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  1. #1
    MFC Member money_with_yy's Avatar
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    Default Daily Betting News

    BetCascade virtually bankrupt

    Once respected BetCascade sportsbook is virtually bankrupt; the operation owes hundreds of players, agents and vendors well in excess of $2 Million according to Costa Rican sources.

    The fast demise of BetCascade (betcascade.com, cascadesportsbook.com) began at the end of football season when the book's former financial backer withdrew his support and one of the original partners in the venture retired.

    The sportsbook entered slow pay mode at the very beginning of February and has been formally in no pay mode since mid April. Costa Rican sources report that the book's owner personal assets account for approximately 30% of the debt.

    Several attempts to seek new financing partners have failed and the total loss of goodwill nullified chances of a last minute deal. BetCascade primarily catered to professional player who currently represent over 65% of all owed debtors.

    Players are urged to avoid BetCascade by all means; the operation is still advertising on some Web sites despite its demise. Players depositing with BetCascade must be aware that they have zero chances to get paid.

  2. #2
    MFC Member money_with_yy's Avatar
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    Default Betting News - Bodog's payout via check delayed up to 3 weeks

    Bodog loses steam as the operation struggles to process timely payouts via check; the current delay for this form of payout is up to three weeks.

    Bodog.com is the latest gambling operation to be caught off guard by the recent changes in the industry with regard to payout processing.

    A growing number of players complain about the operator's current delay in processing payouts via checks. P2P (w.u.) payouts continue to be processed within 24 hours.

    While many top operators manage to process checks within 3 to 4 business days from the payout request Bodog appears to be struggling to keep the pace.

    Bodog's payout performance has been going downhill ever since the operator moved its headquarters from Costa Rica to Antigua.

    Recent history teaches that, like with the BETonSPORTS demise, Antiguan gaming authorities offer no protection whatsoever to bettors' funds unlike otherwise advertised.

    Operators currently processing timely payouts via check are Bookmaker.com, Diamond Sportsbook, 5Dimes, The Greek Sportsbook and its sister company BetJamaica and WSEX among others. Only WSEX has its headquarters in Antigua.

  3. #3
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    Default

    Quote Originally Posted by money_with_yy View Post
    BetCascade virtually bankrupt

    Once respected BetCascade sportsbook is virtually bankrupt; the operation owes hundreds of players, agents and vendors well in excess of $2 Million according to Costa Rican sources.

    The fast demise of BetCascade (betcascade.com, cascadesportsbook.com) began at the end of football season when the book's former financial backer withdrew his support and one of the original partners in the venture retired.

    The sportsbook entered slow pay mode at the very beginning of February and has been formally in no pay mode since mid April. Costa Rican sources report that the book's owner personal assets account for approximately 30% of the debt.

    Several attempts to seek new financing partners have failed and the total loss of goodwill nullified chances of a last minute deal. BetCascade primarily catered to professional player who currently represent over 65% of all owed debtors.

    Players are urged to avoid BetCascade by all means; the operation is still advertising on some Web sites despite its demise. Players depositing with BetCascade must be aware that they have zero chances to get paid.



    Surprise one of online betting site become bankrupt but i never heard before from this name so i don't even care about this! :p

  4. #4
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    Default 5/2/2007 Internet gambling still illegal in Washington

    Reports that the Washington State legislative branches have passed a bill amending the state's anti-online gaming l*** are false, the Governor's office said today.

    "It didn't pass through the legislature," said John Lane, the Executive Policy Advisor for Washington Governor Christine Gregoire.

    The Washington State legislature posted results for HB 1243, prompting media outlets to report that the bill had passed and was on its way to the Governor's office. The results were actually the votes for HB 1343, a Motor Vehicle Registration bill. An error occurred during the posting, according the Washington State Legislative Hotline.

    HB 1243, a bill sponsored by Rep. Chris Strow, is an attempt to repeal wording in the anti-online gambling statue that makes violators Class C felons. It also allows Washington resident the ability to gamble online in their homes for recreational purposes.

    Other Class C felonies under Washington State law include but are not limited to acts of child molestation, stalking, drive by shootings, threatening the governor, family abandonment, heroin possession and unauthorized abortion.

    Persons convicted of a Class C felony face a maximum of 5 years in prison and a fine of up to $10,000.

    "While I do see the need for protecting our citizens from online gaming that may be scamming innocent victims, I do think that there is also a level of accountability, as an adult, to do as he or she chooses in his or her own home," Strow said. "Most certainly choosing to gamble, or play a game of skill such as poker, should not have been made a crime equivalent to possessing child pornography or threatening the Governor."

    Strow, who originally voted for the measure when it came before the House in 2006, said he would not have voted that way had he known the felony clause was to be added during the reconciliation of the House and Senate bill versions.

    He called the Washington State online gambling prohibition "nanny-stateish" on his Web site and said he would like to make amends for his original vote.

    "I can't imagine why we would want to put people in jail for one to five years for playing poker online," Strow said.

    Strow believes he and several of his colleagues were "sandbagged by the bill's framers who claimed to be "trying to bring state law in line with federal law" by prohibiting online gambling.

    He said his state's legislative branches are suffering from "big brother syndrome" and "exceeding their original intent to fall in line with federal law" by making the punishment levels so severe.

    The Poker Player's Alliance, a Washington D.C. based lobby group fighting for the right to play poker in U.S., is putting their efforts behind the Strow cause. The organization originally released a statement about the amendment's passage, but has since rescinded their comments upon finding out it was based on rumor.

    PPA President Michael Bolcerek told Casino City that his organization has more than 2,500 members in Washington State. An email campaign has been directing members to contact their state officials in order to get the bill a hearing.

    "The PPA urges you to contact the Chairman of the House Commerce and Labor Committee, Representative Steve Conway, and ask him to schedule a hearing for House Bill 1243," Bolcerek in a press release.

    Bolcerek said the likelihood of the bill receiving a hearing depends on how many of the state's poker players get behind the legislation.

    Strow is less optimistic. He said, earlier this year, that the bill "will not see the light of day in its current form." So far he is correct.

    He is looking into alternatives that may receive more congressional support like keeping the law intact, but changing the punishment back to a misdemeanor.

    Online gambling has always been a crime in Washington, but in January of 2006, state senator Margarita Prentice pushed to change the charge involved from a gross misdemeanor to a Class C felony.

    Prentice said she wanted to protect the state from national and international promoters or operators based in Washington State, more specifically, against two ongoing l***uits that challenged the ambiguity of Washington's online gambling l***.

    Her aim was not the individual gambler, but she believes the law should remain as it stands and called Strow's attempt "completely unnecessary."

    Prentice got unanimous support in the Senate, passing the change by a vote of 44-0. The measure passed in the House by a vote of 93-5 and was signed into law by Gregoire on March 28, 2006.

    The new law took effect on June 7, 2006.

  5. #5
    MFC Member money_with_yy's Avatar
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    Default 6 May 2007 BETonSPORTS Board of Directors to plead guilty

    The BETonSPORTS Board of Directors revealed being ready to plead guilty to racketeering and wire fraud charges to prevent any as yet un-indicted cases being brought against them, the UK Telegraph reports.

    "We are close to an agreement with the DoJ under which the case against BetonSports will be closed. We will agree the company has been associated with being part of an 'illegal gambling enterprise' between 1992 and 2006 but essentially we are being penalized for buying the company from Kaplan." BETonSPORTS chairman Clive Parritt told the British newspaper Telegraph.


    Full story at http://www.theonlinewire.com

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