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An Official Message from Covers Regarding betEd

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Participants:

Posts: 148

richsox24

Banned

Joined: May, 2011

Posts: 216

Posted: May. 25, 2011 - 2:55 PM ET #26

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...how exactly does he plan to get us our money back? I'd love to know. I had $1530 there and I am all ears....

Lou

Veteran

Joined: May, 2001

Posts: 4487

Posted: May. 25, 2011 - 3:05 PM ET #27

Hi rich:

No idea. All I know is that the owner of this site, despite what the haters might think, actually do really care about their reputation.

They know that they make their business off of being respected and the fact that they lost an advertiser and the deposits is making them sick and angry, and they plan to make this a big public stink.

richsox24

Banned

Joined: May, 2011

Posts: 216

Posted: May. 25, 2011 - 3:10 PM ET #28

Quote Originally Posted by Lou:

Hi rich:

No idea. All I know is that the owner of this site, despite what the haters might think, actually do really care about their reputation.

They know that they make their business off of being respected and the fact that they lost an advertiser and the deposits is making them sick and angry, and they plan to make this a big public stink.

I understand what you're saying Lou and im not here to start any outrage. Having said that, just yesterday covers reported that beted told you that all players funds were safe. That proved to be a total lie. I dont want the owner to make any promises...Instead, I want to see actions.

BigRick3199

Prospect

Joined: Sep, 2009

Posts: 354

Posted: May. 25, 2011 - 3:19 PM ET #29

So my balance on beted was roughly 3K, I had made a deposit over the weekend as a result of their 100% bonus. After reading Lou's post about everyones money being gone I called my bank and disputed the charge. Now I read that Covers is going to get our funds back? Would my chargeback just be deducted from my balance or cause me to forfeit my entire balance? Assuming we see a dime of the funds seized. Seems a little hard to believe that covers could have access to what our balances were at the time of the seizure. Another issue i'm wondering about is bets placed that day. I know a lot of people had money on the Dal game on mon, myself included. I doubt if those would have been graded when they were shut down.

Thoughts?

WVBEST

Rookie

Joined: Jan, 2011

Posts: 831

Posted: May. 25, 2011 - 3:30 PM ET #30

Like many said i only deposited to beted.com cause you guys had them recommended number 1!! Now they OWE me BIG and really need this money......... I hope your right and this PROBLEM gets FIXED ASAP!!!!

esplanade

Captain

Joined: Feb, 2008

Posts: 9021

Posted: May. 25, 2011 - 3:32 PM ET #31

Worrying about your ungraded wagers right now is akin to fretting about what shoes to wear while running to the life boats on the Titanic.
A better worry is whether you'll ever see dime one of your balance.

HOFDEG

Prospect

Joined: May, 2011

Posts: 283

Posted: May. 25, 2011 - 3:33 PM ET #32

DOJ let pokerstars players cashout... n im pretty sure FTP players will be seeing there money soon once ftp gets there accounting together. With time, I would expect balances to be returned to the players by the DOJ. I guess for now I gotta find a book/agent or just keep very small amounts online :(

richsox24

Banned

Joined: May, 2011

Posts: 216

Posted: May. 25, 2011 - 3:38 PM ET #33

Quote Originally Posted by HOFDEG:

DOJ let pokerstars players cashout... n im pretty sure FTP players will be seeing there money soon once ftp gets there accounting together. With time, I would expect balances to be returned to the players by the DOJ. I guess for now I gotta find a book/agent or just keep very small amounts online :(

But those balances are being returned by pokerstars themselves. Pokerstars hasnt gone anywhere. Beted has vanished so there is going to be no returning of any funds in this case.

mudpie

Veteran

Joined: Jul, 2005

Posts: 3277

Posted: May. 25, 2011 - 3:48 PM ET #34

I am certainly no expert on this, but I know for a fact that if the US Govt. has seized funds of beteds and/or from players accounts, it will be years before anyone ever sees a dime....if ever. You are talking about the largest bureaucratic machine in the world, which moves on issues like this very, very slowly, probably on purpose. What motivation do they have to clear this up in a hurry...they hold all the funds and don't give a rats ass whether you are a US Citizen or not. I will be absolutely stunned if any player ever sees a dime and if you do trust me you will see the phrase PRO-RATA SHARE somewhere b/c the Feds will easily declare a large expense for this sting and will skim that right off the top....thus your pro-rata share. I truly hope I am wrong here, but take this advice for now....if you are owed money from beted and you are counting on it for something real important in the short term....you need to look elsewhere for the funds.

