It's a start.
The sites in this industry (sbr included) have done nothing, absolutely nothing to protect the players since MW had the player insurance.
The Rx should be the one to take the lead since it dwarfs most the rest of us.
Shrinks plan probably has many holes but it's a start in the right direction...finally.
The sites in this industry (sbr included) have done nothing, absolutely nothing to protect the players since MW had the player insurance.
The Rx should be the one to take the lead since it dwarfs most the rest of us.
Shrinks plan probably has many holes but it's a start in the right direction...finally.
Certainly can't hurt if some sort of financial information is involved in Shrink accepting advertisers. The more info the better.
I think it is clear we are moving to an era of less books. Anyone that thought booking was free cash, has learned otherwise (or run off with players money when the end was in sight).
I think it is clear we are moving to an era of less books. Anyone that thought booking was free cash, has learned otherwise (or run off with players money when the end was in sight).
I disagree with auditing of the books. Not only would it be time consuming, but the RX is not
Deloitte & Touche accounting for christsakes - and that should not be the role.
If a book has been in business for a min. of 2 years w/ no major complaints, then it's a preferred sportsbooks. New books can advertise, but it's do at your own risk.
This site is still the best place to find reputable books. I don't think it's the responsibility of The RX to AUDIT the offshore industry.
If you gamble in the first place, you are used to taking risks.
Get real.
Deloitte & Touche accounting for christsakes - and that should not be the role.
If a book has been in business for a min. of 2 years w/ no major complaints, then it's a preferred sportsbooks. New books can advertise, but it's do at your own risk.
This site is still the best place to find reputable books. I don't think it's the responsibility of The RX to AUDIT the offshore industry.
If you gamble in the first place, you are used to taking risks.
Get real.
Ken ...
I don't mean to rain on your parade buddy but I've been in business for myself a long, long time.
If one of my advertisers demanded to see my books I'd tell them to go piss up a rope.
Just make the books that sponsor contests leave the prize money in an escrow account. That's really all you can logically do. As for the players you are trying to protect, they have to remember it's NOT YOUR FAULT that people get screwed. Small books looking to start up are really fishing in the wrong pond looking for players here.
We will drink your beer, beat you up, take your money and f*ck your girlfriend .... and ... scream and cry publically if you are an hour late on paying us.
Tough business eh ?
I don't mean to rain on your parade buddy but I've been in business for myself a long, long time.
If one of my advertisers demanded to see my books I'd tell them to go piss up a rope.
Just make the books that sponsor contests leave the prize money in an escrow account. That's really all you can logically do. As for the players you are trying to protect, they have to remember it's NOT YOUR FAULT that people get screwed. Small books looking to start up are really fishing in the wrong pond looking for players here.
We will drink your beer, beat you up, take your money and f*ck your girlfriend .... and ... scream and cry publically if you are an hour late on paying us.
Tough business eh ?
I really don't think this is such a good idea. First of all, you gotta ask yourself how many books will be willing to do that, second of all, they can really change anything they want.
Now, assuming the numbers are real, i believe Raiders said it already, if they lose 8 weeks in a row doesn't mean they are going broke, or the other way around.. how can you tell if the book is spending the money they have won in 5 straight weeks in drugs, sex and rock n' roll and don't have enough when they start to lose?
I do give you credit for trying to do something, but i think this is not it.
Now, assuming the numbers are real, i believe Raiders said it already, if they lose 8 weeks in a row doesn't mean they are going broke, or the other way around.. how can you tell if the book is spending the money they have won in 5 straight weeks in drugs, sex and rock n' roll and don't have enough when they start to lose?
I do give you credit for trying to do something, but i think this is not it.
Shrink,
I have agreed with you on almost everything and respect your opinion but this "statement" thing is not a great idea - and I say this with YOUR interests in mind.
By taking a statement, you are legitimizing a book. If that is the case, if a book goes down, is the RX going to cover for them? After all, since the RX told the players that the book was fine, and the players trusted the RX who should be held responsible for that breach of trust?
By psuedo-auditing, you are practically putting your stamp of approval on it. If that is the case, when/if a book folds, is the RX now going to be held responsible? I don't think you would want to get into that.
