WTF!!!! ARE MY EYES READING THIS RIGHT ABOUT ROYAL?

BettingProphets · Sep 22, 2003

09.20.03 (9:35 pm EST) - NEW ROYAL SPORTS RULES, PLEASE READ AND DO NOT ALLOW YOUR ACCOUNTS TO BECOME DORMANT. Our usual source has just told us that Roberto and his henchman, the Dutch accountant, has recently confiscated over $250,000 of customer escrow because the accounts were inactive. They simply took the money out of the accounts then posted a new Royal policy. See the new rule #10 at BetRoyal.com. Here is what is says.........
10.)
If a member’s account remains unused for a period of twelve months, the company reserves the right to close the account and assume ownership of any and all outstanding balance left in the account.

IS THIS LEGAL???!!!! I know it is UNETHICAL but this is NUTS! This basically says they can KEEP YOUR MONEY AS THEY SEEM FIT

ANYONE PLAYING HERE NEEDS THEIR HEAD EXAMINED

Dante · Sep 22, 2003

FunkSoulBrother · Sep 22, 2003

Thats terrible. An ethical rule for dormant accounts would be:

-After 12 months we send a check for the full account balance to the name and address on file.

Chadster · Sep 22, 2003

of course its legal they did it

BettingProphets · Sep 22, 2003

Funk

I agree.. this is amazing! this takes more than balls to put it right there on the website..they are making rules up as they go along to benifit themselves

how can a book when marty and scotty and company were there be so highly regarded and now become a toilet like they are

TheGeneral+ · Sep 22, 2003

That is bad to collect the current members funds. If they wanted the rule that is fine, but you should not take the current customers money. The rule should apply to only new customers after the rule was put up.

This is disturbing

Buzzsaw · Sep 22, 2003

This was part of the plan to clean up the balance sheet. The move was made in June and the way it was explined to me made it a non-event.

Basically, inactive accounts were removed in an effort to shore up the balance sheet. But if a player with $1.12 in his account from 5 years ago called they would gladly put it back.

The wording in their rules is standard wording used by every book. Royal did cut down their escrow requirements with this move but I don't believe the accounts were deleted. It was an accounting move and nothing more (at least as I understood).

snowtime · Sep 22, 2003

Unfortunately,BetPanam has this same 12-month dormant rule for the account holders.

KeithRichard · Sep 22, 2003

I haven't trusted this place in quite a while.Everthing about the way they do things makes me uneasy.I called up recently to claim a free $25 3 team parlay I won and they say it's over.I don't care about 25 bucks but their sleazy responses turn me off.Being honorable about promises should come from both customer and book.

vinividivinci · Sep 22, 2003

Buzzsaw

You're not an accountant, are you? If they need to strengthen their balance sheet with their customer's money, this is not a good sign.

Next will they confiscate their employees' 401k funds to shore up the balance sheet?

The only legitimate way to shore up your balance sheet is to obtain capital through equity offerings or retained profits. Borrowing won't help, neither will stealing, in the long run.

VVV

BettingProphets · Sep 22, 2003

<BLOCKQUOTE class="ip-ubbcode-quote">quote:<HR>Originally posted by vinividivinci:
Buzzsaw

You're not an accountant, are you? If they need to strengthen their balance sheet with their customer's money, this is not a good sign.

Next will they confiscate their employees' 401k funds to shore up the balance sheet?

The only legitimate way to shore up your balance sheet is to obtain capital through equity offerings or retained profits. Borrowing won't help, neither will stealing, in the long run.

VVV<HR></BLOCKQUOTE>

BINGO!

Java · Sep 22, 2003

It's not legal to just confiscate.

1) The 12-month notice would have had to exist PRIOR to the deposits. If this policy is new, then it can only apply to new accounts created AFTER this date, not retroactively to old accounts.

2) They would have to show some proof that the customers were aware of the rule or given proper notice at that time.

3) Banks do this with inactive accounts after 7 years, but they have to make a lot of effort to contact you and send you notices as the deadline approaches.

If they try to pull this crap, players should pull out. The other books should send notices to their players, refer to the Royal policy and ask them to withdraw and deposit at a book without such a policy.

