LRM704 says:

I continue to post this to try and get people to put this into perspective.

Here is how I accept this fate. It's only money

Imagine the horror the people of the south and the midwest are dealing with. Houses destroyed, life savings gone in a flash and worse of all losing family members before you had a chance to say goodbye.

Count your blessings and hug your family.

Once again, it's only money and that can be replaced.

dixonbets says:

Oh I totally agree with you on that.  This is a different subject.  about right and wrong.  It would be wrong for all BetEd customers not to receive there $$$$ back.  It would be right for all to get it back.  If not atleast do something good with all the money that has been sized and give it to victims of tornados or all the firefightes dying today from cancer due to 9/11.

dixonbets says:

Got proof?  I have proof that DOJ has seized all Beted banking accounts!  So how the hell could they run off with all the money?  If so do you believe that BetEd had no huge customers from where they are from that are not in the US?  They wouldn't run far i promise you that!  They will take care of business 

dixonbets says:

This may help shed some light:

 

Gambling911.com has learned that BetED.com funds are indeed frozen in international bank accounts as part of the sting operation.  Whether all of these funds are tied up in these accounts remains debatable. 

Players will have the option to file claims with the US Attorney’s Office out of Baltimore, however, it could take months to recover said funds.

Gambling911.com will continue to alert readers of any further developments. 

- Christopher Costigan, Gambling911.com Publisher

dixonbets says:

BetED.com has confirmed to Covers.com that they have shut down their business. 

betEd is out of business. Period. There will be no alternate site launched. They came to this conclusion upon the recommendation of their lawyers.

And to top it off... the American authorities have seized ALL of the players money. There is no middle ground here. The money is gone until the authorities decide to give it back.

And before you blame betEd for this and make accusations that they have cut and run with the money, it is not so. Yes, they have cut, and maybe they plan to run, but they have no money. They are victims too. In fact, they are currently liquidating their personal assets to fund the lawyers fees they will soon be needing. I am sure nobody is interested in hearing about their problems right now, but I thought I would mention it before the rumors start.

This sucks. No doubt about it.

dixonbets says:
I do believe this will work out now.  Does anybody now when the court date is? 

dixonbets says:

Here is what I am speculating is gonna happen:

BetEd officials and their lawyers will have a court date soon. Hopefully the lawyers will ask for the money to be given back to customers and then they will settle with the US DOJ.  Might take a few court dates, but if they have lawyers BetEd is fighting for their customers and their business.  They will be back i am sure.  just dont know when.

kuddish says:
So if they took all the money did we help fund towards the national debt?

beaner3445 says:

And why is that? I'm assuming you read the article on Gambling 911? It states that we will most likely get our money back (just as in the Netteller seizure in 2006) but it will take 9 months...

Or do you know something else? B/c i can't see how anything is "better" at this time?

AlvySinger says:
Here's my opinion of what is going to happen with Beted.  Beted will eventually enter into a plea agreement with the US Attorney.  As part of the agreement, they'll pay a significant fine and also agree to not accept anymore US based accounts and/or wagers.  They'll also agree to repay all US based customers, the amount of funds that were in their accounts at the time of the indictment on May 23rd.  As part of this, any outstanding open wagers will be canceled and the amount of the wager will be returned to the customer.  In addition, any violation of this agreement in the future will result in much harsher punishment to the operators of Beted.   Both sides will do anything to avoid a costly and lengthy trial and Beted would like to continue to do business in markets outside of the US.  Customers will get their funds back but it will take time.  It sort of like when Pinnacle decided to abandon the US market.  They froze your ability to make wagers, closed your account and sent you a check for the funds that were in your account.  Except this time it is not voluntary on the part of the book.

teddypadalack says:

Sure is how are you going to get your money back?

kev21az says:

 

doubtful i requested a payout on 05/13 and didn't get it..... i know something wasn't right when i saw the 100% bonus... it was way to good to be true

kev21az says:

I agree, covers has so be somewhat liable for recommending this book. Why should their customer lose all their money and covers not lose anything. Covers should give all of the advertising money earned by bet ed back to all the people who lost their money. that was it is a wash and covers didn't make money from something that harmed their cliental so badly.

flakeman1 says:
For those of you wondering about withdrawals initiated prior to Black Friday, I don't think you will ever receive your money.  I made a withdrawal request on 5/8/11 for $ 1,500 and was told that I would receive my money via direct deposit (instantcheck) within 72 hours.  Then I was told that it would take 10 business days to receive the funds.  Afer 10 days had passed, then I was told that the withdrawal request had been returned to Beted because my bank account had been closed.  In the meantime, I had made 28 deposits into my Beted account via instantcheck since my withdrawal request on 5/8/11 and all 28 transactions were deducted from the same bank account that Beted informed me had been "closed".  Needless to say, my money is gone and I will never see that $ 1,500 deposit.  Live and learn....the lesson was a hard one to learn, but I will not make that mistake again.  Good luck to everyone involved in the Beted situation.....

