BetED bailout scam

[SBR_John]

Looks bad. The players need for the BetEd ownership to simply email the database file to BetOnline and the deal is on. At this point BetOnline has not indicated that they are no longer interested but no one could blame them if they walked.

Someone in the Beted/Covers camp needs to develop a conscience and quit trying to profit off the deal.

[thisisit]

Nothing is ever going to happen here, unless beted gets something really good out of it! They are liars, and cheats, and they will co ntinue to be till they make things right.

[Bill Dozer]

Hey Bill...in your opinion, would the betonline bailout deal have got done if it had not been for covers getting in the way???

I don't think they got in the way of something beted wanted to do. ED and covers were working the strategy together and their role seemed to be PR. They aren't real good at it and now they're missing toes. They know now that they would have been better off not trying to hide the fact that there were bailout offers. But, they just got done telling their users that there was nothing in the works and their money was gone. Later players see that a few books showed interest and no one down here got a call.I think they panicked after the first bailout offer was made public.

That said, betED can still go after the BOL deal. Nothing is stopping them today from picking up the phone.

[secretstash]

i think covers are just trying to get in on the money transaction.. i think it sucks.. its bad enough this book is stiffing thousands to players.. its pathetic.

-stash

[bigugly]

Shady books do shady things...

[pokerplayer22]

i think covers are just trying to get in on the money transaction.. i think it sucks.. its bad enough this book is stiffing thousands to players.. its pathetic.

-stash

And yet Covers continues to deny it until they are blue in the face.

[princecharles]

yes they need a times out?????!!!!!!!!!!!!!!!!!!!!!!!!

lol

[lt56]

When you say the processor was set up by Homeland Security - does that mean the they will go after anyone who used it to deposit/withdraw also?

I dont think Ive ever read a story about them going after a player. Are there such instances?

That would be really awful, to have lost money that you had in your account - and then get a letter from the DOJ.

They don't go after players unless the player is a bookie who's using an offshore book to place a lot of bets for other players.

[lt56]

When you say the processor was set up by Homeland Security - does that mean the they will go after anyone who used it to deposit/withdraw also?

I dont think Ive ever read a story about them going after a player. Are there such instances?

That would be really awful, to have lost money that you had in your account - and then get a letter from the DOJ.

To give you a better answer; the DOJ is not concerned with players. They've seized millions from Beted and their affiliates. It's the books who have the serious money; not the players. The DOJ set them up for 15 months before seizing their money. It's a brutal sting operation; setting up a phony payment processor, getting in tight with offshore sites and then seizing their money and busting them. And the Beted top people are looking at jail sentences ranging anywhere from 5-20 years. People think they care about selling a list of names??? When your money is seized and jail is looming you try to save yourself. Non-U.S. players should have legal recourse for their money; it doesn't seem legal for the DOJ to take money from Non-Americans. I'm confused by the idea of BOL or Covers even being able to help

[reddog61]

Found an interesting article that I think players should be aware of......http://www.gamblingiq.com/forum/onli...sion/42962.htm Not sure you can believe everything you read but I sure think players should be aware of everything right now in this industry!

[Thremp]

John,

Why did you say the deal was completely dead in post 60, but yet the tune from SBR seems different now?

[todd73nj]

To give you a better answer; the DOJ is not concerned with players. They've seized millions from Beted and their affiliates. It's the books who have the serious money; not the players. The DOJ set them up for 15 months before seizing their money. It's a brutal sting operation; setting up a phony payment processor, getting in tight with offshore sites and then seizing their money and busting them. And the Beted top people are looking at jail sentences ranging anywhere from 5-20 years. People think they care about selling a list of names??? When your money is seized and jail is looming you try to save yourself. Non-U.S. players should have legal recourse for their money; it doesn't seem legal for the DOJ to take money from Non-Americans. I'm confused by the idea of BOL or Covers even being able to help

Thanks, Great response!

And you are completely right. Non-US players should have their money returned 100% from the US DOJ. There must be some sort of legal actions that can be taken if you are from outside the USA. Where was Bet Ed located?

[SBR_John]

John,

Why did you say the deal was completely dead in post 60, but yet the tune from SBR seems different now?

I actually said now that it appears neither covers or betEd can profit from their own white label, all in the family type bailout deal, they seem to have little to no interest in letting a white knight come in for the sole purpose of saving the players. As long as the promoter and the stiff owners are holding out for a piece of the pie it's doubtful BetED players will see a bailout.

