As the the night evolved, rumors were put to rest. Several BETonSPORTS employees called in to the OSGA offices to say that they had been let go and the company was closing in Costa Rica. Sounding both hurt and dismayed, the theme of each call was “Why us?”  In all, nearly 1000 people lost jobs at BETonSPORTS, one of the largest sportsbook employers in San Jose.

BETonSPORTS is expected to make a shareholder announcement on Friday morning at 7AM London time, 2AM on the East Coast in the US. It will let everyone know that BETonSPORTS will no longer have an operation that faces the US or services US customers. Thus, no bets will be taken from the US ever again by BETonSPORTS.

We again received confirmation that ALL players’ funds are secure AND will be returned. Other reports have focused on BOS only returning player deposit money, but what will be available in the near future will be whatever was in each players balance when their websites were shut down in mid-July.  Future bets and pending plays will be ‘no action’ and outstanding bet amounts returned to accounts.

The biggest question on every players mind is “When can players get their money?”

Unfortunately, this will still take a bit of time, as the task is monumental. Though the Justice Department claims otherwise, BETonSPORTS was arguably the largest sportsbook offshore, with well over 100,000 US customers across its brands. Just the sheer volume of processing all of these payouts is an overwhelming task.

Included in this problem is the fact that almost all employees were let go today. There will not be the usual 20 payout clerks and 30+ customer service clerks to aid in the withdrawal process. Instead the skeleton crew that is left will be required to do the work of dozens of employees.

Then there is the money…… Right now accounts are frozen and funding options for this type of volume is obviously limited. Accounts will need to be ‘unfrozen’ and money moved to all of he appropriate accounts before a dime can be sent to players. To add to the fire, because of the Department of Justice's temporary restraining order, some payment processors have stopped doing business with BETonSPORTS, causing them to have a limited amount of methods to transfer the bulk of the money back to players.

We are suggesting that players NOT CALL right away to the sportsbook. What we are telling you above and what will be in the statement from BOS, plc is the facts. We understand that databases are being compiled and methodology being put into place to contact the large amount of players that have balances at BETonSPORTS and ALL of its associated brands. However, no timetable has been set to begin processing payouts. Though the open-ended feeling of this is still somewhat present, we are happy to see what we had reported since the earliest days of this ordeal, that players funds were secure, is in fact, true.

Stay tuned as we expect much more on this story in the coming days......