WVBEST

Rookie

Joined: Jan, 2011

Posts: 831

Posted: May. 25, 2011 - 3:57 PM ET #35

Quote Originally Posted by mudpie:

I am certainly no expert on this, but I know for a fact that if the US Govt. has seized funds of beteds and/or from players accounts, it will be years before anyone ever sees a dime....if ever. You are talking about the largest bureaucratic machine in the world, which moves on issues like this very, very slowly, probably on purpose. What motivation do they have to clear this up in a hurry...they hold all the funds and don't give a rats ass whether you are a US Citizen or not. I will be absolutely stunned if any player ever sees a dime and if you do trust me you will see the phrase PRO-RATA SHARE somewhere b/c the Feds will easily declare a large expense for this sting and will skim that right off the top....thus your pro-rata share. I truly hope I am wrong here, but take this advice for now....if you are owed money from beted and you are counting on it for something real important in the short term....you need to look elsewhere for the funds.

I HOPE YOUR WRONG.........................

waltertaylor24

Veteran

Joined: Feb, 2007

Posts: 2928

Posted: May. 25, 2011 - 4:07 PM ET #36

My guess is if the Government don't release a statement soon saying that they will release the players money , then the money is gone

MRSARATOGA

All-Star

Joined: Mar, 2004

Posts: 14413

Posted: May. 25, 2011 - 4:09 PM ET #37

Slamming Covers is a mistake. Any book on any sportsbook list on any site could get hit at anytime at all. Covers has nothing to do with that. When you play offshore you are in uncharted waters, I don't care what book you want to mention. Stepping out and putting a guarantee on funds being returned is a bold move to me and I hope it works.

This is life, don't knock a site that wants things to work more than we do!

stef53

Prospect

Joined: May, 2011

Posts: 16

Posted: May. 25, 2011 - 4:12 PM ET #38

New to this forum but have been down the street for many years. Recreational player here. yeah I am getting bitten for a few hundred on this. I see alot of trashing of beted and that we were stupid to play there, but they were a conveniet sportsbook. The instant check deposit and withdrawls is what really brought me there and never had a problem with any deposit or withdrawl.

Lets not forget our real ENEMY in all this. It would be business as usual if not for our F------ government.

And to those government officials who we know are reading these forums on a daily basis go remedy something that is important. We do this by choice with our money.

Stiln

Captain

Joined: Dec, 2010

Posts: 6431

Posted: May. 25, 2011 - 4:20 PM ET #39

Quote Originally Posted by stef53:

Lets not forget our real ENEMY in all this. It would be business as usual if not for our F------ government.

And to those government officials who we know are reading these forums on a daily basis go remedy something that is important. We do this by choice with our money.

Why would the government single out a group of books? It seems pretty rational to think that beted was engaged in some illegal practices that the US government is now dealing with,,,,Beteds unprofessionalism is part of the reason rod jewstein is prosecuting this book and not the other costa rican books or Jamaican books etc....

esplanade

Captain

Joined: Feb, 2008

Posts: 9021

Posted: May. 25, 2011 - 4:20 PM ET #40

Quote Originally Posted by MRSARATOGA:

This is life, don't knock a site that wants things to work more than we do!

