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BetED.com has confirmed to Covers.com that they have shut down their business.
betEd is out of business. Period. There will be no alternate site launched. They came to this conclusion upon the recommendation of their lawyers.
And to top it off... the American authorities have seized ALL of the players money. There is no middle ground here. The money is gone until the authorities decide to give it back.
And before you blame betEd for this and make accusations that they have cut and run with the money, it is not so. Yes, they have cut, and maybe they plan to run, but they have no money. They are victims too. In fact, they are currently liquidating their personal assets to fund the lawyers fees they will soon be needing. I am sure nobody is interested in hearing about their problems right now, but I thought I would mention it before the rumors start.
This sucks. No doubt about it.
If you are owed money from betEd, your best avenue right now is to immediately contact your Congressman and tell him that the American government stole you money. Because that is what happened.
I have been told to also mention that Covers will make an official announcement about this situation shortly.
Gambling911.com will look into whatever remedies might be available to affected players.
US Feds working out of Baltimore set up a phony payment processing company and seized funds from BetED.com, however, it is not immediately clear how much money was actually seized as BetED claims all of it.
- Christopher Costigan, Gambling911.com Publisher
