RAISING THE BAR
June 22nd by The Shrink
It is a very sad time for offshore sports betting. Several sports books are experiencing financial hardship, some are on the verge of folding, while others already have.
A poster or two recently praised operators because they were paid promptly by a couple of sports books. One has to wonder why such jubilation about being paid in a timely manner. Isn't that supposed to be the norm? Don't ALL gamblers have the right to be paid IN FULL on demand? Isn't just ONE slow pay one too many?
A gambler called yesterday because he was being given the run around after winning a nice amount of coin from a sports book's online casino. This book never had any problems collecting the gambler's losses but since he hit a "jackpot," they are claiming "possible fraud." This tactic allows the sports book to delay payment, period. Weeks have gone by and there has still been no evidence to support any wrong doing by this gambler as he awaits his full payout.
Even sadder perhaps is the fact he is AFRAID to ask for ALL of his WINNINGS at one time, so he told me he was only asking for $2500 dollar increments.
Another travesty which occurs with regard to slow pays goes something like this. "Joe and Eddy are great guys, I am sure they will bounce back." Give me a break! Would anyone be saying this about bankers if you went inside for a withdrawal, but were told you'd have to wait a week, maybe more?
As long as the realm of offshore sports betting remains unregulated, there aren't many options for the gambler to choose if he isn't being treated fairly.
Can you imagine the cost of going to a foreign country, hiring an attorney and trying to litigate against an operator on their HOME turf? If you think the Home Field advantage is worth a lot in Football, it is worth even more in this instance.
Here's one final scary thought.
Theoretically, post up operations are supposed to have ALL of the gamblers' money available in some kind of escrow account, but the vast majority of them don't. They incur what is known as a post up debt. This means they have dipped into money they should not have. Insiders and other bookmakers tell me over 90% of post up sports books operate in this fashion.
While the online posting forums are ONE valuable resource for gamblers to use when they have a valid complaint, it isn't enough to make a dent into the bigger picture of slow paying. The main reason being is that only a small percentage of players belonging to these outfits are aware of this tool. They have no clue about posting forums and they probably couldn't find one even if they were asked to do so.
Until the bar is raised higher, the future of gamblers always being paid promptly remains dismal.
To do so requires regulation, or maybe, just maybe, a coalition of sports books working together to assure gamblers that if one book flops, others will be there to assist them.
Like always, time will tell, but I am not optimistic about regulation or any coalition coming about in the near future...
THE SHRINK
June 22nd by The Shrink
It is a very sad time for offshore sports betting. Several sports books are experiencing financial hardship, some are on the verge of folding, while others already have.
A poster or two recently praised operators because they were paid promptly by a couple of sports books. One has to wonder why such jubilation about being paid in a timely manner. Isn't that supposed to be the norm? Don't ALL gamblers have the right to be paid IN FULL on demand? Isn't just ONE slow pay one too many?
A gambler called yesterday because he was being given the run around after winning a nice amount of coin from a sports book's online casino. This book never had any problems collecting the gambler's losses but since he hit a "jackpot," they are claiming "possible fraud." This tactic allows the sports book to delay payment, period. Weeks have gone by and there has still been no evidence to support any wrong doing by this gambler as he awaits his full payout.
Even sadder perhaps is the fact he is AFRAID to ask for ALL of his WINNINGS at one time, so he told me he was only asking for $2500 dollar increments.
Another travesty which occurs with regard to slow pays goes something like this. "Joe and Eddy are great guys, I am sure they will bounce back." Give me a break! Would anyone be saying this about bankers if you went inside for a withdrawal, but were told you'd have to wait a week, maybe more?
As long as the realm of offshore sports betting remains unregulated, there aren't many options for the gambler to choose if he isn't being treated fairly.
Can you imagine the cost of going to a foreign country, hiring an attorney and trying to litigate against an operator on their HOME turf? If you think the Home Field advantage is worth a lot in Football, it is worth even more in this instance.
Here's one final scary thought.
Theoretically, post up operations are supposed to have ALL of the gamblers' money available in some kind of escrow account, but the vast majority of them don't. They incur what is known as a post up debt. This means they have dipped into money they should not have. Insiders and other bookmakers tell me over 90% of post up sports books operate in this fashion.
While the online posting forums are ONE valuable resource for gamblers to use when they have a valid complaint, it isn't enough to make a dent into the bigger picture of slow paying. The main reason being is that only a small percentage of players belonging to these outfits are aware of this tool. They have no clue about posting forums and they probably couldn't find one even if they were asked to do so.
Until the bar is raised higher, the future of gamblers always being paid promptly remains dismal.
To do so requires regulation, or maybe, just maybe, a coalition of sports books working together to assure gamblers that if one book flops, others will be there to assist them.
Like always, time will tell, but I am not optimistic about regulation or any coalition coming about in the near future...
THE SHRINK
