Update on Betworks closure

[Betworks]

Further to the information provided several days ago, I wanted to update Rx readers with the latest progress in respect of the closure of Betworks.

In accordance with the agreement struck with Canbet and the email sent on the 29th of October, customers were given about 5 days to signify if they did not want their account and funds to be transferred to Canbet. A number of customers requested payouts and indicated that they did not want their accounts to be transferred.

Many of those payouts have been processed and the remainder will be processed over the next few business days.

Late Thursday evening we transferred customer account details and the corresponding value in $US to Canbet. In the next day or so, Canbet will be contacting all customers included in the database and will be providing information in respect of the processes to open an account and access the funds that have been transferred from Betworks.

It is expected that by mid next week, all outstanding payouts will be processed and all customers will have received their proper entitlement.

During this process we have been required to provide reports and reconciliations to the ACT Gambling and Racing Commission. This process ensures that all player funds are properly accounted for.

Whilst the closure of the book has been a really sad and disappointing time for Betworks (i.e. the loyal staff and myself), it has proven that the regulation and safeguards offered by Australia (and the Australian Capital Territory in particular) do actually work when put to the ultimate test. The demise of this sports book is the best real advertisement of the benefits of consumer protection and player safeguards available from a regulated jurisdiction like Australia.

Good luck in the future.


Brian Gordon
Managing Director

 

[docdekay]

I always regarded the "only play at aussie/uk/euro regulated books" caveats as just another "I told you so."

I've been burned before and I'll likely be burned again because I'm an obstinate fu(k who's only looking for the best number. Of course there are the Oly's, Pinnys, CRIS, Cascades, and Grandes but they are few and far in between.

How many shops in unregulated territories would handle a betworks situation in the same manner?

Not many.

Sloth, avarice, greed, etc are terrible devices most of us succumb to. Myself included.

 

[areeff]

Can you believe they want to charge the players 2.9% if they don't want to transfer their money to canbet and want to be paid with neteller?

Do the right thing and pay your players to neteller on YOUR DIME>

 

[dimeplayersonly]

DOC..............good post


dont think for a minute you are in the minority.......as far as looking for the best number.......nature of the beast bro.....

 

[truthteller]

Areeff, it's better than a 5x rollover.

 

[ignorant]

I wouldn't consider UK books as safe as those in Australia. It was obligatory for Betworks to hold players' money in a segregated bank account and that was a big difference. On the other side when a UK book goes bust the player is often listed last on the creditors list and in reality has little chance of seeing his/her money...

 

[Sodium Pentethol V]

The audacity is mind numbing,

they stated unequivocally that angle shooters and shot takers are partly responsible for their demise,

now one is going to bitch and moan abt paying the handling fee to recoup his funds.

You are an embarrassment to mankind, phucking entitlement queens, not bad enough they were forced by law to pay on all the bad lines you bet into, now you have the audacity to complain? Be phucking real.