[vividjohn45]

Thanks, Great response!

And you are completely right. Non-US players should have their money returned 100% from the US DOJ. There must be some sort of legal actions that can be taken if you are from outside the USA. Where was Bet Ed located?

to the thred above me. can't get the full quote i think.


this is not a good response. bet ed. went into business. and took money. they knew about potential pitfalls. Doj Stings.

and have not returned any money. they could pass on the list. and patially wash their filthy dirty hands.

but it seems more like they are scamming and hiding some money.

---------------

no matter what the Doj has done. they still have some responsibilty.

their own players will hate them forever. remembering this hatred to the beted guys til the grave.

for their own conscience they should try to clean up as best as possible.

--------------------------

if a list is a small thing for bet ed. as the response says. and writer claims confusion. why not turn it over.

it would help the players. Yes?

so why not hand it over. unless you are scamming.


----------------

little confusion here. ez enuff to read.

[firehoyt]

What truly sucks the most is the US Gov't wins all the way around. They are trying to prove a point that offshore books are nothing but crooked and it's only after the US shuts them down that the books show their true colors with how crooked they really are. So, had the US Gov't not gone after them, they'd still be considered a decent book and it be business as usual for most players. So the US Gov't is saying, "We told ya so! They're all crooks!"

[KilltheBitch]

I am liking this site more and more... Keep up the good work. I came from across the street as they say..... Total clowns over there now and a useless site nowadays. Not one relevant thread to be found anymore. Oops didnt mean to go off thread sorry

[WileOut]

unreal hope the players end up ok

[gtkid911]

from the looks of it, players dont real have too much hope. like they say, if its too good to be true than it probably is.

[cloudagh]

I will take the BOL offer. Any terms even close to those mentioned.

[stats13]

It's pretty funny how Lou and Freedom over at Covers keep making vague references to some kind of news and then don't say anything.

[Bill Dozer]

My guess is BetED will wait out the next week to see if they can get any cash to pay their local bills which are due next week. The government drops the hammer if you don't pay your people and rent but BetED doesn't want to go deeper in their pocket. If they don't get the cash they are holding out for maybe they just go away or maybe they get back on the phone and work on the best offer that's left. It's still a long shot for players at this point but we don't expect anyone to hear anything in the next few days to a week.

[Patrick McIrish]

Exactly; BetEd was seized by DOJ on May 26th. Their money and assets frozen. They're finished. No one in their right mind would cut a deal with them. The processor in question was a set up; a processor set up by Homeland Security and watched for over a year. Unfortunately; this is no game; it really sucks. Doubtful anyone's laughing from BetEd

Was Lou in on this one as well? No fan of SBG (used to love the imaginary red Corvette they alleged to raffle off every year, LOL) but this place went way too far in going after an "enemy". Back to BetED talk, carry on.

[pokerplayer22]

My guess is BetED will wait out the next week to see if they can get any cash to pay their local bills which are due next week. The government drops the hammer if you don't pay your people and rent but BetED doesn't want to go deeper in their pocket. If they don't get the cash they are holding out for maybe they just go away or maybe they get back on the phone and work on the best offer that's left. It's still a long shot for players at this point but we don't expect anyone to hear anything in the next few days to a week.

Even if it takes another week or two, i just hope something gets done.

[beyond]

i guess we'll have to wait

[lt56]

Thanks, Great response!

And you are completely right. Non-US players should have their money returned 100% from the US DOJ. There must be some sort of legal actions that can be taken if you are from outside the USA. Where was Bet Ed located?

BetEd was located in Costa Rica. I say was because they're finished and their millions have been seized by DOJ. I think Americans here are dreaming if they think they're getting their money. Maybe non-Americans have a shot; maybe. BetEd was a sponser for Covers so Covers initially said they would do whatever they could to recover the players money. Just as those running this forum would do whatever they could for their players here if a similiar problem happened. But BetEd not only was seized with their top people looking at jail time for what the DOJ considers money laundering, but they now realize as does Covers and all the other sites; that Beted was being watched for 15 months. So DOJ has everything on them and could follow any list. No one in their right mind would want anything to do with BetEd or any list they have. And BetEd could care less at this point. Everything they had is lost and now they fight to avoid jail. Americans playing off shore gambling have to understand that the DOJ views any money transaction from an off shore site to an American bank as money laundering which means the BetEd bust sets a precedent and makes all these sites potential targets. Basically this completely sucks as does living in America; the so called land of the free.

