Billion dollar internet gambling bust

[JohnCommode]

http://www.reuters.com/article/us-ne...-idUSKCN0ZG2VM

Even if you're not interested in the subject, their mugshots are great. Clearly, they needed the money to support their addiction to high end threads.

[Sanlmar]

This is as stupid as all the drug arrests that fill our prisons.

Light regulation.

[BeerAndPoker]

Stupid for sure but it's been an ongoing thing in this for several decades.

The next guy in line who accepts all risks now takes over using the same call center.

[Dan Druff]

There are a number of these out there. This has basically replaced the local bookie.

They are password-protected, kinda generic-looking sportsbetting sites, where you can't even look inside unless you get invited.

(The invites usually occur through referrals.)

The sites tend to have local agents representing the bookies, who deal with both customer service issues and payments in and out.

Bets are settled offline. There is no cashout button or payment processor.

The sites themselves are based out of places like Costa Rica, as are the betting call centers.

These are almost always owned by Americans.

They tend to operate a lot more honestly than the shady sportsbooks using the standard internet buy in/cash out model. However, your balance on there is lost if a bust goes down.

[badguy23]

There are a number of these out there. This has basically replaced the local bookie.

They are password-protected, kinda generic-looking sportsbetting sites, where you can't even look inside unless you get invited.

(The invites usually occur through referrals.)

The sites tend to have local agents representing the bookies, who deal with both customer service issues and payments in and out.

Bets are settled offline. There is no cashout button or payment processor.

The sites themselves are based out of places like Costa Rica, as are the betting call centers.

These are almost always owned by Americans.

They tend to operate a lot more honestly than the shady sportsbooks using the standard internet buy in/cash out model. However, your balance on there is lost if a bust goes down.

Were they booking the bets? Or did they just own the sites?

On PPH sites the agent/bookie pay a fee usually around $15 per customer a week to use the website and call center.

[badguy23]

There are a number of these out there. This has basically replaced the local bookie.

They are password-protected, kinda generic-looking sportsbetting sites, where you can't even look inside unless you get invited.

(The invites usually occur through referrals.)

The sites tend to have local agents representing the bookies, who deal with both customer service issues and payments in and out.

Bets are settled offline. There is no cashout button or payment processor.

The sites themselves are based out of places like Costa Rica, as are the betting call centers.

These are almost always owned by Americans.

They tend to operate a lot more honestly than the shady sportsbooks using the standard internet buy in/cash out model. However, your balance on there is lost if a bust goes down.

That is not true. If these guy's were just running the sites the agent should still pay the player. If I was a bookie and used one of these sites Id be leaving the country asap.

[Dan Druff]

Yeah, I don't know why I wrote that at the end of my message.

I wasn't thinking.

Since the funds aren't actually held on these sites, but rather it's just a means to place bets and keep track of balances, then yes the bookie should be responsible for paying even if the site itself gets shut down.