SrMuny · Sep 22, 2003

Hey BP arent you the one otuting betpanam..

Well they have the same rule my friend

BetPanAm THE HOUSE RULES

BetPanAM reserves the right to restrict or decline wagers as circumstances dictate.

All sporting events must be played on date scheduled unless otherwise specified. If an event is postponed and/or rescheduled, that event will automatically constitute "No action" unless otherwise agreed.

*No action means all monies for that event will be refunded.

The winner of event, or game, will be determined on the date of the event's conclusion, according to BetPanAM wager rules.

BetPanAM will not recognize suspended games, protest games, overturned decision, etc., for wagering purposes.

When wagering on total scores, overtime periods are counted in the final score.

When wagering on half-times, overtime periods ARE included as part of the second half.

In all "futures" wagering (example: World Series, Super Bowl, etc.) the winner, as determined by the League Commissioner, will also be declared the winner for betting purposes.

BetPanAM will not accept wagers on events posted with obvious gross line errors. Management also reserves the right to cancel any wager made on an obviously "bad" line or a wager made after an event has started whether due to software or human error.

Should funds be credited to a clients account in error - human error, technical malfunction, payout miscalculation or other - it is the customer's responsibility to notify BetPanAM of the error without delay. Any winnings subsequent to the error, whether related to the error or not, shall be considered invalid and returned to BetPanAM.

If a member’s account remains unused for a period of twelve months, the company reserves the right to close the account and assume ownership of any and all outstanding balance left in the account.

According to the Central Government of Panama no one under the age of 18 is permitted to make a wager.

Online wagering: Once you "confirm" a bet using the online method, your decision is considered final.

Phone wagering: Minimum wager $50. All calls will be recorded and recordings are used to settle all wagering disagreements/claims. In case of a dispute, both management and the customer agree that the tape recording of the transaction will serve as the final basis for resolution of the disagreement and all wagers will be adjusted accordingly.

All rules, regulations and payoffs contained herein are subject to changes and revisions by BetPanAM without prior written notice.

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BetPanAM relies entirely upon the information provided by the customer in the application in order to establish a wagering account. BetPanAM is not, therefore, responsible for any form of misrepresentation by the customer.

If placing a bet by phone, it is the responsibility of the customer to listen carefully to the Ticketwriter's readback of his plays. The customer must then confirm his plays by repeating his account number to have action. If for some reason the call is dropped before this process is complete, the wagers will be voided. Please, call back to confirm your wager(s).

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SPORTS RULES

SrMuny · Sep 22, 2003

<BLOCKQUOTE class="ip-ubbcode-quote">quote:<HR>Originally posted by BettingProphets:

ANYONE PLAYING HERE NEEDS THEIR HEAD EXAMINED<HR></BLOCKQUOTE>

Does that apply to Betpanam as well?

ChuckSims · Sep 22, 2003

Millennium STOLE my money when my account was inactive for more than 12 months. No one gives a damn until they get stiffed.

codeworks · Sep 22, 2003

ummm what happen to just sending a check to the address listed on the account ??

CowboyBill · Sep 22, 2003

Royal & betPanama two shit books, stay far away.

vinividivinci · Sep 22, 2003

Sr Muny

With all respect, sir, having that rule listed and actually stealing the money are two different things.

Any book that steals, regardless of the slimy manner in which they accomplish it, is a book to be avoided at all costs.

VVV

jam · Sep 22, 2003

Who the hell leaves money dormant in an offshore sportsbook account for 12 months anyway?

$250,000 worth at one book? Gimme a break.

Furthermore, who the hell uses these obscure books? Stop risking your money bonus whoring and stick with the major players.

SrMuny · Sep 22, 2003

<BLOCKQUOTE class="ip-ubbcode-quote">quote:<HR>Originally posted by vinividivinci:
Sr Muny

With all respect, sir, having that rule listed and actually stealing the money are two different things.

Any book that steals, regardless of the slimy manner in which they accomplish it, is a book to be avoided at all costs.

VVV<HR></BLOCKQUOTE>

ANY BOOK with that RULE is SUSPECT to me.