This is a tough break for all of us. I understand and appreciate the General and Shrink's position. I will say however, that as of today, I have never once been slowpayed or stiffed by Royal. Even now, with their Neteller problems, they have offered to pick up the WU fees. Most books would not do this and I say that from experience. I REALLY hope that they work things out!
Ken,
Very good move! You always do the right thing, despite what some of your critics argue. Your true character and integrity have been demonstrated here. I am very pleased. I think this is a great move and fundamental in gaining trust and/or respect from the posters on this site. I believe that gamblers will start to see again that you are truly dedicated and concerned about their interest.
This site is not always about the bottom line, like some tend to say. I found this out a long time ago when I was working with a sports book. Ken and many others from this site spent countless hours trying to help with gambler disputes, and later we were also removed from the advertising list rightfully so.
I think it is fundamental for both players and other advertisers on the site that we maintain a list of purely reputable books. Not only does it cause potential financial harm to the players that trust our opinion, it also undermines the creditbility of other paying advertisers when we allow books that are not adhering to the standards of which the gambler deserves.
I am extremely delighted to hear this news, and I hope ya’ll are as well.
I am somewhat shocked that there have been some negative responses to this decision and post. One minute people are screaming for The RX to do the right thing and take royal off the list, and now some are not satisfied with this decision. I am puzzled. Maybe people are skeptical, pessimistic or maybe it is just something that is in their nature. I don’t know nor am I able to understand.
With all this being said, Royal I wish you the best of luck. You truly were once of the better offshore books, and I hope that things turn around for you in the near future.
Ken I am sure it was a tough call, but I think you made the right one. I feel better having them removed now before or if it is too late. Hopefully Royal will turn around, but just in case they don’t I feel better knowing our posters have not been stiffed..
Thanks,
Angelle
Very good move! You always do the right thing, despite what some of your critics argue. Your true character and integrity have been demonstrated here. I am very pleased. I think this is a great move and fundamental in gaining trust and/or respect from the posters on this site. I believe that gamblers will start to see again that you are truly dedicated and concerned about their interest.
This site is not always about the bottom line, like some tend to say. I found this out a long time ago when I was working with a sports book. Ken and many others from this site spent countless hours trying to help with gambler disputes, and later we were also removed from the advertising list rightfully so.
I think it is fundamental for both players and other advertisers on the site that we maintain a list of purely reputable books. Not only does it cause potential financial harm to the players that trust our opinion, it also undermines the creditbility of other paying advertisers when we allow books that are not adhering to the standards of which the gambler deserves.
I am extremely delighted to hear this news, and I hope ya’ll are as well.
I am somewhat shocked that there have been some negative responses to this decision and post. One minute people are screaming for The RX to do the right thing and take royal off the list, and now some are not satisfied with this decision. I am puzzled. Maybe people are skeptical, pessimistic or maybe it is just something that is in their nature. I don’t know nor am I able to understand.
With all this being said, Royal I wish you the best of luck. You truly were once of the better offshore books, and I hope that things turn around for you in the near future.
Ken I am sure it was a tough call, but I think you made the right one. I feel better having them removed now before or if it is too late. Hopefully Royal will turn around, but just in case they don’t I feel better knowing our posters have not been stiffed..
Thanks,
Angelle
Royal's bank accounts are drained. they were paying their players with their last reserves they had from their CC company in Belize,but those funds are gone as well.They are trying to get to football season to get some $$ in the bank.I'm happy that Shrink finally saw this and no longer is promoting this book on his site.Good job Shrink!Hope all players get paid...
Troelsen: Are you thinking of marc's situation? I wont consider payment within a day er two a slow pay. That said, I have some dollars in there myself and I am very interested if anyone is actually getting stiffed. So my post was not aimed at defending Royal. I was just curious about the payment situation overall.
majbrit,
The answer is YES....
I posted it on another thread earlier, but since u asked...
This just came in...
I am hiding the person's name for obvious reasons...
"Dear Sir:
I have an account at Bet Royal (I opened it about 2 months ago). My balance is around $22,000. I tried to make a withdrawal (by cashier's check sent by FedEx) 2 weeks ago. So far I have gotten a "run around" from them. After calling them almost every day for a FedEx tracking number, they finally today gave me a tracking number today. So far (as of today) the FedEx tracking web site tells me that "no such tracking number" exists. Can you help?"
In fairness to Roberto,
He is assuring me through emails, that this and every other amount owed will be paid in full...
He says that one of the backers has been the main reason for these delays...
THE SHRINK
The answer is YES....
I posted it on another thread earlier, but since u asked...
This just came in...
I am hiding the person's name for obvious reasons...
"Dear Sir:
I have an account at Bet Royal (I opened it about 2 months ago). My balance is around $22,000. I tried to make a withdrawal (by cashier's check sent by FedEx) 2 weeks ago. So far I have gotten a "run around" from them. After calling them almost every day for a FedEx tracking number, they finally today gave me a tracking number today. So far (as of today) the FedEx tracking web site tells me that "no such tracking number" exists. Can you help?"
In fairness to Roberto,
He is assuring me through emails, that this and every other amount owed will be paid in full...
He says that one of the backers has been the main reason for these delays...
