The third anniversary of the arrest of BETonSPORTS’ CEO David Carruthers was last Friday. Players are still waiting for their dough. Or someone to tell them when they will get their dough. Or at least, verify the payout percentage that has been talked about so far.

So, three years and one week after this whole mess began, Vantis, the publicly traded, London-based account firm contacted players using email (it’s free). However, players did not get the response they were looking for. They were told to hang in there….Vantis is working on it.

The email states that they are still looking for corporate records, some of which are in Costa Rica. They may find Bin Laden before they find these records. The company ceased its operations there in late 2007 and unless there is a tin-covered storage shack somewhere in the hills of San Jose, any records there must be long gone by now.

Like the money. Long Gone. For a company that was worth 250 million or more on the London Stock exchange prior to July 2006, what happened to all of the money?

The Insider found out from a very reliable source several weeks ago that court proceedings were taking place in Germany for $2 million that was in a BETonSPORTS account at the time of their demise. Repeated emails to Vantis to verify our findings went unanswered. The email sent to players this week confirms this tip. This is good news for everyone waiting for money and it does show that Vantis is actively seeking more money for players.

OSGA has been told as recently as November 2008 that the figure that currently being held in escrow to pay players is two million USD (we had originally been told three million by BOS). Vantis states that player claims are $8,078,073. And, in a new twist, trade creditors, never mentioned before, agreed to some $5,808,012 more. That’s nearly 14 million.

And really, should trade creditors even be involved in any type of monetary settlement? They never deposited with this company. They were never lied to that their funds were secure. Many of these companies have fed off of the gambling industry for year and should ‘take it on the chin’, as so many players have had to do over the years.

I was never very good at math. But if there is 2 million available right now, that would mean that players should be getting nearly 15% (13,866,085 x 15% = 2,082,912). However, they are being told 5%. And, if Vantis recovers 2 million more, that’s an extra 15% for players. We have asked Vantis to clarify the percentage and if vendor-creditors will be getting the same percentage as player-creditors.

Players who have contacted us in recent weeks are growing very weary of the situation, as are we. Several calls and emails start by mentioning just how long this has gone on and ask, “Shall I just forget about this?” For players who have waited this long, there does appears to be some movement in this case. We have asked Vantis again if there is a time-frame for payouts but urge players to hang in there.

We are awaiting answers from the corporate liquidators.

We hope that Vantis is able to get the $2 million that they are in court seeking. However, we urge them, once there is two million more in the coffers, disperse what is there. After more than three years, end this ordeal for everyone. A final figure of $4 million would yield players at least 25% (13,866,085 x 25% = 3,466,521) of what they were owed. That’s more than shareholders received, more than ex-BOS employees got and certainly more than David Carruthers got.

The e-mail sent to BETonSPORTS players from Vantis can be found here.