BetED bailout scam

[durito]

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

As Shari pointed out, unless they were the dumbest people in the whole world, there is no way they kept all of their assets in a handful of accounts or even a significant percent of them in those accounts. The DOJ got accounts from other books that didn´t have any problems continuing operating.

Books get processor cash seized all the time. Bodog had some 30million or something taken a couple years ago. There is no way the owners of beted don´t have multiples of the players balances saved away somewhere (unless they spent it all), they´ve been in business for a long time, big advertiser at covers. The owners could make it right if they wanted too, they chose to blame their problems on the DOJ.

[stats13]

covers posted an update that basically beted deals are dead because they are "laying low" and not trying to further piss off the US Government.

[shari91]

covers posted an update that basically beted deals are dead because they are "laying low" and not trying to further piss off the US Government.

I just went and read Freedom's statement after I saw your post. For a chick who normally uses 5000 words too many to get my point across, I'm at a loss. Absolutely gutted for those of you with money in there and disgusted beyond belief.

[KEdge2k]

That whole line about "the feds got ALL of our money, we have NONE left" always struck me as completely unbelievable. You'd have to be one of the stupidest people on the planet in terms of running a business in order to do that (not segregate monies into different accounts and/or have multiple banks that you use). I mean that's like world-champion level Stupid.

[lt56]

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.

Wake up; the people at the top of BetEd who handle all the money are looking at 5-20 years in jail for money laundering. They're finished and out of business. With BetEd unknowlingly dealing with Homeland Security for 15 months; who knows how much money was seized besides the money seized from the phony payment processor. None of us know how much money was seized and how much is left. But if they have money left they're probably more likely to give it to DOJ to reduce a prison sentence; than to give it to players. Non U.S. players broke no laws and should not lose their money but who knows how they get it. Can they contact Homeland Security and get paid back? I have no idea, but it never hurts to try. All around this sucks for everyone and might lead other books to leave America

[robertg]

i read today at Covers that heritage/horizon were involved in bailout talks but that they had stalled.
what a bunch of scumbags at covers!!!

[SportsMushroom]

Wake up; the people at the top of BetEd who handle all the money are looking at 5-20 years in jail for money laundering. They're finished and out of business. With BetEd unknowlingly dealing with Homeland Security for 15 months; who knows how much money was seized besides the money seized from the phony payment processor. None of us know how much money was seized and how much is left. But if they have money left they're probably more likely to give it to DOJ to reduce a prison sentence; than to give it to players. Non U.S. players broke no laws and should not lose their money but who knows how they get it. Can they contact Homeland Security and get paid back? I have no idea, but it never hurts to try. All around this sucks for everyone and might lead other books to leave America

dude you dont know what you are talking about, every owner of every offshore book can be arrested and sent to prisoned if they landed in the US, as long as they stay out of the US they have nothing to worry about

the situation now is as it was from before the seize, beted is just out some bucks, the opportunity came along and they decided they'd rather pocket the rest of the money and migrate to some sunny beach for a permanent vacation

[Kindred]

so who sucks more, beted or covers

They are one in the same. I read beted got 95% of their customers from Covers and were paid 70% earnings from those accounts they sent. Covers pretty much is Beted.