dixonbets says:

dixonbets says:

Okay, I am starting to get pissed off!!!!  I thought we are the customers here???  Supposed to be protected??  This whole thing needs to settled quickly!  At least some productive info!  I do take resposibility for my actions, but there has to be some level of customer royality on behalf of betEd and covers.  I feel like I have just been raped and my pimp (covers) is trying to cover it up. How can you promise we are gonna get our $$$$ back without a plan?  I would like to see the update thread being used a whole lot more than in the past 6 days!!!  6 threads in 6 days!  I think we are owed more than that!   

dixonbets says:
Founf this searching the internet on the subject of BetED.  Might be BS, but something worth looking into?  I am gonna do some more searching.

RDG Corp is very interested in speaking to anyone in BetEd management

regarding bailing out players and buying their equipment, please let

them know if you work there, know someone who works there or know

someone from management. Thank you!

info@rdgcorp.com

dixonbets says:
another one to read:

http://www.evernote.com/shard/s13/sh...Indictment.pdf

dixonbets says:
Gonna be a long wait before we see our $$$$$$ I do believe!  Damn I wish I would have stuck with BetUs.

dixonbets says:
Damnit!  I am havin trouble finding another book!  Give me advice on who to use that will take deposits from checking accounts?  Any advice will be appreciated.

dixonbets says:
I believe officials from BetEd have been told to be quite and was advised by lawyers to close up shop for now until the dust clears.  Until they have the 1st court date.  As far as being bailed out I don't think another book would touch it with a twenty foot pole right now.  I think we are gonna have to wait a long time to learn the outcome of this.  I do find it hard to believe they didn't know what was happening before it it with all the 100% bonuses they where offering, and according to other sites that believe the knew also.  It would look good to show up for court with no more BetEd.  So I don't blame them for that.  I do blame BetEd for not being more careful with everybody's $$$$.  I do hate it for Covers though, cause it really looks bad when you endorse someones site that much and this happens.  It's very hard to earn people's trust and when something likes this happens it makes you think real hard about things.

Emotions are high right now from the ones that lost $$$$$.  When people come on here and make smartass comments.  It fires people up.  What has been the biggest shock to me out of this, is how attitudes change in here from; I guess officials from covers?  To run a successful business you have to show concern for the customer where you think you are right or not.  Not by cussing customers and calling them names.  It just adds salt to the wounds.  The people on here that have lost or think they have lost need to vent.  I thought that is why you have forums.  To discuss and learn. 

I ask that everybody that has $$$$ tied up right now in Beted.  keep on researching the net and find out any new info and update this tread, so we can at least have a common ground and come up with a plan possibly?  I hope you join in this fight and work together.

Thanks

FreedomAtStake says:
OK guys,

No need to worry about yourselves, first of all.

Nobody - not the DOJ, and not the IRS  - is going to arrest you. They have nothing on you because you have broken no laws.

I have to apologize, because since I've been doing this for 16 years, I often forget and make assumptions that everybody on the site has the same general industry and legal knowledge that comes with experience.

I've seen so much mis-information and dis-information over the last week that I've decided to put together a general post that kind of sorts out where you all stand legally.

It will be up either tonight or tomorrow, depending on how much editing needs to be done to it.

stiff3 says:
http://www.youtube.com/watch?v=PjRWM0hqDbg

Watch this. Around the 10 minute mark they talk about your money being stolen. They either were underfunded or they stole your money. Why offer a bonus either, they needed more cash.

Raines says:

Dixonbets. I guess I always side with caution. Anyone with a computer can read these threads. I just don't want anyone that plays on-line to endure anymore pain. Hopefully Freedom@Stake can shine a light on something that I am misguided on. I did not mean to affend you. I have more than a few friends that lost thousands at BetEd and that are worried about what is next. I only have good intentions brother. Nothing but positive Karma from me always.  

GLTA

rpuck1 says:
beted stole the money and covers got paid up front....so for every 1k you lost lou owes you a cigar and drink

fournlong says:
Just one week before 5/23 betEd decided to eliminate ewire transfer. If any one could truly understand the reason why this convenience key feature loved by many members was removed, then you will find many key answers to question whether betEd sense their business need a new strategy.

justnsane6 says:
Anybody know what the process for withdrawals is??  My withdrawal was "processed" on 5/22 and was told that it would take up to 10 business days to show up on my account... any chance I barely made it???