THE TRUTH REGARDING OLYMPIC SPORTS

[THE SHRINK]

While it is true that a very prejudiced article appeared in The Jamaica Observer over the weekend, I believe the writer of this particular piece to be completely misinformed and prejudiced against Olympic Sports.
Both a government body in Jamaica and Olympic Sports have some legal issues that are going to be decided in the courts.

What I believe our informed readers need to know is that the CONFLICT between OLYMPIC SPORTS and JAMAICA will be resolved very shortly. I suspect that if OLYMPIC SPORTS cannot SETTLE its dispute with the government in Jamaica, OLYMPIC SPORTS would likely consider other options and take their business elsewhere.

My hunch would be ANTIGUA, but that is simply an educated guess based on talking to other insiders in this industry. The bottom line is that OLYMPIC SPORTS is open for business and anyone who wants a withdrawal can have one. I consider OLYMPIC SPORTS to be one of the top three sports books in this industry. What is happening between them and the government in Jamaica has NOTHING to do with their ability to payout, period!!!

[This message was edited by THE SHRINK on May 11, 2004 at 08:27 AM.]

 

[TheGeneral+]

Thanks SHRINK

 

[TheGeneral+]

Here is the material from the Jamaica Observer. Apparently they are still in operation not sure how or where but they were raided and charges have been laid.

Internet betting firm closed down
J’can, British agencies co-operate in crackdown

BY Erica Virtue
Observer writer

Acting on a tip-off from British law enforcement agencies, Jamaican authorities have shut down a multi-million dollar company allegedly operating an illegal Internet betting operation out of the northcoast resort city of Montego Bay, Sunday Observer sources said.
An estimated 200 people have lost their jobs as a result of the closing down of Olympic Sports, which the sources said was raking in between $10 million and $15 million monthly from bets taken over the Internet and the telephone.
Olympic Sports, which operated out of the Montego Bay free zone, is also facing money laundering charges, the sources said.
The Betting Gaming and Lotteries Commission (BGLC) and financial investigators have cited the company for operating contrary to the licence it was granted by JAMPRO, the state’s one-stop clearing house for investment proposals. If found guilty, the company officials could face fines of $500,000 or jail terms of at least 18 months for operating illegal gaming, and stiffer fines for money laundering. The headquarters of Olympic Sports is listed as Montego Bay Free Zone and toll free access is available for North America, Europe and Asia, the Middle East and mid-Atlantic countries. Its marketing arm in North America is to be reached at 1-888-FAST-BET. Bets are taken from as far away as New Zealand and Australia and toll free numbers are also available for Japan, Korea and Greece. Industry sources told the Sunday Observer that the company was granted a licence to operate a telemarketing agency, but it began taking bets from individuals worldwide, through calls made to its 1-800 number. According to sources, the BGLC’s attention became focused on the company’s activities when the gaming Board of Great Britain reported the company to local authorities in 2000 “as suspects in illegal bookmaking”. “The BGLC wrote to the company citing the allegations and advised it that if the allegations were true, it was operating contrary to its licence,” the usually reliable sources said. However, the company’s high-profile local law firm fired back, telling the BGLC that “it did not need a licence to do what it was doing”. Allegations are that for months, paperwork flew between the BGLC and the company’s attorneys. Eventually, acting on apparent advice from its lawyers, Olympic Sports applied for a licence in April 2003. However, after due diligence investigations, the BGLC rejected the company’s application. Repeated efforts by the newspaper to reach BGLC chairman Walter Scott were unsuccessful last week and a search of the website of the Registrar of Companies did not show the company among those registered here. Efforts to identify or locate its principals were also futile. However, the well-placed sources said “the company’s request was rejected in September, as one of the principals of Olympic Sports was deemed to be not a fit and proper person”. A renewed exchange of correspondence took place between the BGLC and the company and its attorneys, and in March the decision was taken to shut it down and a summons issued for it to appear in court. A date has been set for Wednesday, May 19. Olympic Sports faced further trouble when a fortnight ago it was cited for money laundering, by an undisclosed Government agency. “Two weeks ago, financial investigators raided the company, seized records and other documents relating to the company operations,” Sunday Observer sources said. Industry players said the crackdown on illegal gaming entities was being done under pressure from overseas law enforcement agencies. Many of the entities are suspected of laundering money for drug traffickers, as banking regulations have forced tighter scrutiny of account holders, especially foreign account holders. The multi-billion-dollar gaming industry has been hit by fraud, and several persons have been prosecuted for running counter operations to those operated by the former Jamaica Lottery Company and Supreme Ventures.

 

[D2bets]

<BLOCKQUOTE class="ip-ubbcode-quote"><font size="-1">quote:</font><HR>Originally posted by THE SHRINK:
It saddens me that some government body in Jamaica and Olympic Sports have some legal issues that are going to be decided in the courts amd not on this posting forum...

THE SHRINK

[This message was edited by THE SHRINK on May 10, 2004 at 04:10 PM.]<HR></BLOCKQUOTE>

Huh? Isn't that what the courts are for...for deciding legal issues between a governmental body and a business.

