I'm not referring to the average joe, who made a mistake by signing up with a new book like PTS.
I am referring to the professionals and semi-professionals who combines "bonus acquisition" with scalping/middling and moving their money in and out of books at the speed of light.
These people did not make a mistake signing up with PTS. It was part of their "job description", and they would/will do the same thing tomorrow when the opportunity arises.
Some of these people will make out like bandits with the demise of PTS, probably making more money than if PTS would have remained in business. If you don't believe me, let me explain by giving you an account of what happens frequently in situations like this:
1. Let's say you live in Canada, Singapore, the United Kingdom, Denmark, or even the USA (as long as you can use your VISA card for gaming purposes - actually a prudent thing to do, since you can make a chargeback to Visa if the book goes under and takes your money). You deposit $2,000 by VISA with a book like PTS, and receive a $500 bonus. You bet this $2,500 on two or three juicy SIA-like underdog scalps, and successfully scalp your money over to Pinnacle (or some other book).
2. You reload your account with another $2,000 by VISA, and receive another $500 Bonus. Unfortunately, PTS goes belly up before you can repeat Step 1, and you're left with a $2,500 balance at PTS.
3. Now what do you do. First thing, the Gamblers Avenue bailout. You deposit $2,500 (your ending PTS balance) with Gamblers Avenue, and receive a $2,500 Match Play which should be able to be converted to at least $1,250 Real Cash.
4. Kongen mentioned Olympic is offering him a bailout. I have heard privately from at least one other poster that they have received another bailout offer from a different book. It has been rumoured that Majorbetting, AllWorld, and even the mighty Pinnacle have, in the past, been accomodating to bettors seeking bailouts. Since Gamblers Avenue's offer is not exclusive, you also join this Olympic "bailout plan" and deposit $2,500. Most likely, this book matches your deposit with $2,500 Real Cash (not match play). If you're extremely persistent, you might be able to convince one or two other books to give you a similar offer, but we won't even bother talking about these possibilities.
5. To top it all off, you charge back the $4,000 in Visa payments (2 x $2,000) that you made to PTS, since PTS "stiffed you".
Now, let's check your cash flows (not including any money that was made on the scalps):
Visa Deposit 1 -2,000
Visa Deposit 2 -2,000
Visa Chargebacks +4,000
Scalp Out to Pinnacle +2,500
(from Step 1)
Gamblers Avenue Deposit -2,500
Gamblers Avenue Balance +2,500
G.A. Match Play Cash Conversion +1,250
Olympic Deposit -2,500
Initial Olympic Balance +2,500
Olympic Bailout Money (Cash) +2,500
-----------
+6,250
This sample bettor is now ahead by $6,250 for all his "troubles" with PTS. Even if this bettor never used VISA (and could not charge back), they're ahead by $2,250. Granted there are now rollover requirements to fulfill, but with a scalper/middler, this is but a small inconvenience.
This is an illustration of what happens all the time with SOME bettors who receive bailout offers, and more importantly illustrates why this practice of signing up with suspect books will not stop in the future - it's too lucrative.
Also notice that MOST of the bettors who got the shaft from PTS are veteran posters, not newbies.
As a final clarification, I am not saying anything negative about those who signed up with PTS, as I like a bonus just as much as the next guy. But remember ... when you hear all the tales of woe, that SOME of these tales are not actually that woeful.
[This message was edited by Halifax on May 09, 2003 at 06:46 PM.]
I am referring to the professionals and semi-professionals who combines "bonus acquisition" with scalping/middling and moving their money in and out of books at the speed of light.
These people did not make a mistake signing up with PTS. It was part of their "job description", and they would/will do the same thing tomorrow when the opportunity arises.
Some of these people will make out like bandits with the demise of PTS, probably making more money than if PTS would have remained in business. If you don't believe me, let me explain by giving you an account of what happens frequently in situations like this:
1. Let's say you live in Canada, Singapore, the United Kingdom, Denmark, or even the USA (as long as you can use your VISA card for gaming purposes - actually a prudent thing to do, since you can make a chargeback to Visa if the book goes under and takes your money). You deposit $2,000 by VISA with a book like PTS, and receive a $500 bonus. You bet this $2,500 on two or three juicy SIA-like underdog scalps, and successfully scalp your money over to Pinnacle (or some other book).
2. You reload your account with another $2,000 by VISA, and receive another $500 Bonus. Unfortunately, PTS goes belly up before you can repeat Step 1, and you're left with a $2,500 balance at PTS.
3. Now what do you do. First thing, the Gamblers Avenue bailout. You deposit $2,500 (your ending PTS balance) with Gamblers Avenue, and receive a $2,500 Match Play which should be able to be converted to at least $1,250 Real Cash.
4. Kongen mentioned Olympic is offering him a bailout. I have heard privately from at least one other poster that they have received another bailout offer from a different book. It has been rumoured that Majorbetting, AllWorld, and even the mighty Pinnacle have, in the past, been accomodating to bettors seeking bailouts. Since Gamblers Avenue's offer is not exclusive, you also join this Olympic "bailout plan" and deposit $2,500. Most likely, this book matches your deposit with $2,500 Real Cash (not match play). If you're extremely persistent, you might be able to convince one or two other books to give you a similar offer, but we won't even bother talking about these possibilities.
5. To top it all off, you charge back the $4,000 in Visa payments (2 x $2,000) that you made to PTS, since PTS "stiffed you".
Now, let's check your cash flows (not including any money that was made on the scalps):
Visa Deposit 1 -2,000
Visa Deposit 2 -2,000
Visa Chargebacks +4,000
Scalp Out to Pinnacle +2,500
(from Step 1)
Gamblers Avenue Deposit -2,500
Gamblers Avenue Balance +2,500
G.A. Match Play Cash Conversion +1,250
Olympic Deposit -2,500
Initial Olympic Balance +2,500
Olympic Bailout Money (Cash) +2,500
-----------
+6,250
This sample bettor is now ahead by $6,250 for all his "troubles" with PTS. Even if this bettor never used VISA (and could not charge back), they're ahead by $2,250. Granted there are now rollover requirements to fulfill, but with a scalper/middler, this is but a small inconvenience.
This is an illustration of what happens all the time with SOME bettors who receive bailout offers, and more importantly illustrates why this practice of signing up with suspect books will not stop in the future - it's too lucrative.
Also notice that MOST of the bettors who got the shaft from PTS are veteran posters, not newbies.
As a final clarification, I am not saying anything negative about those who signed up with PTS, as I like a bonus just as much as the next guy. But remember ... when you hear all the tales of woe, that SOME of these tales are not actually that woeful.
[This message was edited by Halifax on May 09, 2003 at 06:46 PM.]
