All Forums | Gaming Industry - US

An Official Message from Covers Regarding betEd

...
Participants:
Search model icon
Views: 20310
Posts: 148
 
Prospect
Participation Meter
Joined: Jul, 1995
Posts: 363
Posted: #1
I will start with the news that many people have already suspected: betEd is closed and will not be reopening.

But there is more news: All of the player funds have been seized. 

That is not a typo. There is no money left. The American government has it all.

Now, this isn't the first time sportsbooks have gone out of business, so you might be wondering why Covers feels the need to make an official statement about the status of betEd.

It is simple. They were at the top of our Top Sportsbooks list, and this is the first time in 16 years that we have ever recommended a sportsbook that went out of business without paying their customers.

And it is a damn shame.

It wasn't their fault. They got entrapped by a sting run by the American government, and now the American government has seized all of their bank accounts and holds your money.

I've already heard people complaining that betEd must have been shitty businessmen to lose the player deposits.

Nope. That was all accounted for. They ran a small, but very professional shop. They intentionally tried to stay below the big government radar. They made business decisions based on the idea that sometimes it was a good idea to leave a little bit of profit on the table if it meant that they would be more secure.

None of that mattered. The money was seized.

That is scary.

But I will end this post on a positive note. And by "positive" I mean, I am positive of one thing: Anybody owed money by betEd will get it back.

That's right. You heard it here first. 

We at Covers.com don't take kindly to having our clients money stolen from them. Hell, it makes us look bad. They were on our list.

We will do everything in our power to get your money back and in your hands. We are going to ask, beg, talk, whine, shout, whisper, or write to whoever it takes to get that money released to the players.

That is a promise.
 
Veteran
Participation Meter
Joined: Jun, 2010
Posts: 1460
Posted: #2
awesome, i'm in for $1500
 
Captain
Participation Meter
Joined: Dec, 2010
Posts: 6431
Posted: #3
Yeah I'd like my $780
 
Prospect
Participation Meter
Joined: Dec, 2010
Posts: 47
Posted: #4
I'm in for $700, the covers recommendation for BetED was so convincing
 
Banned
Participation Meter
Joined: May, 2011
Posts: 216
Posted: #5

I hope you're right because the ONLY reason i opened an acct and deposited with them this past weekend is because they were your top ranked book.  Ive been a long time member at sbr and have seen many complaints about them (mainly with casino issues, but i dont play in the casino) but i figured if you guys are endorsing them this much, its probably safe to send $250 to for a nice bonus. 

I hope you guys figure something out soon.   

 
Prospect
Participation Meter
Joined: Nov, 2010
Posts: 9
Posted: #6
I have been a customer for them over three years.  They been treating me well and no problems.  It is too bad they are out of business. But even worse that I still have $3500 in the account.  Hopefully we will get it back.

 
Legend
Participation Meter
Joined: Nov, 2007
Posts: 35430
Posted: #7
Quote Originally Posted by Freedom@Stake:

I will start with the news that many people have already suspected: betEd is closed and will not be reopening.

But there is more news: All of the player funds have been seized. 

That is not a typo. There is no money left. The American government has it all.

Now, this isn't the first time sportsbooks have gone out of business, so you might be wondering why Covers feels the need to make an official statement about the status of betEd.

It is simple. They were at the top of our Top Sportsbooks list, and this is the first time in 16 years that we have ever recommended a sportsbook that went out of business without paying their customers.

And it is a damn shame.

It wasn't their fault. They got entrapped by a sting run by the American government, and now the American government has seized all of their bank accounts and holds your money.

I've already heard people complaining that betEd must have been shitty businessmen to lose the player deposits.

Nope. That was all accounted for. They ran a small, but very professional shop. They intentionally tried to stay below the big government radar. They made business decisions based on the idea that sometimes it was a good idea to leave a little bit of profit on the table if it meant that they would be more secure.

None of that mattered. The money was seized.

That is scary.

But I will end this post on a positive note. And by "positive" I mean, I am positive of one thing: Anybody owed money by betEd will get it back.

That's right. You heard it here first. 

