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BetED.com Shut Down: Another Online Sportsbook Contemplates Purchase of Accounts

Written by:
C Costigan
Published on:
Jun/01/2011
BetED.com Shut Down

SportsbookReview.com is reporting that a “well regarded” online sportsbook has offered to take over player accounts from BetED.com.  Gambling911.com has not yet verified the sportsbook in question, though SBR tends to align itself with reputable operations, so we do see this as encouraging news.    

We should advise that “bailouts” in the past often included excessive “rollover” requirements (meaning one would often have to wager around 10 times the amount that is in their account before making a withdrawal).  The details of this particular arrangement have yet to be specified.   

We would also warn that in the past online sportsbooks that have offered so-called “bailouts” have had questionable financial statuses themselves (think Cascade Sportsbook).  Companies such as Bookmaker have purchased dozens of troubled companies in the past without setting wagering requirements for affected customers. 

BetED.com shut down last week immediately following the unsealing of an indictment against the company and its two founders.   US authorities also seized bank accounts belonging to BetED. 

The one positive here is that the BetED.com brand has great value.  The company has long attracted recreational players and never offered credit betting. 

SBR is saying that, if BetEd were to accept the initial proposal, players would regain access to their balances at the new sportsbook and could withdraw their funds without a playing requirement.

This is very good news if it comes to fruition and we would encourage BetED.com customers to monitor this situation closely over the coming days. 

- Christopher Costigan, Gambling911.com Publisher

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