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Heritage Sports Abruptly Pulls Out of BetED.com Bailout Deal

Written by:
Jenny Woo
Published on:
Jun/16/2011

Jenny Woo here with an important breaking news story from the Web gambling hub of San Jose, Costa Rica.  The well-established Costa Rica-based online bookmaker Heritage Sports has reportedly bailed out of a “bailout” deal to assist BetED.com customers.  BetED.com shut down following an indictment against the company late last month.  Customers are yet to be paid as BetED.com principals claim the US Government froze all their assets.  Meanwhile, another company that had its domains seized that very same day, Bookmaker, was up and running with a new web address even before the old one featured the dreaded DOJ Seizure notice.  Bookmaker has not skipped a beat paying out customers either. 

On Thursday, Covers.com outed Heritage as the company that was looking to enter a deal with BetED.com.

From Covers:

Well, we finally did receive an update last night.

Nothing surprising here, but the deal we last heard was being negotiated several days ago is definitely dead as everybody suspected.

We were not given a reason, but since that deal is no longer an ongoing issue, I guess it is OK to mention that the partner in that failed deal was Heritage/Bet Horizon.

Since nobody will believe anything we say anyway, I suggest you ask them for any comment regarding the negotiations and what sort of deals were on the table and why it went sour.

To the guys at Heritage, who I like and was hoping would pull this off, I'm sorry for dumping this on you but unfortunately the situation is what it is. 

Regarding any future deals, we are not absolutely clear on that situation either, but it was indicated to us that they have received legal advice to lay low for a little while, which is why they haven't been in contact recently.

The original idea was to make a quick and quiet deal for the players and try to keep the matter as below-the-radar as possible, so as to not insult the DOJ with whom they will be negotiating soon enough.

When that situation turned into a three-ring circus with maximum coverage on all sides, it was decided that proceeding down that path at this time would make matters even more public and therefore not be a smart legal move.

Personally, I would rather get a deal done now, but I'm not position to tell anybody to ignore their legal advice.

So... now we are officially in the waiting mode.

Hopefully once things die down a bit, maybe they can reach out to other potential partners, or maybe even begin negotiating with the DOJ to release the funds.

In the meantime, now we need to begin our campaign to pressure th American government to stop stealing the money of innocent American Well, we finally did receive an update last night.

Good to see that Covers.com is doing their part to help Heritage Sports lay low lol.

Here in Costa Rica, meeting with a number of operators, I can tell you that there has been plenty of talk about the BetED.com crisis and nobody is happy with what is going on.

- Jenny Woo, Gambling911.com Senior International Correspondent

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