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Another forum in the works on bailout for beted clients

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Legend
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Posted: #201
Out of curiosity, let's say this "bailout" goes through. If the other book is just buying a customer list, shouldn't BetEd really be taking all of the proceeds from that sale and providing them directly to the players?
 
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Posted: #202
not if beted is so fucked up right now (allegedly) they need money just to pay their attorney's fees (allegedly)
 
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Posted: #203
Quote Originally Posted by SnotBoogy:


so you think the fact that it was said somethign would be announced early this week INCREASES the likelihood that it would, when it's midday wednesday and it hasn't?

interesting

I just know as much as you know.  And the only thing we both know are the statements and promises made my Freedom and Lou.

 
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Posted: #204
Quote Originally Posted by kaponofor3:

Out of curiosity, let's say this "bailout" goes through. If the other book is just buying a customer list, shouldn't BetEd really be taking all of the proceeds from that sale and providing them directly to the players?

That's not a bailout. Just a sale of the customer list, and while lots of sportsbooks would probably like to buy that list, they are not going to pay anything near what the customer accounts are worth, so in the end the players would only get a small percentage of their balances.

A bailout is where the customers - and their accounts - are transferred over to a different book who lets them keep playing as ifnothing happened, sort of.

There are many different possibilities for bailout deals, but most would probably go something like this...

The purchaser gets the customers and promises to pay off the balances based upon some rollover rules. In their view, the combination of goodwill, loyalty and enjoying the new experience will hopefully convince the customers to stick around after the rollover requirements are completed. This would make the deal worthwhile for the purchaser, but they are going to incur major short-term costs from customers that cash out at the first opportunity.

betEd gets out from under the weight of the customer accounts obligation and tries to get their affairs in order.

The players get a chance to keep playing and ideally make it through the rollover requirements without losing their balance. Then they can choose to stay or go. Hopefully they keep playing indefinitely and in the end are not even affected other than the inconvenience of this interruption in their playing. 

The only players that get screwed are the ones who were planning to make withdrawals from betED in the short-term and then lost that cash during the rollover. 

In the end, nobody really wins except the DOJ who's got the original money that was seized.

Now, if there is any kind of happy ending from this. It would be to convince the DOJ to rightfully release the funds that can then be dispersed between all deserving parties.
 
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Posted: #205
Quote Originally Posted by Freedom@Stake:


That's not a bailout. Just a sale of the customer list, and while lots of sportsbooks would probably like to buy that list, they are not going to pay anything near what the customer accounts are worth, so in the end the players would only get a small percentage of their balances.

A bailout is where the customers - and their accounts - are transferred over to a different book who lets them keep playing as ifnothing happened, sort of.

There are many different possibilities for bailout deals, but most would probably go something like this...

The purchaser gets the customers and promises to pay off the balances based upon some rollover rules. In their view, the combination of goodwill, loyalty and enjoying the new experience will hopefully convince the customers to stick around after the rollover requirements are completed. This would make the deal worthwhile for the purchaser, but they are going to incur major short-term costs from customers that cash out at the first opportunity.

betEd gets out from under the weight of the customer accounts obligation and tries to get their affairs in order.

The players get a chance to keep playing and ideally make it through the rollover requirements without losing their balance. Then they can choose to stay or go. Hopefully they keep playing indefinitely and in the end are not even affected other than the inconvenience of this interruption in their playing. 

The only players that get screwed are the ones who were planning to make withdrawals from betED in the short-term and then lost that cash during the rollover. 

In the end, nobody really wins except the DOJ who's got the original money that was seized.

Now, if there is any kind of happy ending from this. It would be to convince the DOJ to rightfully release the funds that can then be dispersed between all deserving parties.

First off thanks for Covers effort on this, it is a trying time for all.

I had a question maybe u can help with. I decided to get out of beted when the instant check deposit was disable. My withdrawl was process on May 20th so what would happen on this situation cause I probally show a 0 balance in the records. Sure there are ALOT of us in this situation. Just curious how this might be handle. Again thanks and hoping this all works out for all of us. Oh Yeah since I know these guys read these F*ck off DOJ. 

 

 
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Posted: #206
Oh, a shocker, no news on Wednesday. Im beginning to believe this bailout shit is never gonna happen.
 
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Posted: #207
Quote Originally Posted by michael_coolman:

Oh, a shocker, no news on Wednesday. Im beginning to believe this bailout shit is never gonna happen.

I know covers doesn't intend to create optimistic buzz and then allow us to get kicked in the nuts, but I'd rather hear "there are no updates" than good news followed by silence.
 
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Posted: #208
Just posted this update... and it's a doozy. 


They say that no news is good news, but in this case no news sucks.

Last we heard is that due diligence is still taking place.

I know it's an important decision, but I'm getting impatient.

