Posted:
#1
formerly sportsbetting.com
For the most part, when receiving a bank wire withdrawl, the process is you submit it, then they leave it under review for 3 business days and process it under the 4th (obviously hoping you go back in and cancel it and bet it if you lose over those 3 days).
Once it's processed it can take "5-10 business days", but I would say pretty consistently over the last year you could expect to get the wire within a week of when you originally submitted it, which isn't bad considering some of the other places out there.
Well recently, things have gone downhill. I have been waiting over 3 weeks on a withdrawl, and they are now saying expect 10-20 business days....I made a 2nd withdrawl request over Christmas, and yesterday they posted a note on the site saying due to the holidays and banks being slow, plus the high demand of payouts, that no withdrawl requests made after Dec 19th will start being processed until Jan 3. and will be in the order they are received. (in which you can then start the clock on 10-20 biz days)
This doesn't tell you anything, other than expect a long delay. A few years ago, they did this over basketball season and payouts took almost a few months to finally arrive. This book has been around for a long time and have always paid, I will give them that, but this reeks of cash flow problems. It's just simply inexcusable to have to wait this long, and then be dicked around with the vague answers on timeframe.
I know we are big boys and that is the risk involved, but just making this post as a professional courtesy to everyone on Covers to tread cautiously with them, or if you are in the same boat to contact them and complain. I wouldn't deposit any money with them until they get this resolved, and would love to see some of the Covers execs see if they can make a plea on behalf of some of their customers.
Have a happy holidays everyone.
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