New to this forum, having fun exploring everything.
I used to bet at BetUS. I never got ripped off but that was because I never had any winnings to withdraw.
BetUS is having a March Madness contest with a prize of a million dollars for anyone correcting predicting all 60something games.
I knew the odds against anyone correctly picking all of the winners was astronomical.
But, based on what I've learned on this forum, I wondered what the odds were of BetUS actually paying the million bucks should anyone actually have won.
I was not surprised when I discovered that BetUS had no intention of paying out the huge jackpot. I was a bit surprised when I realized that they had figured out a completely legal way of doing so (or not doing so).
The plan they had come up with allowed them to award the million bucks, get tons of publicity (and new customers) while not having to pay out more than a fraction of the money.
Here it is:
(This has to be a textbook example of why one should always "read the fine print" )
Copied this directly from the BetUS.com website:
Terms & Conditions: One entry per $100 real-money deposit on the 2014 NCAA Men’s Division I basketball tournament. All winners will be notified via email by Wednesday, April 10, 2014. Before any prize is credited, winning accounts are subject to review by our Accounts department. The grand prize will be paid in 650 monthly installments of $1,539. The first installment shall be paid within 30 working days of the posting of the results. Each subsequent payment shall be paid in full in exactly one month’s time until all 650 payments are made in full. BetUS is a fully licensed sportsbook providing a reliable and secure sports betting service to millions of satisfied online betting customers worldwide since 1994. Please call 1 888 512 3887 for complete details.
They plan to take over 50 years to pay the winner!
Here is the link to the page. Paragraph is at the bottom of the page. At the time I posted this, it was still there.
http://www.betus.com.pa/marchmayhem/
I used to bet at BetUS. I never got ripped off but that was because I never had any winnings to withdraw.
BetUS is having a March Madness contest with a prize of a million dollars for anyone correcting predicting all 60something games.
I knew the odds against anyone correctly picking all of the winners was astronomical.
But, based on what I've learned on this forum, I wondered what the odds were of BetUS actually paying the million bucks should anyone actually have won.
I was not surprised when I discovered that BetUS had no intention of paying out the huge jackpot. I was a bit surprised when I realized that they had figured out a completely legal way of doing so (or not doing so).
The plan they had come up with allowed them to award the million bucks, get tons of publicity (and new customers) while not having to pay out more than a fraction of the money.
Here it is:
(This has to be a textbook example of why one should always "read the fine print" )
Copied this directly from the BetUS.com website:
Terms & Conditions: One entry per $100 real-money deposit on the 2014 NCAA Men’s Division I basketball tournament. All winners will be notified via email by Wednesday, April 10, 2014. Before any prize is credited, winning accounts are subject to review by our Accounts department. The grand prize will be paid in 650 monthly installments of $1,539. The first installment shall be paid within 30 working days of the posting of the results. Each subsequent payment shall be paid in full in exactly one month’s time until all 650 payments are made in full. BetUS is a fully licensed sportsbook providing a reliable and secure sports betting service to millions of satisfied online betting customers worldwide since 1994. Please call 1 888 512 3887 for complete details.
They plan to take over 50 years to pay the winner!
Here is the link to the page. Paragraph is at the bottom of the page. At the time I posted this, it was still there.
http://www.betus.com.pa/marchmayhem/
