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AP: BetOnSports Gamblers Facing Hard Time Retrieving Deposits

Authored by Mark Hefflinger on August 10, 2006 - 1:23pm.
New York - Since U.S. authorities arrested the CEO of online sports betting site BetOnSports.com and announced they are seeking the forfeiture of $4.5 billion in illegal gains from the company, U.S. residents who placed wagers with the site have had a difficult time retrieving their money, the Associated Press reported. A U.S. Attorney told AP that a federal restraining order requires the company to return the money. While an executive with the firm told AP that returning the funds is the company's intention, some online payment processors have stopped doing business with BetOnSports, leading the executive to add that the company is in "a difficult position," and has no way to return the bulk of money to U.S. online gamblers. Prosecutors told AP that 97% of wagers at BetOnSports were made on American football, basketball and baseball, and that almost all of the Costa Rica-based company's business came from U.S. residents.

http://tinyurl.com/kyh9e (AP)
http://www.betonsports.com
tags: Games | Sports | Law | Payments | Gambling | Commerce | BetOnSports |



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