mad AS hell
EOG Member
Hello, I am a long time lurker and feel compelled to post here because there are literally 100,000+ people who are and/or will be affected by the apparent fruad being perpetrated by Spoortsbook.com.
Let's review the chain of events leading to the present dilemna: December 2006; SPORTINGBET, a public company listed on the London Stock Exchange decides to exit the US gambling market and sells it US facing operations to a private group (read key employees of the then present operation) for ONE US DOLLAR. SPORTINGBET had previously purchased Paradise Poker in 2005 for an amount in excess of $200 million.
So the NEW Sportsbook.com consisted of all the US facing sportsbooks that SPORTINGBET owned plus the customer list for Paradise Poker. Paradise Poker had in excess of 5 million customers of which 65% were US customers. so there were approximately 3 million names. This is where the confusion come in; you people who have posted are WRONG. You and everybody else has had an account with the new operation for a few months at best.
Upon completion of the sale to the new group of customers, cash vouchers were sent via E and snail mail to ALL US customers of Paradise Poker and the old sportsbook.com. These vouchers were worth at least $20 and in some cases as much as $250. If just half of these vouchers were cashed in, I estimate a value of $50 MILLION+, add in the excessive amount of advertising costs, the 100% poker deposit bonuses and the poker freerolls, I further estimate that this company is $100 million in the hole from jump street.
It was very convenient for this company to hide behind the payment processor issue as the excuse for non-payment. But as many have pointed out where there is a will there is a way for people to be paid.
In conclusion, this company is totally INSOLVENT and the likelihood of ANYONE getting paid is SLIM and NONE. What will probably happen is the lists of the current operation will be sold to yet another new book or an existing book and ample bonuses will be awarded for continued play.
It is nothing less than criminal for EOG and RX to continue to promote new deposits to this organization. There latest actions of cancelling withdrawal requets and then telling us to re-submit and then wait another 10 business days for our money is an obvious stall and on top of that that another million or so has been created in additional bonuses. This is an obvious PONZI scheme gone south.
Let's review the chain of events leading to the present dilemna: December 2006; SPORTINGBET, a public company listed on the London Stock Exchange decides to exit the US gambling market and sells it US facing operations to a private group (read key employees of the then present operation) for ONE US DOLLAR. SPORTINGBET had previously purchased Paradise Poker in 2005 for an amount in excess of $200 million.
So the NEW Sportsbook.com consisted of all the US facing sportsbooks that SPORTINGBET owned plus the customer list for Paradise Poker. Paradise Poker had in excess of 5 million customers of which 65% were US customers. so there were approximately 3 million names. This is where the confusion come in; you people who have posted are WRONG. You and everybody else has had an account with the new operation for a few months at best.
Upon completion of the sale to the new group of customers, cash vouchers were sent via E and snail mail to ALL US customers of Paradise Poker and the old sportsbook.com. These vouchers were worth at least $20 and in some cases as much as $250. If just half of these vouchers were cashed in, I estimate a value of $50 MILLION+, add in the excessive amount of advertising costs, the 100% poker deposit bonuses and the poker freerolls, I further estimate that this company is $100 million in the hole from jump street.
It was very convenient for this company to hide behind the payment processor issue as the excuse for non-payment. But as many have pointed out where there is a will there is a way for people to be paid.
In conclusion, this company is totally INSOLVENT and the likelihood of ANYONE getting paid is SLIM and NONE. What will probably happen is the lists of the current operation will be sold to yet another new book or an existing book and ample bonuses will be awarded for continued play.
It is nothing less than criminal for EOG and RX to continue to promote new deposits to this organization. There latest actions of cancelling withdrawal requets and then telling us to re-submit and then wait another 10 business days for our money is an obvious stall and on top of that that another million or so has been created in additional bonuses. This is an obvious PONZI scheme gone south.
