Here at the Off Shore Gaming Association, we get hundreds of inquiries every month. We get questions on online sportsbooks, casinos and poker rooms, in addition to a vast array of legal and scam requests. One case that has gone on for over four years is the liquidation of the former BETonSPORTS company and we
Here at the Off Shore Gaming Association, we get hundreds of inquiries every month. We get questions on online sportsbooks, casinos and poker rooms, in addition to a vast array of legal and scam requests. One case that has gone on for over four years is the liquidation of the former BETonSPORTS company and we are still getting inquiries on the case, especially since players have heard nothing for over a year.
In 2007, a forensic accounting company in England, Vantis PLC, was appointed by the government of Antigua to liquidate the assets of the sportsbook giant. However, Vantis itself ran into trouble early in 2010 and was forced to sell off the division in charge of the BETonSPORTS case. Vantis Business Recovery Services was sold in a management buy-out to existing Vantis partners for an undisclosed sum and a new firm, FRP Advisory LLP took over the operations in June of this year.
We feared that all hope was lost for players.
However, here at OSGA we are determined to see this case through until its end. Thus, after investigating for most of the summer, we were able to find out that many of the key people who assisted us on behalf of players in 2007, 2008 and 2009 were now in similar positions at the new company, FRP Advisory and that the company was working toward a resolution. We have been in contact with the new company and this week did get an update for players. This is very preliminary information and we expect to have continued updates in the coming days and weeks.
Several orders have been made by the High Court and the financial/gaming regulators (FSRC) in Antigua. These orders are providing for FRP Advisory to make one final attempt to contact players/creditors via national newspapers in Antigua and the U.S. As of our latest correspondence, the final submission of outstanding claims to the liquidators will be March 31, 2011. This cutoff date will finally enable the liquidators to be able to make payouts to players and creditors. A final distribution of funds to gaming and trade creditors should be completed by no later than June 30, 2011.
Still, we were still not given a concrete answer to the big question on players minds, â€œHow Much?â€, yet reports indicate only a small percentage will be returned to players. Though this is still ongoing, at least now a timetable for closure and distribution has been scheduled and agreed by the Court. Hopefully, before the 5th anniversary of this ordeal next summer, players will get some funds back and this ugly chapter in Internet gambling can be brought to a close.