Betholdem won't give back your money

KAT21 · #1 10-13-2006, 08:06 PM

There was a statement before that betholdem was staying. Now that statement is gone and they won't allow any withdrawals. Here is the chat excerpt.

Shenell Roberts: Welcome to Live Chat Support, I am your Customer Service Representative, how may I assist you?
ME: I am unable to withdraw my funds?
Shenell Roberts: This means that, until further notice, it will not be possible for US residents to place wagers or make deposits on, or make withdrawals from, any website owned or operated by any company in the Betcorp group. This account freeze will remain in place until such time as Betcorp has fully assessed its legal position.
ME: They knew this was going to happen and said nothing would change, now they are stealing my money because I trusted them?
Shenell Roberts: Kevin the bill was sign unknowing to us sir.

What???????

brendanb438 · #2 10-13-2006, 08:12 PM

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 · #3 10-13-2006, 08:19 PM

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 · #4 10-13-2006, 08:25 PM

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

Zele · #5 10-13-2006, 08:27 PM

I agree this approach is really bad customer relations. I doubt they have any intention of stealing anyone's money, but they should know that players are going to freak out if there's any ambiguity, and the withdrawal freeze combined with the crypic messages people are getting are causing about as much ambiguity as possible.

ASmith84 · #6 10-13-2006, 08:42 PM

[censored].. I put in a withdrawal request on WEDNESDAY and somehow I got hit by this even though all of my past withdrawals have taken ~24 hours.

ericicecream · #7 10-13-2006, 08:51 PM

[ QUOTE ]
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

[/ QUOTE ]

And possibly they anticipate selling off their liabilities on Monday (like Sportingbet did for $1) so why not put off the cashouts till Monday.

StellarWind · #8 10-13-2006, 09:42 PM

[ QUOTE ]
And if that were true why would they stop people from withdrawing?

[/ QUOTE ]
Perhaps they are technically unable to prevent deposits while allowing withdrawals. They seem to have changed plans very abruptly. It's hardly a secret that their cashier software is not the most sophisticated in the world.

I'm not happy at all about this, but this is a troubled time for everyone. I'll give them a few days grace before I get upset about not being able to withdraw.

Your Mom · #9 10-13-2006, 10:11 PM

I am letting their live chat guy have it right now. I'll post it in a bit.

bcubed72 · #10 10-13-2006, 10:29 PM

[ 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?