 

[THE SHRINK]

D2Bets,

Yes, technically you are right, but when sizable monies are involved in a 3rd world country, I am not as confident in their judicial system as I would be in other countries...

 

[TheFunkMonkey]

Just a theory...sounds like Jamaica wants Olympic to pay some extra "license fees" and "taxes".........and then everything will be ok?

 

[oldmantime]

How in the world does something like this happen???
200 Employees---You would think ALL bases would be covered for liscenses.
The year 2000 the mess started and just now coming to something! WTF

 

[D2bets]

<BLOCKQUOTE class="ip-ubbcode-quote"><font size="-1">quote:</font><HR>Originally posted by THE SHRINK:
D2Bets,

Yes, technically you are right, but when sizable monies are involved in a 3rd world country, I am not as confident in their judicial system as I would be in other countries...<HR></BLOCKQUOTE>

SHRINK, I can only assume that Olympic Sports does not feel the way you do, otherwise I would assume they would have never set up shop in Jamaica or that they would have left when they lost their confidence in Jamacia's legal structure. Doesn't seem like a prudent business decision to have sizable monies subject to the jurisdiction of a "3rd world country" in whose judicial system they don't have confidence. Just my $0.02...not trying to blow this out of proportion, though clearly it would seem to be in Oly's best interests to come in here and clear the air as soon as they can and as much as they can without jeopardizing their pending legal actions.

 

[wilheim]

Not a whisper in the Jamaica Observer. Take a look.

Jamaica Observer.com


wil.

 

[THE SHRINK]

wilheim,

The story above was printed in the newspaper over the weekend...

Olympic Sports has verified this...

Also, I am quite certain that Olympic Sports will be moving to Antigua soon due to this unfortunate occurrence...

And that is a GOOD thing, imho...

THE SHRINK

 

[SubZaero]

<BLOCKQUOTE class="ip-ubbcode-quote"><font size="-1">quote:</font><HR> Yes, technically you are right, but when sizable monies are involved in a 3rd world country, I am not as confident in their judicial system as I would be in other countries... <HR></BLOCKQUOTE>

What country could that be???
Please don't tell me the US, where a man wins a law suit for $200. 000 because he fell off from the roof of the very same house he was trying to get in to steal..... 3rd world countries???

 

[Zorba]

Either Great Britain wants more money in it's books or Tony Blair is sucking George Bush's cock. Again.

 

[GordoWaldo]

This is my first posting here, and I find this forum very interesting, especially this thread. For Olympic to close up shop and "move" to elsewhere, that sounds more like a threat than anything. Using its 200 employees as a barganing tool is not exactly the best way to regain people's faith in a situation like this. Furthermore, this appears to be a criminal investigation, it's not like he can pack their shop up, and waltz out of the country without alerting the authoraties. I agree with D2bets, the best thing they can do is to step up and clarify this issue, unlike what they have posted at MW...

"I would think me posting in this thread would dismiss 90% of this article. Guess we just love gossip." - Oddessa in reply to a posting regarding the article about Olympic

 

[THE SHRINK]

Good Post Gordo and welcome to TheRx!

 

[Bravoboy]

The old gambling hands are jumping to a lot of conclusions here - and the "threat to move" is very real. What is really at stake is punters being able to deal with honest operators who are accountable to the courts and the authorities in their place of domicile.

Sadly that is not the case here the Jamaican government have investigated thoroughly and have laid charges. We are told that more (serious) charges may follow.. if these forums genuinely want to represent the truth to gamblers this needs to see the light of day.

 

[GordoWaldo]

Thanks Shrink.

It just frustrates me when people say irresponsible things such as what the owner of Olympic had said. If he is not in the wrong, then I think he has more of a reason to stay in Jamaica to prove his innocence. The only reason I can think of that is making him leave Jamaica is that the allegations are correct, that indeed he does not have a license to operate a gambling establishment in Jamaica and that he is laundering money for the people that are responsible for ruining the lives of so many people that are hooked on drugs. For someone that uses the livelyhood of 200 locals as a bargaining tool, that does not give me too much faith on the integrity of the person, let alone his payout.

 

[OMNIVOROUS FROG]

Wow! Talk about getting blindsided. Local fines for bookmaking 1/2 mil, no biggie, money laundering? Outside government agencies? Interpol? Not sure anyone cares about those 200 employees, from the outside goverment agencies. Looks like Jamaica became a no betting country. This is going to cost heavily. Drop my Frog rating to washington, as in I am happy to have a low balance and no futures there. Good Luck Spiro...OF

 

[Bravoboy]

Glad to see that there are smart thinking people reading this GordoWaldo has hit the nail on the head. This is why I put this up here in the first place - this is important stuff that needs an answer not just from Spiros but from the industry as a whole.

Are you for criminal behaviour or against it? are you going to clean up or just move to a mire pliant location where the government is more easily bullied.

 

[TheGeneral+]

Seems odd that GordoWaldo & Bravoboy have the exact same IP. Guess it could be a coincidence.

 

[Bravoboy]

The facts speak for themselves...........face them