positive note. And by "positive" I mean, I am positive of one thing: Anybody owed money by betEd will get it back.

That's right. You heard it here first.

We at Covers.com don't take kindly to having our clients money stolen from them. Hell, it makes us look bad. We recommended those guys to you.

We will do everything in our power to get your money back and in your hands. We are going to ask, beg, talk, whine, shout, whisper, or write to whoever it takes to get that money released to the players.

That is a promise.

Good luck with that.

I'm sure you'll "ask, beg, talk, whine, shout, whisper or write" the money away from the feds.

thetrinity · 05-25-11, 01:07 PM

Originally posted by No coincidences

Good luck with that. I'm sure you'll "ask, beg, talk, whine, shout, whisper or write" the money away from the feds.

this same tool is the one who literally mocked posters the day before for "hysteria"

some "linesman" at crookvers.com

iceminers26 · 05-25-11, 01:15 PM

I've said it from Day 1, Covers and Lou (Cover's Lou not SBR Lou) was a shady bunch and now their advertising dollars just buried any reputation they had left (beted #1, I was laughing at that from day 1). Most would think the forum will be hurting but in all honesty I've seen the way some over there pick so wouldn't surprise me if they are dumb enough to stay over there after this event, but any one with half a brain should tell them to fk off and leave.

However they are not alone when it comes to advertising dollars. Even though I feel SBR is truly the standard when it comes to ratings, I still feel some of their ratings are just because of ad dollars, so this could have easily happened to them as well if the right book was singled out.

Bottom line is I'm just hoping the players' funds are somehow returned to them, will be praying for them.

No coincidences · 05-25-11, 01:18 PM

Originally posted by iceminers26

Even though I feel SBR is truly the standard when it comes to ratings, I still feel some of their ratings are just because of ad dollars, so this could have easily happened to them as well if the right book was singled out.

I'd love to see the strategy for recovering those funds, ICE.

That money is long gone.

thetrinity · 05-25-11, 01:18 PM

thanks ice, no doubt it has a lot to do with advertising dollars, i liked playing on the merge poker network a main reason at beted, also seemed to get decent lines on dogs in soccer, that was about it though.

thetrinity · 05-25-11, 01:19 PM

i agree with no coincidence just gota count it as a lesson learned and move on.

Fishhead · 05-25-11, 01:19 PM

Originally posted by jjgold

Never played at that lousy book

be smart

RX endorsed

Do or should BETED players seek refuge there?

thetrinity · 05-25-11, 01:22 PM

crookvers is more bloody then the doctor is though. NUMBER 1 BOOK! obviously we knew it was bought n paid for but seriously.

Mattn3236 · 05-25-11, 01:22 PM

Lol why would anybody send money to a foreign book not rated an A?

alling · 05-25-11, 01:22 PM

Glad I dumped Beted for The Greek earlier this year. Final straw for me was when Beted graded a game lost with 5 minutes to go. Yet grading a win sometimes took 12 hours or more. That and all the SBR posters who bashed Beted. Thank you to said posters.

thetrinity · 05-25-11, 01:22 PM

Originally posted by Mattn3236

Lol why would anybody send money to a foreign book not rated an A?

why would anyone play poker with full tilt? CLOWN

pokerplayer22 · 05-25-11, 01:26 PM

Originally posted by Fishhead

RX endorsed

Do or should BETED players seek refuge there?

YES. Therx and Covers both heavily endorsed this book. Even though i have little or no respect for either forum, that is the only reason i deposited there for the 100% cash bonus. I fugred if i stayed out of their casino, i'd be fine. I think therx and covers needs to put their peabrain heads together and come up wth a solution. God knows they were paid HUGE advertising dollars to endorse such a shitty site. I think that money needs to be spent now.

Grosshhit · 05-25-11, 01:31 PM

Originally posted by iceminers26

I've said it from Day 1, Covers and Lou (Cover's Lou not SBR Lou) was a shady bunch and now their advertising dollars just buried any reputation they had left (beted #1, I was laughing at that from day 1). Most would think the forum will be hurting but in all honesty I've seen the way some over there pick so wouldn't surprise me if they are dumb enough to stay over there after this event, but any one with half a brain should tell them to fk off and leave.

However they are not alone when it comes to advertising dollars. Even though I feel SBR is truly the standard when it comes to ratings, I still feel some of their ratings are just because of ad dollars, so this could have easily happened to them as well if the right book was singled out.