[todd73nj]

BetEd was located in Costa Rica. I say was because they're finished and their millions have been seized by DOJ. I think Americans here are dreaming if they think they're getting their money. Maybe non-Americans have a shot; maybe. BetEd was a sponser for Covers so Covers initially said they would do whatever they could to recover the players money. Just as those running this forum would do whatever they could for their players here if a similiar problem happened. But BetEd not only was seized with their top people looking at jail time for what the DOJ considers money laundering, but they now realize as does Covers and all the other sites; that Beted was being watched for 15 months. So DOJ has everything on them and could follow any list. No one in their right mind would want anything to do with BetEd or any list they have. And BetEd could care less at this point. Everything they had is lost and now they fight to avoid jail. Americans playing off shore gambling have to understand that the DOJ views any money transaction from an off shore site to an American bank as money laundering which means the BetEd bust sets a precedent and makes all these sites potential targets. Basically this completely sucks as does living in America; the so called land of the free.

Ok so what about some sort of Costa Rican Regulators - that regulate the gambling industry there? For them to locate in Costa Roca - it must be legal - and regulated? - there?

I agree - US players wont have any recourse, we know the dangers of playing off shore.

But when Matchbook left the US, they talked of Antiguan regulators holding and distributing money. When I questioned this, I was told they were a governing body. I personally could not find any information on them. But if these agencies exist - shouldnt this be the proper direction of the non-US player who was doing nothing wrong - who had their money siezed by another government?

[Thremp]

The Antiguan regulators is an outlandish fabrication completely unsubstantiated by MB. Lets stop talking about fairy tales.

[durito]

Ok so what about some sort of Costa Rican Regulators - that regulate the gambling industry there? For them to locate in Costa Roca - it must be legal - and regulated? - there?

I agree - US players wont have any recourse, we know the dangers of playing off shore.

But when Matchbook left the US, they talked of Antiguan regulators holding and distributing money. When I questioned this, I was told they were a governing body. I personally could not find any information on them. But if these agencies exist - shouldnt this be the proper direction of the non-US player who was doing nothing wrong - who had their money siezed by another government?

First off, the money was not all seized. If beted wanted to pay foreign players they could.

Costa Rican authorities are only interested in laws that protect Costa Rican employees, they don't give a shit if you open up a no-payout sportsbook scam as long as you pay your employees.

[stats13]

i wonder what it is exactly that covers has done through all this "dealmaking" process

[beyond]

they just playing the waiting game

[lt56]

First off, the money was not all seized. If beted wanted to pay foreign players they could.

Costa Rican authorities are only interested in laws that protect Costa Rican employees, they don't give a shit if you open up a no-payout sportsbook scam as long as you pay your employees.

If you ran a good business for years and always paid and then suddenly had millions seized and were looking at a 5-20 year prison sentence; would you be concerned about working with the DOJ to get a reduced prison sentence; or would your focus be to pay off some players?

America should either allow internet gambling here in America or cut deals with the offshore books that they pay taxes to America. And then everyone would win. Probably they'll pay taxes to IRS and everything will work out eventually

[me-first]

I've been going to Covers for about 10 years and didn't even realize they had a forum..

[Ballpark]

As a UK player with just over $2k in BetED should I sit tight for a potential bailout or
see if I can take action to get my funds back?

[todd73nj]

First off, the money was not all seized. If beted wanted to pay foreign players they could.

Costa Rican authorities are only interested in laws that protect Costa Rican employees, they don't give a shit if you open up a no-payout sportsbook scam as long as you pay your employees.

Well then thats my misunderstanding - because though I was reading that the money was seized by the DOJ.

[shari91]

Well then thats my misunderstanding - because though I was reading that the money was seized by the DOJ.

No you're right. The fake processor account was seized. But despite the impression some are trying to give off, most of us agree that BetDead's owners would've had to have chipmunk brains to keep all of their money in one account.

So durito's point was that despite them losing some of their money, there is still cash available. There just has to be. Realistically if you were a book would you dump all of your cash into one processor? Especially a relatively new one? I can't imagine any sane business person would. Mind you they're definitely not showing their business sense at the moment by the way they're handling this whole bailout thing so we could be giving them too much credit. Maybe they truly are that stupid. But again, I highly doubt it.