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The internet gambling industry has been watching Betonsports with wide open eyes trying to find out every detail in order to compare it to themselves. We watch and look to see if somehow we are breaking US laws as well. I know I have been watching the proceedings closely, just as I watch everything which changes in this dynamic industry. I know that my current work in Washington state would be illegal, but in most of the United States it would be considered journalism (as I am not the site owner, nor do my articles link to any actual gambling sites) so I'm ok because I don't work in Washington state. I do wonder if I committed a crime by United States standards when I managed a group of internet casinos in my "former life." Watch read and learn everything new in your industry is what you do when you work. What do you do when you don't work in the industry? What do you do when you work in something else and simply like to gamble a bit on the internet in your spare time? How do the punters who gave Betonsports their money learn about what is going on? They don't necessarily have the time on top of their other responsibilities to read everything there is online regarding this case. If I were a US punter waiting for money from Betonsports the first thing I would do is check out their website, where I would be dearly disappointed with the lack of information. "In light of court papers filed in the united states, the company has temporarily suspended this facility pending its ability to assess its full position. During this period no financial or wagering transactions can be executed. Further information will be posted once the company is in a position to do so. The BETonSPORTS.com customer support team" As I'm not a sports gambler I don't know whether the company has sent out emails to their players updating them of the situation. I've checked various message boards looking for this information and have come up with nothing. Let's assume they haven't done the right thing and have left their customers hanging high and dry. What then? Most likely the player would turn towards a player advocate site. eCOGRA doesn't deal with sports books (yet) so that wouldn't be a choice. Perhaps the players would go to web portals which focus on sports gambling. Gambling911 and TheOnlineWire are reported to be doing their best to find out where the money has gone for all of the punters left wondering. Betonsports is no longer allowed to take money from Americans, we all know that. A US federal court order has ordered them to repay monies deposited by Americans. This last bit leaves me wondering exactly who is getting their money back? Is it everyone whether they have lost or not? Or just the people who had deposited and were waiting the results of the sports bet to see whether they had won or not? Will the company pay back the money to people who lost after the fact? What about if they won? Will they only get back the money they deposited or the winnings as well? If someone had won before the suspension of the site, but had not yet received their winnings will the site only give them back their initial deposit? This enquiring mind wants to know. To make matters more complicated most of Betonsports e-cash deposit methods have cut off relations with the site. The London stock exchange has de-listed Betonsports since the 22-count indictment has been opened against the company. When questioned on what a player can do to receive their funds back the stock exchange authorities were less than helpful, stating ".....our rules govern how a company's shares are traded on one of our markets and what the company has to do by virtue of being on a public market ( e.g. make various disclosures to the market). " "We do not regulate the company's business as such - I would have thought that that would be the jurisdiction of supply/consumer laws probably in either in the US and/or UK so I can only suggest (i) contacting BetonSports itself or (ii) contacting a relevant trade association for the sector in which BetonSports operates or (iii) taking local legal advice to understand what right you may have," they added. This has become the ultimate game of pass-the-buck. The UK Gambling Commission was quoted as saying, "The Gambling Commission does not regulate internet/remote gambling at present. This will change September 2007, when we will regulate companies who have their servers based in the UK. Looking at the information it would appear that Betonsports operations are based in Costa Rica and Antigua, I can only suggest that you contact the regulators for these locations. You may also wish to seek independent legal advice." What a great way to give yourself a plug while sidestepping an issue all at the same time. So far mimicking a player hasn't gotten me much information. I decided to dive into Google and see what the articles would dig up. The Times Online gave me no solace. They quoted a source from the company which stated that Betonsports would "pay any liabilities to staff and creditors . . . and repay balances due to US customers in an orderly manner”. This sounds nice until they continue and add that such repayments would “depend upon the company’s ability to realize further and sufficient funds . . . and to earn sufficient profits from operations which are not US-facing”. Things aren't looking good for those punters who deposited into Betonsports, whether they are American or not. The company has laid-off 800 of their staff of 1000. They were working on expanding their Asian market before the indictment was opened and now they will be relying on that business to pay off their debts to everyone. This is assuming that they stay open. There are also rumors that the company will close completely leaving everyone in the dust. I'll be on holiday next week while this issue plays itself out. My oldest is on break from day care and taking care of a 2 year 10 month old and an 8 month old while working isn't my idea of a good time. Maybe by the time I get back they'll be some news on money for the players, or not. Posted on: August 18, 2006
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