We at Covers.com don't take kindly to having our clients money stolen from them. Hell, it makes us look bad. We recommended those guys to you.

We will do everything in our power to get your money back and in your hands. We are going to ask, beg, talk, whine, shout, whisper, or write to whoever it takes to get that money released to the players.

That is a promise.




That's a mighty big promise, Freedom. I wish you guys luck.


 
Veteran
Participation Meter
Joined: Jul, 2002
Posts: 1228
Posted: #8
If you made a payment to betEd using Visa, CHARGE IT BACK!
 
Veteran
Participation Meter
Joined: Jun, 2010
Posts: 1460
Posted: #9
can we get an official statement from Lou on this too. I know he's given updates, but I'd like to hear from him as well.
 
Veteran
Participation Meter
Joined: May, 2001
Posts: 4487
Posted: #10
BetToWin - You'll never see me recommend a person to do a chargeback, but in this case I would turn a blind eye.

Snot - I've updated the Update.
 
Prospect
Participation Meter
Joined: May, 2011
Posts: 18
Posted: #11
Aren't you the same person berating clients yesterday for their "hysteria" and stating that BetED would most likely resume their spot atop the Covers rankings shortly?

And we should believe you or anything anybody else here at Covers has to say why?  Your credibility is completely and totally shot as far as I'm concerned, and quite frankly, you folks are now the laughingstock of quite a few other sites out there.  You've been exposed.

I've already initiated chargebacks against these BetED crooks.  I'm not going to wait around for a bunch of chumps from Covers who just yesterday stated players funds were "safe", as in safely in the pockets of fleeing BetED execs and Covers bigshots who misled clients into believing that BetED was both solid and safe, of which they are neither.
 
MVP
Participation Meter
Joined: Oct, 2007
Posts: 17830
Posted: #12
I appreciate the fact you will be trying to hard to get the money back but what about players who had PENDING wagers, such as futures on team to win nba title and whatnot. Since beted is closed, how would you guys go about getting that money back? I had numerous futures such as Heat to win Eastern Conference, etc. that would have been winners.

Isn't it going to be almost impossible to figure all this out?
 
Prospect
Participation Meter
Joined: Jul, 1995
Posts: 363
Posted: #13
King_Coebra - At the time, that's what I thought. Being hysterical didn't change a thing for you, did it?

This is the only response I will make to you, as you probably won't read it anyway.

If you could read, you would notice that it has been very clear that the US government has seized all of the player deposits. The US government has told people that they seized accounts. This is a lie?

We were hoping that the player deposits were not seized. No such luck.

That being said, I still pledge to do everything I can to get the American government to return your money. Please, let us know if your chargeback is successful, so they can take you off the list. That would be honorable, right?

rangerz: That's a great question. And I really can't answer that right now. Good point though and it should be considered.
 
MVP
Participation Meter
Joined: Oct, 2007
Posts: 17830
Posted: #14
It's one thing for you guys to figure out player balances and whatnot, but it's another to think there's any possible way of determining what players had pending. It's not as if I expect the U.S. government to grade my Miami Heat Eastern Conference futures so in that regard it's obviously an interesting aspect to all this. I'll admit, I'm on the lower end of the pole here as my pending wagers are not that big from BetED. But at the same time, I'm sure there are a ton of people out there with pending futures who are going to want answers.

Anyways, I appreciate the response.
 
Veteran
Participation Meter
Joined: Jun, 2010
Posts: 1460
Posted: #15
Quote Originally Posted by rangerz2478:

It's one thing for you guys to figure out player balances and whatnot, but it's another to think there's any possible way of determining what players had pending. It's not as if I expect the U.S. government to grade my Miami Heat Eastern Conference futures so in that regard it's obviously an interesting aspect to all this. I'll admit, I'm on the lower end of the pole here as my pending wagers are not that big from BetED. But at the same time, I'm sure there are a ton of people out there with pending futures who are going to want answers.