They wanted it to work so that could make money, conversely those of us with accounts there already HAD money in those accounts. Slight difference.

redmenrule

Rookie

Joined: Mar, 2011

Posts: 815

Posted: May. 25, 2011 - 4:28 PM ET #41

It is horrible for all the people that lost money and I am sympathetic but don't blame Covers, they are just trying to give accurate information. Nobody is right all the time, just look at the forums, and Covers could only report on information they were told. Unfortunately, in this situation it appears like misinformation. Don't think for a second that Covers (the business or the people) is happy with this. Everyone needs to be vigilant going forward and if you are going to keep money in an online account it might be wise to spread it out and only keep in what you could afford to miss. Remember, a local book could be arrested, die, refuse to pay, etc. so nothing is guaranteed in life. I think we all want to thank the American government for doing there best to protect us from ourselves.

esplanade

Captain

Joined: Feb, 2008

Posts: 9021

Posted: May. 25, 2011 - 4:38 PM ET #42

Quote Originally Posted by Stiln:

Why would the government single out a group of books? It seems pretty rational to think that beted was engaged in some illegal practices that the US government is now dealing with,,,,Beteds unprofessionalism is part of the reason rod jewstein is prosecuting this book and not the other costa rican books or Jamaican books etc....

You just can't restrain yourself can you, f'n bigot. Pure piece of feces.

Stiln

Captain

Joined: Dec, 2010

Posts: 6431

Posted: May. 25, 2011 - 4:56 PM ET #43

Says the zionist,,,

Whether you lost 200, 5 grand or 700 we're all in the same boat,,,, So chill the fuck out

germs

Prospect

Joined: Feb, 2011

Posts: 2

Posted: May. 25, 2011 - 5:08 PM ET #44

I got screwed for $950. Second time this year a book takes my money.

bobbywaves

Prospect

Joined: Jan, 2011

Posts: 68

Posted: May. 25, 2011 - 5:24 PM ET #45

I have to question why Covers would hype BetEd in the 1st place. BetEd was a C rated book at best according to a very trusted site by many. I also have to question why people would deposit with BetEd without doing their own homework at the aforementioned site. There are many A rated books out there that would have been a way better choice than BetEd. Do your own homework people, don't rely on website recommendations.

LRM704

All-Star

Joined: Jul, 2002

Posts: 11548

Posted: May. 25, 2011 - 5:32 PM ET #46

My account was swept up also, but guys please get a grip.

If you are betting with a local or even a bigger fish and the net swoops in who the hell would you be going to to complain. If I recommended the guy in my cafe than should I be held accountable ?

My feeling is that Covers has no responsibility to me or any other member to get their money back.

Just my 2 cents here, but I would strongly advise against any charge backs attempts. It's just not the right thing to do.

LRM704

All-Star

Joined: Jul, 2002

Posts: 11548

Posted: May. 25, 2011 - 5:49 PM ET #47

To Lou and the entire Covers team,

This is not your fault and you shouldn't be held accountable.

Like I stated before. If I introduce you to my friend Tony, who takes action, and months later he gets busted. Am I now responsible to make sure you get paid ?

The answer is hell no as this would be between you and the man looking at serious jail time for bookmaking

GET MY POINT ?

MRSARATOGA

All-Star

Joined: Mar, 2004

Posts: 14413

Posted: May. 25, 2011 - 5:56 PM ET #48

One can argue all day long about a books ranking. One guy has a bad experience and the book stinks another gets paid in one day and the book is the best. I don't pay much attention to the rankings to be honest with you. I go by my personal experiences. If Covers and other sites are guilty of anything it is saying stuff like, " you will never have a problem at book such and such". That part has always been irresponsible to me because you just don't know what the future holds with any book or with the government. There is no book immune from being government hit.

redmenrule

Rookie

Joined: Mar, 2011

Posts: 815

Posted: May. 25, 2011 - 6:05 PM ET #49

Quote Originally Posted by LRM704:

My account was swept up also, but guys please get a grip.

If you are betting with a local or even a bigger fish and the net swoops in who the hell would you be going to to complain. If I recommended the guy in my cafe than should I be held accountable ?

My feeling is that Covers has no responsibility to me or any other member to get their money back.

Just my 2 cents here, but I would strongly advise against any charge backs attempts. It's just not the right thing to do.

The only thing I disagree with you on is you saying that a chargeback is the wrong thing to do in this situation(and this situation only). I could be wrong but I am guessing a chargeback is disputing the charge so that the book does not get the money from the credit card company. If the money would go either to the government due to the seized accounts or the Beted execs running to the hills what would be wrong with that in this event? I may be missing something though.