THE SHRINK
Sportsbook Review is in Curacao right now and this is what they report:
Royal Sports Update
SBR on Royal Sports
First the bad news:
Once the strongest book in Curacao, Royal Sports is operating with millions of dollars in liabilities and a zero cash position. Effectively, this operation is bankrupt in the literal sense of the word. If that wasn’t serious enough, Royal is looking at a deadline to repay Olympic or face a lawsuit which will ask for a seven figures in damages. As of this writing it is too close to call as to if there will be a lawsuit filed against Royal or not.
Now the good news:
The Royal Dutch Investment group has purportedly sent $1 million to stabilize the operation until football receipts start to roll (LMAO) in. Once evidence that the $1 million has been received, and is in the corporate account, BetRoyal can begin the process of recovery. Without the immediate infusion of cash this operation will be an instant no pay for players and employees. Royal has offered to show prove of the $1 million investment received into a Royal operating account when the money is received.
Royal’s CEO has made progress in many areas to clean up mistakes of the past and to cut the fat which they were famous for.
The break-even point for Royal is now in-line with other books.
It is encouraging that the ownership group contributes $1million (assuming they indeed do). However, this is only half the cash that management needs to right the balance sheet and does not provide the ability for royal to market properly.
Summary:
There will continue to be the occasional slow-pay from a variety of sources although post-up players should be OK. As long as the Dutch owners refuse to properly capitalize Royal there will continue to be problems. It is possible that Royal can cash-flow out of trouble but certainly this is a risky plan.
If Olympic follows through with their threat to sue Royal it could be a fatal blow. If the investors ever decide they are throwing good money after bad money, and stop the funding, this too would be a fatal blow.
The most likely course is that Royal will continue to limp along, living or dying with every game. Royal management may be able to get some new money out of the ownership but that is not guaranteed. More investment into Royal is the key. If Royal has a great football season they will likely fully recover by this time next year. If not, they will likely be forced to accept one of the low-ball bids they have recently received.
www.sportsbookreview.com
[This message was edited by Intuition BET on July 25, 2003 at 06:48 PM.]
Royal Sports Update
SBR on Royal Sports
First the bad news:
Once the strongest book in Curacao, Royal Sports is operating with millions of dollars in liabilities and a zero cash position. Effectively, this operation is bankrupt in the literal sense of the word. If that wasn’t serious enough, Royal is looking at a deadline to repay Olympic or face a lawsuit which will ask for a seven figures in damages. As of this writing it is too close to call as to if there will be a lawsuit filed against Royal or not.
Now the good news:
The Royal Dutch Investment group has purportedly sent $1 million to stabilize the operation until football receipts start to roll (LMAO) in. Once evidence that the $1 million has been received, and is in the corporate account, BetRoyal can begin the process of recovery. Without the immediate infusion of cash this operation will be an instant no pay for players and employees. Royal has offered to show prove of the $1 million investment received into a Royal operating account when the money is received.
Royal’s CEO has made progress in many areas to clean up mistakes of the past and to cut the fat which they were famous for.
It is encouraging that the ownership group contributes $1million (assuming they indeed do). However, this is only half the cash that management needs to right the balance sheet and does not provide the ability for royal to market properly.
Summary:
There will continue to be the occasional slow-pay from a variety of sources although post-up players should be OK. As long as the Dutch owners refuse to properly capitalize Royal there will continue to be problems. It is possible that Royal can cash-flow out of trouble but certainly this is a risky plan.
If Olympic follows through with their threat to sue Royal it could be a fatal blow. If the investors ever decide they are throwing good money after bad money, and stop the funding, this too would be a fatal blow.
The most likely course is that Royal will continue to limp along, living or dying with every game. Royal management may be able to get some new money out of the ownership but that is not guaranteed. More investment into Royal is the key. If Royal has a great football season they will likely fully recover by this time next year. If not, they will likely be forced to accept one of the low-ball bids they have recently received.
www.sportsbookreview.com
[This message was edited by Intuition BET on July 25, 2003 at 06:48 PM.]
>Dear Sir:
>
>I have an account at Bet Royal (I opened it about 2 months ago).
"about 2 months ago"
Ken, about the time you Welcomed Royal back...
http://therxforum.com/6/ubb.x?q=Y&s=100090022&a=tpc&f=988094022&m=99710111&r=34310292#34310292
>
>I have an account at Bet Royal (I opened it about 2 months ago).
"about 2 months ago"
Ken, about the time you Welcomed Royal back...
http://therxforum.com/6/ubb.x?q=Y&s=100090022&a=tpc&f=988094022&m=99710111&r=34310292#34310292
Very tough call but I think the right one was made. No one here is rooting for Royal more than I am though. I believe they can come through if things fall right but we do not want to gamble with players money if we are wrong. We owe it not only to our players but the other books we endorse to pull them off the site for now. When Ken and I talked and he said I wouldn't send them my money right now I believe he answered his own question on the matter. Took guts to do it and I can't blame other sites if they'd rather just pick up the check every month but we'd rather err on the side of caution.
We are far from perfect but we are really trying to do the right thing around here. Thanks everyone for the good words.
We are far from perfect but we are really trying to do the right thing around here. Thanks everyone for the good words.
I obviously agree and appaluad the move.
I was going to crack on Pat and RPM for there royal attack on me in the "Should Royal be taken down" thread but I'm not. I thought it was a justified debate/topic then and the right move to make now.
Royal is not going down but the Dutchies have to do it right or let it go.
I was going to crack on Pat and RPM for there royal attack on me in the "Should Royal be taken down" thread but I'm not. I thought it was a justified debate/topic then and the right move to make now.
Royal is not going down but the Dutchies have to do it right or let it go.
