Shut Down: Another Online Sportsbook Contemplates Purchase of Accounts

Written by:
C Costigan
Published on:
Jun/01/2011 Shut Down is reporting that a “well regarded” online sportsbook has offered to take over player accounts from 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. 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 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 customers to monitor this situation closely over the coming days. 

- Christopher Costigan, Publisher

Gambling News

Sports Betting News Updates: Disney,

Sports Betting News Updates: Disney, Others Risk Reputation, PointBet Refunds on Egregious No Call

A number of media companies have gotten into bed with gambling firms in recent weeks.  Caesars hooked up wtih ESPN last year, well ahead of more recent "open" marriages where the media firms like Fox and possibly Sinclair will act as bet takers.

Influence of Blockchain on Internet Gambling

Influence of Blockchain on Internet Gambling

Ahead of the highly anticipated first ever segment on the long running CBS news magazine 60 Minutes covering bitcoin, Inside Financial looks at the impact blockchain has had on the gaming sector.

Legalized Sports Betting in the US: The Good the Bad and the Ugly

Legalized Sports Betting in the US: The Good the Bad and the Ugly

John Holden, Assistant Professor at Oklahoma State University, has written a must read paper on the legal sports scene in the United States one year after the US Supreme Court overturned the Professional and Amateur Sports Protection Act (PASPA). 

You're Not Welcome: Illinois Bill Seeks to Prevent Entrance by Draftkings, FanDuel

Language in a current version of bill floating around Illinois legislature seeks to keep out US legal sports betting titans FanDuel and Draftkings, both of which have absolutely cornered the NJ market.  The Cook County record suggests there will most certainly be legal repercussions.

Sports Betting Forums: Top Discussions

We tap into the hottest discussions on the sports betting forums and social media.  Hot now: Caesars-ESPN deal not celebrated by all, Bitcoin exchanges and gambling, Illinois sports betting bill keeps out Draftkings, FanDuel?