Anyways, I appreciate the response.

ha, I have Chicago over Heat +155, i was hoping that all pending wagers now would be converted back into funds LOL
 
Prospect
Participation Meter
Joined: May, 2011
Posts: 18
Posted: #16
Quote Originally Posted by Freedom@Stake:

King_Coebra - At the time, that's what I thought. Being hysterical didn't change a thing for you, did it?

This is the only response I will make to you, as you probably won't read it anyway.

If you could read, you would notice that it has been very clear that the US government has seized all of the player deposits. The US government has told people that they seized accounts. This is a lie?

We were hoping that the player deposits were not seized. No such luck.

That being said, I still pledge to do everything I can to get the American government to return your money. Please, let us know if your chargeback is successful, so they can take you off the list. That would be honorable, right?

rangerz: That's a great question. And I really can't answer that right now. Good point though and it should be considered.


I wasn't being hysterical.  I was sticking up for the rights of others to voice their displeasure with what is going on with a book that you folks illegitimately had rated #1.  You were the jackass who felt compelled to insult them for their very real and legitimate concerns as it turns out.

What has been reported has not been clear in the least.  It was stated that bank accounts were frozen.  We are to assume that the book you had rated number one overall would be stupid enough to keep all players funds in one or two locations instead of spread out all over the place like others do.  Especially in today's climate and the recent Black Friday incident?  Do you think everybody is just fucking stupid?

I guess because Lou now claims that ALL players money has been seized that means it to be true huh?  I'm sorry, but Lou's, yours and every other member of the Cover's staff's credibility is shot, so no just because I read that Lou stated all players funds are now gone does not make it factual.

You weren't "hoping" they weren't seized because you actually reported that players funds were safe.  Which means you, Covers, lied to everybody about the situation in an attempt to cover your own asses.

I can't believe you even have the gall to mention honorable.  What honorable thing has Covers done regarding this situation other than erroneously post an update stating our funds were safe and that BetED would return to their position atop the Covers rankings as soon as this all got sorted out.

You have a lot of nerve. Quit spinning shit, wipe the egg off your face, admit you and the rest of Covers only recommended BetED because they have been lining your pockets  and quit insulting customers who have lost money because they believed your recommendations in the first place.

What a total tool.
 
Prospect
Participation Meter
Joined: Sep, 2008
Posts: 76
Posted: #17

I've never had a problem with beted.com as I have always enjoyed their website and the payments have always been handled very well. However, this has been a terrible string of events in the pass 2 days. I myself had 2,153 dollars on my account and I want it back as well. I have already emailed my congressional district leader and hope that this promise of getting our money back is true as I took your advice to open an account on beted a few years ago.

Best of luck too all and continued winning!

 
Prospect
Participation Meter
Joined: May, 2011
Posts: 15
Posted: #18
Hi Freedom,

I had exactly $1491.23 in my account, but how can we even prove what we had in our accounts if we can't even print out something showing our balances since the site is down.  I keep a log of all my wagers and my daily balances, will that hold up if there is ever a time where the government decides to give us back our funds?

Thanks for your help, and good luck with all your efforts.
 
Prospect
Participation Meter
Joined: May, 2011
Posts: 15
Posted: #19
Also, I am in the same boat where I only signed up with Beted because they were so heavily advertised on Covers.  Thanks for the effort Covers, I hope you guys can do right by us.
 
Veteran
Participation Meter
Joined: May, 2001
Posts: 4487
Posted: #20
Kiing - I know you lost some money, but your a fucking clown.

If you spent anytime on this forum you would see that we try very hard to give people the best information we can.

This site does get paid by its advertisers. So what?

They've been doing it for 15 years, and this is the first time I've seen them have an advertiser go sour with the deposits, so if you want to use this one situation against them, go ahead, but it shows how uninformed you are.

Find another site that has this much information that gives it away for free. These guys have to make money somehow.

I can't believe you call out a guy like that after he just pledged to get your money back.

 
Prospect
Participation Meter
Joined: May, 2011
Posts: 18
Posted: #21
Quote Originally Posted by Lou:

Kiing - I know you lost some money, but your a fucking clown.

If you spent anytime on this forum you would see that we try very hard to give people the best information we can.

