Sportsbook.com Owner Change- Kevin any thoughts?

[Santa's Helper]

Kevin,
Since you are hooked up with these guys as a sponsor, wanted to see if you have any thoughts on this move (good, bad or indifferent). Thanks.

Oct 12, 2006 - "With the recent passing of law effecting financial institutions’ transactions with online gaming companies, Sportsbook.com’s parent company, Sportingbet PLC, has decided to stop taking wagers from customers in the US effective immediately.
Does this mean you can’t bet on sports or play blackjack online anymore at Sportsbook.com? Hell no.Sportsbook.com is open for business as usual. Better than usual, in fact, see below.
Sportingbet PLC has sold Sportsbook.com to the existing management team and a group of investors who are continuing to run Sportsbook.com just as always—or perhaps even better than before.So, as always, your transactions remain secure, your details completely confidential and your account safe with eGaming Review’s number one US facing sports book for the second year running-- Sportsbook.com"

Sportsbook.com is now privately owned with offices and representatives in Costa Rica, Ireland and Canada. Recognized for it's outstanding service to its customers, the management team who have built Sportsbook.com remain in place and committed to continuing to provide the same excellent service

[FlyersFan]

This is of interest to me, as well. I have accounts at both Aces and Playersonly. There is a note on the Aces website that says they are no longer affiliated with Sportingbet LLP or whatever. Really confused as to what is going on with this whole umbrella of books.

[BillyBarooooooo]

I will forward this to Kevin!

I think he is away on business this weekend!


BB

[john_galt]

Many of the European public companies are "selling" their US-facing operations to privately-held operations in the Caribbean.

These "sales" for $1, in conjunction with the purchaser assuming outstanding debt and liabilities, are working out ot be more cost-effective than the cost of shutting down altgether.

The turnovers are rotuinely involving individual members of management and the terms are essentially temporary (~2 year) non-compete agreements that allow the original owner to come back in and take over at the appopriate time.

There is a very, very slight reduction in security - IMO - but, for the most part, we're dealing with the same folks. Ultimate Bet, BoDog, et al, are no more regualted than any of these new entities are - you have no more guarantees of payments than you would with a local, illegal book.

These new entities are fronts for the same brains and the same $ as before. Only now, the suits aren't subject to extradition or arrest. They aren't jeopardizing their banking relationships (Barclays and the Royal Bank of Scotland have told customers that if they accept US bets, they need to find another bank ... )

As before - as with any business (online or otherwise) - there's an inherent risk when handing over $ to any company. But these Caribbean offshoots of the previously public copmapnies and any established private company are as solid as they were a month ag.

A little homework on the London Stock Exchange will tell you what companies sold to what new "entity" and under what name they operate.

The c***s*****r Bill Frist has accomplished 2 things - he cost a lot of honest investors, employees and entrpreneurs a lot of money and distress. He's also increased the risk of online gaming in that the largest companies were highly regulated and monitored - player security was well established.

He has certainly increased the potential for shady or unstable operators to open up new sites.

But these new "purchasers" from Sportbet, etc. are only transitional. Until the bullshit dies down ... after the WTO sanctions the US for violating international trade treaties, the banks insist that they can't enforce / monitor the new regualtions, modified legilation develops (as with prohibition), when all the Senators who didn't even realize that the rider was attached to the SAFE Port bill hear from their constituency ....

Well, a lot of innocent people inviolved in perfectly legal businesses overseas have been irreversably victimized. But online gaming has just changed addresses and the new locations are pretty much controlled by the same guys.

[Kevin]

Sorry for the late reply, moving, going through a divorce and studying this legal crap going on to boot.

Almost all of the publicly traded companies have decided to pull out of the u.s. market.

This is probably a good thing as it will change those books from publicly traded to privately held books and allow them to keep catering to north american players.

[Santa's Helper]

Thanks for the input guys. It will be interesting to see how this plays out, in the end they will never stop the gambling, just like every other vice its users will find a way.

[Pow]

sportsbook.com is down right now...


i cant access my money and its pissing me off...


any worD?

[Kevin]

Its up here.