Bottom line is I'm just hoping the players' funds are somehow returned to them, will be praying for them.

thanks for your prayers. we all know god loves sports gamblers

thetrinity · 05-25-11, 01:31 PM

best thing any forum can do is to get these players a special bonus of some sort with another book. i cant see what other recourse there could be.

excel · 05-25-11, 01:33 PM

Greed at its finest.

thetrinity · 05-25-11, 01:33 PM

Originally posted by Grosshhit

thanks for your prayers. we all know god loves sports gamblers

god loves all his children

robzilla · 05-25-11, 01:34 PM

If BetEd was an SBR sponsor, you'd see SBR making excuses just like Covers is doing. This thing isnt about rating books, or the truth... its about money.

TobiasFunke · 05-25-11, 01:36 PM

Wow SBR>Covers

BrickJames · 05-25-11, 01:44 PM

Originally posted by stats13

official statement, in the form of a post from a covers ref:

I will start with the news that many people have already suspected: betEd is closed and will not be reopening.

But there is more news: All of the player funds have been seized.

That is not a typo. There is no money left. The American government has it all.

Now, this isn't the first time sportsbooks have gone out of business, so you might be wondering why Covers feels the need to make an official statement about the status of betEd.

It is simple. They were at the top of our Top Sportsbooks list, and this is the first time in 16 years that we have ever recommended a sportsbook that went out of business without paying their customers.

And it is a damn shame.

It wasn't their fault. They got entrapped by a sting run by the American government, and now the American government has seized all of their bank accounts and holds your money.

I've already heard people complaining that betEd must have been shitty businessmen to lose the player deposits.

Nope. That was all accounted for. They ran a small, but very professional shop. They intentionally tried to stay below the big government radar. They made business decisions based on the idea that sometimes it was a good idea to leave a little bit of profit on the table if it meant that they would be more secure.

None of that mattered. The money was seized.

That is scary.

But I will end this post on a positive note. And by "positive" I mean, I am positive of one thing: Anybody owed money by betEd will get it back.

That's right. You heard it here first.

We at Covers.com don't take kindly to having our clients money stolen from them. Hell, it makes us look bad. We recommended those guys to you.

We will do everything in our power to get your money back and in your hands. We are going to ask, beg, talk, whine, shout, whisper, or write to whoever it takes to get that money released to the players.

That is a promise.

There going to put Sarah J phillip on the case of the stolen funds! your money is safe! lolololol

RichardGeorge · 05-25-11, 01:45 PM

LOL @ Covers saying all there money was confiscated.

No fuckin chance they had even 25% of there money locked in one account. They had multiple ways of paying and multiple bank accounts... They obviously just ran off with anyones money before they got locked away.

Some companies are run the right way (Poker Stars and Bookmaker), while the truth is coming out about others who didn't manage there money right (BetEd, AP, Full Tilt).... At this point the government is doing us a favor by weeding out the books who werent financially secure. I can guarentee Bet Jamaica/The Greek are run the right way....

jjgold · 05-25-11, 01:46 PM

Covers actually has lots of the players money

They were in cahoots with this book

I told you fukkin clowns never ever trust Covers

FRAUDS, THIEVES

Hopefully they are raided next

StraitShooter · 05-25-11, 01:46 PM

bullshit...lies...thieves...**** you covers and beted too

thetrinity · 05-25-11, 01:47 PM

Originally posted by BrickJames

There going to put Sarah J phillip on the case of the stolen funds! your money is safe! lolololol

another shill for that shithole a dude obviously posing as a chick.

iGotWinners · 05-25-11, 02:13 PM

Sorry to hear that people lost their money at Bet Ed. Thank god I didn't bet someone named Ed. The name of the sports book called BetEd already sounds fishy. I guess they paid a lot to covers.com to be #2. Is Sports Interaction legit by being #1 at Covers? Or were they just the highest bidder? No offense to anyone who lost their money there at BetEd.

Another question if any knows the answer to this. What is the name of the BetEd model? Because it seems to be a mystery how they're hiding her name and that also makes BetEd fishy. Thanks, BOL all!

P.S. that was hilarious how Lou ended the dang 'ole (Points Whoring (diverted) thread with the dang 'ole sbr forum policy. LOL Good one to Lou and empty cookie jar for setting up that dang 'ole joke.