Betholdem won't give back your money

[brendanb438]

They arent stealing shiat. Calm down and deep breaths... BetCorp is just doing what SportingBet PLC and some other sites did, they are selling their US clients to a private firm to continue business as usual. 3 groups are looking into buying this. The law was signed after normal London Banking hours so they can't offical finish a sale until Monday. This will be back to normal Monday.

-Brendan

[KAT21]

What makes you think this. And if that were true why would they stop people from withdrawing? This is going to lose more customers in my opinion.

[brendanb438]

Sure gonna upset and lose some customers. Do a search and you will see this is what is going on. They are a publically traded company and they had to freeze accounts until the US portion can be turned back into a private company. They have a committment to their shareholders which includes running what they see as a legal business. They are blocking withdraws because of the way their servers are setup and with us going into a weekend. Would you rather they let you request a cashout while all hell is breaking lose and this get lost or sent to the wrong place, or wait for things to settle down Monday and get your cashout correctly processed?

-Brendan

[bcubed72]

[ QUOTE ]
They are a publically traded company and they had to freeze accounts until the US portion can be turned back into a private company. They have a committment to their shareholders which includes running what they see as a legal business.

[/ QUOTE ]

Because of the fact that all the sites willing to stick it out seem to be privately held...is it possible that institutional investors (IRAs, pension funds and the like) have a proviso that they cannot invest in companies that are in violation of law? Could that be a possible reason why they shut off US business? Maybe all thier big investors bailing out at once is scarier than losing the majority of their business?

[StellarWind]

[ QUOTE ]
Maybe all thier big investors bailing out at once is scarier than losing the majority of their business?

[/ QUOTE ]
The only thing a big investor (aka "stockholder") can do is sell his shares to someone else. Not exactly reason for panic IMO.

Institutions selling may depress share prices temporarily while stock is redistributed to less sensitive investors. But if the business has value this will only be a temporary phase.

On the other hand, destroying your business by abruptly dumping most of your customers and ceasing marketing to your #1 market can have a distinctly permanent impact on all shareholders.

[westmt01]

I'm an equity analyst, and I can tell you if any fund manager (i.e. mutual fund, hedge fund, private MM, etc.) had a proviso in his/her investment policy stating they could not invest in companies that are in violaion of the law, every fund/portfolio/account would be empty. Just about every company, at one point or another, makes a business decision to violate/disregard a law.

The sites that are temporarily blocking withdrawals are almost certainly waiting for the dust to settle, and for their lawyers to come up with some legal opinions on how this is all going to play out. I serious doubt any reputable site is going to steal your money. I would just be patient.

That being said, I also don't buy for a minute this "business as usual" nonsense. The US Gov't is serious about blocking funding to these sites, and while there will be a number of enterprising individuals who will get around the new regs, none of the fish will bother. Internet poker will be drastically different until the gov't wakes up and regulates the industry; I believe they will one day reach the conclusion that this is best for everyone. But it won't happen quickly, IMHO.

In the meantime, don't panic. I seriously doubt you're not going to get your money.

[mikeh1975]

ok here is a way to ease your anger.....
imagine bill frist(the retard who passed this bill) is in front of you and he is saying "whatcha gonna do about it big boy huh?" once you imagine this just go flat out and knock the nearest wall with the biggest hole that would make mike tyson proud.then exhale take a deep breath and repeat......

[westmt01]

How is me shattering every bone in my hand going to make me feel better?

[MLSchaff]

Just speculation here, but I noticed when I opened Bet Holdem this morning that the promos running in the right side box are now 123Poker's promos, not the old Bet Holdem ones. They are both BetWWTS sites.

As Brendan said above, it looks like they are doing a sale of the US customer base to a private entity. My speculation is that one site (Bet Holdem or 123Poker) will be private and serve US customers and the other will remain with BetWWTS and serve non-US customers.

Just speculation here. There is supposed to be an announcement of some kind today.

Edited:

Here is a link to the announcement that was posted on the Betcorp website.

http://www.betcorp.com.au/admin/uplo...8228272558.pdf

It wasn't posted on Bet Holdem's website, which I'm not happy about as it seems they are now trying to hide the info.

The important part of the announcement is that withdrawals are still frozen, and they expect to announce something further WITHIN 10 DAYS.

Looks like it will be a while before we see our money.

[MrWookie]

Hell. I want my money out of there if I can't play with it.