BetEd Sportsbook out of business

[SBR Lou]

BetEd Sportsbook out of business

Sources tell SBR that BetEd Sportsbook has physically moved its hardware out of its office. Management is unreachable and players have not received any response to questions about their funds. A sports forum that previously ranked BetEd Sportsbook as their number one sportsbook also confirmed that BetEd is out of business.

On May 23rd, SBR reported on sportsbook domain seizures which effected seven gambling websites. BetEd reportedly had the largest involvement with a bogus processing company setup by US authorities.

[KEdge2k]

Some serious questions remain to be answered, including whether or not BetEd had any idea this was coming as they allegedly solicited a ton of deposits within the last week before seizure by reportedly offering a 100% deposit bonus.

[stats13]

Kiss my $1500 goodbye, it would be nice if it was at least tax deductible

[Fishhead]

Kiss my $1500 goodbye, it would be nice if it was at least tax deductible

If you pay taxes, it is.

[Mammon]

A shame. They must have been close to broke before the US came in.

[pavyracer]

100% bonus offers is always asking for trouble. Wonder how many sheep sent money to these crooks.

[Santo]

If Bookmaker had 5 days or so warning (they registered their alternate domain on May 18), not that far fetched to think BetEd did too...

[Fishhead]

Complete joke.


Get out of these C or lower books NOW...........

[exstatman]

If a 100% bonus is asking for trouble, then Just Bet might be the next to fall. They have called dozens of times in the last week or so making the offer with no cap stated.

[stats13]

LOL at that this was c***ers.com's #1 book!

[thetrinity]

scary to think how much i had in this book at one time, after i made a big score in a merge poker tournament then hit a near 5 figure payout the next day via a large parlay.

[No coincidences]

Wasn't BetEd a B book according to SBR?

[thetrinity]

to be honest, we all know what risk we take when we play with these guys. even the best books ur funds are only good up to 97 98 cents on the dollar. this has to be the biggest book to go down in quite some time.

[thetrinity]

Wasn't BetEd a B book according to SBR?

i believe c+

[No coincidences]

Man, did Covers.com whiff on these guys or what?

[thetrinity]

Man, did Covers.com whiff on these guys or what?

yep their bloods all over this travesty. they should be ashamed.

[thetrinity]

at any rate a fishy ass time for the 100% bonus, small as it may have been. i could see before football season or maybe the ncaa tournament, but at the deadest time of the year?

and it was monopoly money anyways.

[boeing power]

Americans should pull their money out of sportsbooks asap, this is just the beginning

[tblues2005]

This is not a shock to me. I wish they would done this to the stiff books like BetUs or Sportsbook.com though. Then there would have been some real happy people about that.

[thetrinity]

Americans should pull their money out of sportsbooks asap, this is just the beginning

im not goin back in anywhere just yet. im jaded at this point, but ill be back im sure. money is still safer here then with a local, even a great one like i have.

[jjgold]

Never played at that lousy book

be smart

[tblues2005]

jjgold I am glad you didn't have anything there either.

[thetrinity]

im glad c****rs got bloodied i hate lowlife central over there anyways.

[relaaxx]

Re: What can I do?


5/23/11






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From:Beted.com (join@beted.com) Sent:Mon 5/23/11 10:20 AMTo: xxxxxxxx@hotmail.com





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To get you to bet the NBA & NHL Finals?

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[milpet]

OMG, this sux big time

[Ballpark]

BetED and Non-US Players?

Is there anything the players who were not based in America and had
a balance at BetEd can do?
Or just write off the money?

[gregm]

The reaction from covers is beyond hilarious. One minute they were saying players funds were secure , now they are saying that the united states government stole the players funds and you need to approach your congressman to get them back.


Comical

Strange , but I have seen no problems from bookmaker/dsi other than a little slower than usual. It seems to be running fine, It seems to be more of a hassle for bookmaker with the domain seizure. More like the film mess with atdhe, cheannelsurfing than the poker mess or the problems with beted.

statement from Lou at covers


OK, we finally have confirmation, but it's not good news...

betEd is out of business. Period. There will be no alternate site launched. They came to this conclusion upon the recommendation of their lawyers.

And to top it off... the American authorities have seized ALL of the players money. There is no middle ground here. The money is gone until the authorities decide to give it back.

And before you blame betEd for this and make accusations that they have cut and run with the money, it is not so. Yes, they have cut, and maybe they plan to run, but they have no money. They are victims too. In fact, they are currently liquidating their personal assets to fund the lawyers fees they will soon be needing. I am sure nobody is interested in hearing about their problems right now, but I thought I would mention it before the rumors start.

This sucks. No doubt about it.

If you are owed money from betEd, your best avenue right now is to immediately contact your Congressman and tell him that the American government stole you money. Because that is what happened.

I have been told to also mention that Covers will make an official announcement about this situation shortly.

[pokerplayer22]

100% bonus offers is always asking for trouble. Wonder how many sheep sent money to these crooks.

I was one of the sheep. Baaaaaaah

[Santo]

Is there anything the players who were not based in America and had
a balance at BetEd can do?
Or just write off the money?

If you used Moneybookers, Neteller etc then contact them, but be prepared for a long wait.

[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.

[PoweRay]

#1 at Covers, just ask Lou over there. Forum ratings don't mean shit, probably the highest bidder gets ranked #1.

[gregm]

Thats at least a little good news for the guys who have money there. From my experience with betonsports, only a fraction of the amount owed will be returned but I hope these guys see their money again. I will say this, the american government just build so much hatred and ill will towards our country when it does this stuff. If I was a punter in europe or asia and I had money at Beted, I would be in a rage a foreign government can cause you these financial problems.

[RickySteve]

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

[Ballpark]

If you used Moneybookers, Neteller etc then contact them, but be prepared for a long wait.

Thanks Santo.
I used Neteller.
Is there any history of Neteller covering losses?

[patswin]

i feel like i dodged another one with beted