This site does get paid by its advertisers. So what?

They've been doing it for 15 years, and this is the first time I've seen them have an advertiser go sour with the deposits, so if you want to use this one situation against them, go ahead, but it shows how uninformed you are.

Find another site that has this much information that gives it away for free. These guys have to make money somehow.

I can't believe you call out a guy like that after he just pledged to get your money back.



Lou go fuck yourself.  I don't give a rats ass what you think or say.  You lied to us about the situation yesterday in your update.  The jackass you are so adamantly defending was insulting folks yesterday because of their concerns.  He just mocked me in his reply inferring that i had trouble reading.

Covers is a joke and I really don't care that some asshat claims he is going to do everything in his power to get our money back.  I don't trust you, I don't trust him and I don't trust Covers.

Look in the mirror if you want to see a fucking clown asshole.
 
Veteran
Participation Meter
Joined: May, 2001
Posts: 4487
Posted: #22
I've read all of the posts you and had.

You started over the top and kept getting more and more ridiculous.

The only reason you are not banned is because each of your posts makes you look more and more like a lunatic.

Keep it up.

You still haven't promised to let us know if your chargeback goes through.
 
Prospect
Participation Meter
Joined: May, 2008
Posts: 372
Posted: #23
Why didn't the Government go after all the bigger operations like they did in Poker? Why are Bookmaker et al still up running? 
 
Prospect
Participation Meter
Joined: May, 2011
Posts: 18
Posted: #24
Quote Originally Posted by Lou:

I've read all of the posts you and had.

You started over the top and kept getting more and more ridiculous.

The only reason you are not banned is because each of your posts makes you look more and more like a lunatic.

Keep it up.

You still haven't promised to let us know if your chargeback goes through.


Lou.  You don't need to ban me because I have no interest in supporting this POS site any further.  Since I joined several weeks ago I have seen nothing but misinformation and lies from you (BetUS is closing, personal BetED recommendation, recommendation of BetED live betting platform that has caused me nothing but hassles with the multiple errors to my account, and to top it off, you had the nerve to update your locked thread with the "fact" that players funds were safe yesterday)

Why would I make any sort of promise to you or your site?  You have done nothing but lie and provide misinformation and downright lies since day one.

You don't need to ban me.  I would like my account closed and permanently disabled now. 
 
 
Prospect
Participation Meter
Joined: Nov, 2010
Posts: 9
Posted: #25
Lou, can I have some help here.  or anyone else.  how will the charge back through work?  The credit card company needs to investigate to see if the other company can provide any information.  In the case that beted is gone so there is no one to back up the charges right?
All Forums | Gaming Industry - US
About Us
Contact Us
Careers
Our Team
Brand
Testimonials
Betting Guides
Sportsbook Reviews
Betting News
Podcasts
Responsible Gambling
Betting Sites
US Betting Sites
Canada Betting Sites
Canada Casinos
Best Betting Apps
Contests
Streak Survivor
King of Covers
Ultimate Race
Office Pools
The Covers community has
810,221
lifetime members worldwide
Covers 30 Years Logo Established in 1995,
Covers is the world
leader in sports
betting information.
21+
Gambling problem? Call 1-800-GAMBLER
Help Privacy Terms of Service Cookies Sitemap Forum
Covers is verified safe by:
Evalon Logo Logo GPWA Logo GDPR logo Logo GeoTrust logo Logo PCI DSS logo Logo
Copyright © 1995 - 2026 CS Media Ltd. All Rights Reserved.
If you choose to make use of any information on this website including online sports betting services from any websites that may be featured on this website, we strongly recommend that you carefully check your local laws before doing so.It is your sole responsibility to understand your local laws and observe them strictly.Covers does not provide any advice or guidance as to the legality of online sports betting or other online gambling activities within your jurisdiction and you are responsible for complying with laws that are applicable to you in your relevant locality.Covers disclaims all liability associated with your use of this website and use of any information contained on it.As a condition of using this website, you agree to hold the owner of this website harmless from any claims arising from your use of any services on any third party website that may be featured by Covers.