As Freedom told me, I think maybe our source was a little bit overly-optimistic about the timeframe, but at this point I don't think things can go much further without a "Yea" or "Nay" and hopefully that comes sooner rather than later.

That's all we know.
 
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Posted: #209
I know 'Rome" wasn't built in a day, and I know sometimes a bailout is never in question with closed up books.
But this whole thing doesn't sound good.

First off I call BS that the doj has ALL of beteds funds. because if TRUE they were stupid as can be.

A bailout was heard about over 3 weeks ago, can't see why it's taking so long for this to happen.

Freedom's answer today was fine, but for whatever reason "BetFled"
are dragging their feet on this. which only makes me think they are looking to make money on this, and whoever pays more is the winner.

They should Care ONLY for what's best for the players.


 
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Posted: #210

Quote Originally Posted by thehorsemen2:

I know 'Rome" wasn't built in a day, and I know sometimes a bailout is never in question with closed up books.
But this whole thing doesn't sound good.

First off I call BS that the doj has ALL of beteds funds. because if TRUE they were stupid as can be.

A bailout was heard about over 3 weeks ago, can't see why it's taking so long for this to happen.

Freedom's answer today was fine, but for whatever reason "BetFled"
are dragging their feet on this. which only makes me think they are looking to make money on this, and whoever pays more is the winner.

They should Care ONLY for what's best for the players.


1. Of course the DOJ doesnt have all of beteds.money.  Thats not even a remote possibility.

2.  I agree that every party involved should only have the players interest at hand...but we all know thats not the case.  Everyone always wants their cut

 
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Posted: #211
Quote Originally Posted by richsox24:

1. Of course the DOJ doesnt have all of beteds.money.  Thats not even a remote possibility.

2.  I agree that every party involved should only have the players interest at hand...but we all know thats not the case.  Everyone always wants their cut

thanks for the head's up
 
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Posted: #212
Quote Originally Posted by LVTruck:

thanks for the head's up
TRUCK
 
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Posted: #213
Calvin Ayre just literally just took a shit on Lou and Freedom's face! hah
 
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Posted: #214
Quote Originally Posted by Hobsjeff:

Calvin Ayre just literally just took a shit on Lou and Freedom's face! hah


You get what you deserve , now eat shit and your words too.
 
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Posted: #215
I love how that story implies something illegal about Covers without any facts, but emanates from the mouthpiece of Calvin Ayre - the guy who actually claims that he doesn't run Bodog.
 
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Posted: #216
Freedom wow you are quite defensive.  Not professional either.  If u were smart ud shut the fuck up and stop posting nonsense and wait.  The crediblity of Covers is at a breaking point and ur making things worse bro.   Put a lid on it
 
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Posted: #217
Quote Originally Posted by Hobsjeff:

Calvin Ayre just literally just took a shit on Lou and Freedom's face! hah
Everybody knows who owns bodog, and his staff writers are just stirring the pot, when this is all said and done, hopefully we can get some real answers not a bias slant from the scum bag your quoting,,
 
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Posted: #218
this. sucks.
 
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Posted: #219
Hobs, I defend myself. That's what I do.

If Calvin wants to print lies about Covers, I'm just telling people to look at the source.
 
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Posted: #220
Freedom...what happened to the betonline deal?  Betonline, themselves, clearly posted across the street that they layed a deal on the table for beted.  This deal was very good for the players (supposedly thats what beted is concerned about), but beted never accepted this deal.  Any explanations???
 
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Posted: #221
any updates? non-updates? anything cool happen in the life of freedom or lou? its nice to hear from you guys regardless. 

I kinda like d wade over 37.5 pts baords and assists tonight... thoughts?
 
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Posted: #222
Quote Originally Posted by SnotBoogy:

any updates? non-updates? anything cool happen in the life of freedom or lou? its nice to hear from you guys regardless. 

I kinda like d wade over 37.5 pts baords and assists tonight... thoughts?




Yeh I feel like I've gotten to know these guys lately.

Love that bet. dallas hasn't had an answer for wade all series. Wades making James look like Pippen which isn't bad but he was the sidekick.
 
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Posted: #223
man lou and freedom won't even say hi anymore. this must be realllllllllllllllllllllllllllllllllllllllllly bad
 
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Posted: #224
How does the bailout book have to approach the database? Say the database has 1000 players. Surely many of those players have given up hope or had zero balances. Does the book email players and say you had xxxx dollars and explain the situation? Or do they just own the emails and now approach the new clients as if they just bought an email list of players in which case their liability of the bailout is next to nothing
 
 
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Posted: #225
Betonline is Rank#1 here, their bailout got rejected cause they refused to give beted upfront cash... This tells us why it's taking so long. We  give them business and they're treating us like underground dirt right now.
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