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.