***** OSGA Bad Bet Alert *****
Reason for todayâ€™s alert:
The operators continue to accept new customers though they have acknowledged lack of current funding and have no ability to pay back players.
OSGA reported at the beginning of May the a small company in Costa Rica, Bet911, was having money troubles. A Bad Bet alert was issued that the Bet911 â€œoperators have acknowledged lack of current funding.â€ There was a note that players could expect an update on or around May 21.
Shortly after that date came and went, we contacted Bet911 and found that the company was actively trying to find another book to take over their customers. The head man, Robert, was trying to â€˜save faceâ€™ and keep trying to operate as he looked for a home for his players. He told us of a couple of outfits that had taken a long look at his operation. Unfortunately, several of the books contacted had a large portion of Bet911â€™s customers actively playing at their book! In addition, almost two-thirds of Bet911â€™s customers are not from the U.S., most of them being customers throughout Europe. Currently, most sportsbooks that cater to U.S. clients tend to steer away from certain European action and certainly avoid sharp soccer players. Apparently, the big problem is not that the book is not that far in the hole (a couple of hundred thousand dollars), but instead they have an â€˜undesirableâ€™ clientele.
After hearing all of this, it is not surprising that Robert cannot find a suitor for the Bet911 operation. Initial conversations with him indicated that Bet911 was not going to accept further deposits, knowing that they could not pay out.
Innocent players that find the Bet911 website are greeted with a giant World Cup banner. Ironic, since we were told that it was European soccer punters who took Bet911 for a huge sum of money, precipitating their current situation. There are tell tale signs on the Bet911 website that hopefully will send up a flare for unsuspecting players. Their money transfer methods are down to just Western Union, MoneyGram and NeTeller, having lost Moneybookers about a month ago. The Chat is almost never staffed and the phone numbers have been dropped from all but the most interior pages.
Instead, Bet911 has continued to accept new players with a too-good-to-be-true sign-up bonus of up to 70% Free Play! However, once a player signs up and tries to deposit, they find that the company is honest with them. They are told in an email that "Bet911 is not taking any more action because the company is going out of business."
At this point the situation is bleak for current players who have a balance. We have seen this before. As with many books before Bet911, this ends up badly for everybody. The struggling book goes one of two ways - they just disappear or they continue on, as a deposit-only book.
We are told that they are still seeking a 'buyer'. We really hope that Robert is really hanging around to find a home for his players, not just blowing smoke and ultimately ending up in one of the other two scenarios.