Sportsbook Controversy - BETed Situation

these guys have a good idea of whats happening

https://www.youtube.com/watch?v=PjRWM0hqDbg

Wow!

Thanks for posting that-it helps seeing the opinion of a couple pros' instead of listening to all these idiots in here.

Well Lou, what do you have to say to that? You either promoted a shit book that you know was crap (as #1 book) or the those same people you called "good" people and a 'quality" book just up a said a might "FUCK YOU" to American players

This is just unreal-isn't covers sponsored by USA today or something?

It could of happened to any of the online books, that's what people just don't get Lou.

But the big problem I do have with BetEd is them having that much money with the processor that could be seized in the first place.

That's what the Detroit dude is saying, he's saying it blows his mind that BETED had "ALL" of their money in that one processor, not multiple ones. I think honestly his opinion is that htey are full of shit, and that there is no way they could have had all of their eggs in one basket so to speak. I'm sure it's mighty convenient for them to say that was their only processor, after the fact, while they ran off with the rest of the money. That book has been around for years, there is no way they had one processor, or even 75% of their funds through that processor.

The other  point he makes is this: That processor had all the money for that specific "period"-not all profits and revenues for that company. What was in the seized processor was not ALL of their money. It was a sum of money at a snapshot in time (likely 3 days all the way up to May 23rd) THat is not the only revenue those shitbags had!

Our money is long gone, and there is nothing a relationshiup with covers is going to do about it. I don't blame covers completely, obviously, as you run a great site. But it blows my mind that a formidable place such as covers was so duped by this.

DOJ can seize any account they want anywhere, anytime, including in foreign jurisdictions.  The prosecutor has already stated that it is illegal for Internet gambling enterprises to do business in U.S., regardless of where the website operator is located.  BetEd chose a Maryland-based payment processor, a punch-drunk, stupid decision. 

BetEd was regulated in Costa Rica but why they have no reserves and how this very fact was allowed by their 'regulatory agency' in that country are beyond me.  I completely feel down about everyone who sided with Covers/BetEd and now are left wondering in limbo.  The owner of Covers is just a marketing puppet and his statements are irresponsible, although I don't think Covers intentionally misled the public.  But also I don't think these gambling site owners have any lobbyists in DC, so all the rhetoric about getting everyone's money is just that.

DOJ's brought the hammer down on BetEd's head, game's over.  And no one knows where the $$ is.  Of course.  Will the Feds setup another payment processor and refund everyone's money, along with a tax notice, who knows where these two BC hosers and their $$ are, that can take years, sounds bad all-around. 

US moneymen, aka lawmakers, are gonna legalize gambling using those Wall Street-funded software currently being built/tested in LV/Nevada.  It's very obvious to anyone with a pair of eyes, they're leveling the playing field.  It's their righteous goal, to revitalize not only LV/Nevada, but also their pump up their tax revenue, which is dwindling each passing day, thanks to, oh, the recession, financial crisis and Wall Street again.