Banks have a similar system of validation and ground rules for FDIC - but that accreditation that a bank has is more of a group "insurance" where a deposit up to $100,000 is insured. The banks pay money to be a part of the system and get a TRADEMARK as a result - meaning it can call itself "FDIC insured".
Now, can we have "RX insured"? Is that a possibility? Would books be willing to pump in $X apiece to be "RX insured" and use that as a trademark? If any book folded, the RX INSURED company would take care of any player up to $5,000, maybe? Ultimately, players would ONLY deposit money into books that were actually "RX insured" and the other books would have to either join and follow the rules or try to scam their way to a profit. It would also help books in that there would be less of a chance of a run on the book because of a stupid rumor - and we all know how that spreads.
Anyways, that is just food for thought Shrink - but I wouldn't get into this mess without a LOT of financial backing from some of the top sportsbooks out there and even if I were to do it, it would be more for an "FDIC insured" type of thing than anything else - and if you actually could pull off an "RX insured" kind of trademark, it would be truly revolutionary.
I have agreed with you on almost everything and respect your opinion but this "statement" thing is not a great idea - and I say this with YOUR interests in mind.
By taking a statement, you are legitimizing a book. If that is the case, if a book goes down, is the RX going to cover for them? After all, since the RX told the players that the book was fine, and the players trusted the RX who should be held responsible for that breach of trust?
By psuedo-auditing, you are practically putting your stamp of approval on it. If that is the case, when/if a book folds, is the RX now going to be held responsible? I don't think you would want to get into that.
Banks have a similar system of validation and ground rules for FDIC - but that accreditation that a bank has is more of a group "insurance" where a deposit up to $100,000 is insured. The banks pay money to be a part of the system and get a TRADEMARK as a result - meaning it can call itself "FDIC insured".
Now, can we have "RX insured"? Is that a possibility? Would books be willing to pump in $X apiece to be "RX insured" and use that as a trademark? If any book folded, the RX INSURED company would take care of any player up to $5,000, maybe? Ultimately, players would ONLY deposit money into books that were actually "RX insured" and the other books would have to either join and follow the rules or try to scam their way to a profit. It would also help books in that there would be less of a chance of a run on the book because of a stupid rumor - and we all know how that spreads.
Anyways, that is just food for thought Shrink - but I wouldn't get into this mess without a LOT of financial backing from some of the top sportsbooks out there and even if I were to do it, it would be more for an "FDIC insured" type of thing than anything else - and if you actually could pull off an "RX insured" kind of trademark, it would be truly revolutionary.
kiss and others,
All I am trying to do is make sites such as the rx and sports books more accountable to the players...
I don't want financials. I just want enough info so that i can come back here and feel good endorsing each and every sports book that advertises here no matter what week it is...
If a sports book doesn't want to participate, then perhaps I can say that without kicking them off site, but I'd like to reward the ones that do share reassuring information..
THE SHRINK
All I am trying to do is make sites such as the rx and sports books more accountable to the players...
I don't want financials. I just want enough info so that i can come back here and feel good endorsing each and every sports book that advertises here no matter what week it is...
If a sports book doesn't want to participate, then perhaps I can say that without kicking them off site, but I'd like to reward the ones that do share reassuring information..
THE SHRINK
shrink, you're on the right track.
If you could succeed, you'd be doing the job as global gaming industry regulator, which nobody in the world can currently claim.
If you could succeed, you'd regain faith in all of the big shops, and you would not have to worry about getting ad dollars from all the newbies that need you to get off the ground.
It may not work, but its a step in the right direction, and should you succeed, it would be a peice of cake, because only the solid shops could use you, and then what would there be to do. You'd be promoting the best in the industry, and if so, you can do no wrong.
-lab
If you could succeed, you'd be doing the job as global gaming industry regulator, which nobody in the world can currently claim.
If you could succeed, you'd regain faith in all of the big shops, and you would not have to worry about getting ad dollars from all the newbies that need you to get off the ground.
It may not work, but its a step in the right direction, and should you succeed, it would be a peice of cake, because only the solid shops could use you, and then what would there be to do. You'd be promoting the best in the industry, and if so, you can do no wrong.
