IT has been five long years since the BETonSPORTS corporation was indicted by the U.S. Department of Justice, shut down and ultimately went bankrupt. But players who have been waiting all of this time to recoup a percentage of their money lost in 2006 will only need wait another week or so to finally be paid.
This July 17 would have been 5 years. Five long years since the BETonSPORTS corporation was indicted by the U.S. Department of Justice, shut down and ultimately went bankrupt. But players who have been waiting all of this time to recoup a percentage of their money lost in 2006 may only need wait another week or so to finally be paid.
We contacted FRP Advisory in England several times this month to confirm what we had reported back in December was actually going to materialize for players. According to a spokesperson for FRP Advisory, players will receive a portion of their balances refunded beginning next Thursday, June 30th. We were told â€œA distribution is scheduled to be sent to players that have agreed to their claims on 30 June 2011″. Checks will be sent to players mail addresses that were registered with the now defunct Vantis or FRP Advisory.
The biggest question has always been â€œHow Much?â€ Well, the final totals are in and players can expect to receive a paltry 4.63 cents on the dollar. For example, a player owed $1,000 will receive $46.30.
Of course this low figure is an outrage to many (including the OSGA). Legitimate players who were owed less than $125 will end up getting nothing after all of this waiting. FRP Advisory told us that the total assets recovered in the period since September 2007 (when the original Vantis company was brought in) have been slightly in excess of three million dollars ($3.03M). The total amount to be distributed to creditors will be roughly $1.3 million.
Less than half is not what anyone wants to hear, but the liquidators have been involved for over four years. Just the costs of making the payouts are eating into player’s returns. Keep in mind the liquidators haveÂ put a great deal of time and effort into this caseÂ and do deserve to be paid for efforts getting players at least these few dollars. FRPAdvisory told us that a â€œfinal report detailing costs, including liquidation fees, legal fees and other costs and expenses will be issued at the time of distribution to creditors.â€ Liquidatorsâ€™ costs have been approved by the High Court in Antigua, which is a requirement where the court makes the liquidation appointment.
Since the arrest of David Carruthers in 2006, the OSGA has been one of the few media sources consistently reporting on the process to pay back players. We published our own form well in advance of Vanits and created a database for players without Internet access or who could not get in touch with the liquidators. We personally verified that over 800 players who had filled out the BETonSPORTS claim form on the OSGA website or contacted us prior to 2011 have all been processed and will be paid.
Though the final payout figure is extremely disappointing for a sportsbook with a market share in excess of $200 million, we are glad that this ordeal will finally come to an end and this dark chapter in the history of Internet gambling will ultimately be closed. The OSGA will exercise due diligence in posting the statement from FRP Advisory, once it becomes available.7 comments