-lab
this makes ZERO sense. How do you factor in how much they have so spare? How do you factor in Future wagers they might ahve to pay out. How do you factor credit plays? This makes no sense. I understand the intent but that is over reacting to this situation. This information will not help anyone figure out what the true situation is. A book can still close up and disappear even if not bankrupt.
SHRINK,
Issue is one that should be addressed --unfortunately, this will be nothing but window dressing and will just make this site look like you are taking a pro-active position.
Require financials on a monthly basis that are signed off on by an accounting firm AND require the weekly reports. Take the real names of the people that are running these books and put them on file to be disclosed if they go out of business with the players money.
Problem with my suggestion is that it has less chance of being implemented for a multitude of reasons.
You need advertisers -- maybe you don't now--but the current owner does --- you have a conflict of interest that makes you unworthy for objective responsibility.
Noble idea but so far it sucks.
Alan
Issue is one that should be addressed --unfortunately, this will be nothing but window dressing and will just make this site look like you are taking a pro-active position.
Require financials on a monthly basis that are signed off on by an accounting firm AND require the weekly reports. Take the real names of the people that are running these books and put them on file to be disclosed if they go out of business with the players money.
Problem with my suggestion is that it has less chance of being implemented for a multitude of reasons.
You need advertisers -- maybe you don't now--but the current owner does --- you have a conflict of interest that makes you unworthy for objective responsibility.
Noble idea but so far it sucks.
Alan
The ideal solution is for books to provide an independent third party's verified proof that they have their customers' funds in a separate escrow account that can't ever be touched without that third party's release.
A simpler solution, and a good first step, could be for books to provide third party verified information on a monthly basis on:
1) total amount of player liabilities
2) total funds in cash transfer systems
3) a certified copy of their monthly bank statement.
The information would stay private, and the process could be handled by an offshore accounting agency. Each book in the program could kick in a small amount each month to cover the costs for verifications. This would be money very well spent, and would go a long way to restoring some confidence in this industry.
I'm sure any book involved in a program like this would see a definite increase in business.
A simpler solution, and a good first step, could be for books to provide third party verified information on a monthly basis on:
1) total amount of player liabilities
2) total funds in cash transfer systems
3) a certified copy of their monthly bank statement.
The information would stay private, and the process could be handled by an offshore accounting agency. Each book in the program could kick in a small amount each month to cover the costs for verifications. This would be money very well spent, and would go a long way to restoring some confidence in this industry.
I'm sure any book involved in a program like this would see a definite increase in business.
Hey Shrink,
A step in the right direction. It's nice to see that you and TheRx are using it's "FORUM POWER" to better this industry and increase players awareness in good vs bad books.
Just one question. At what point or should I say, financial situation will you ...
[1] Inform the players (thus creating mass panic to withdraw funds)
[2] Refund Ad money and remove book from recomended list ???
The only problem I can see here is this.
Small to Medium size book doing great until, let's say Week#13-15 of the NFL season. They get Rocked in both College and NFL for the 3 weeks. Players start to withdraw funds, then TheRx announces that BOOK SO & SO got killed weeks #13-#15 and THEY MAY be having problems paying players based on the numbers they sent.
Thus the panic begins ...
I thank you for doing something about it, that is nice to see. No solution is without holes, but this as insignificant as it may seem, may just be the kick start this industry needs to survive well into the future.
Rude
A step in the right direction. It's nice to see that you and TheRx are using it's "FORUM POWER" to better this industry and increase players awareness in good vs bad books.
Just one question. At what point or should I say, financial situation will you ...
[1] Inform the players (thus creating mass panic to withdraw funds)
[2] Refund Ad money and remove book from recomended list ???
The only problem I can see here is this.
Small to Medium size book doing great until, let's say Week#13-15 of the NFL season. They get Rocked in both College and NFL for the 3 weeks. Players start to withdraw funds, then TheRx announces that BOOK SO & SO got killed weeks #13-#15 and THEY MAY be having problems paying players based on the numbers they sent.
Thus the panic begins ...
I thank you for doing something about it, that is nice to see. No solution is without holes, but this as insignificant as it may seem, may just be the kick start this industry needs to survive well into the future.
Rude
