| In news that won't really be news to anyone interested in betting or having a punt, BetButler have closed their doors. The exact details of what has happened, and what will happen, are limited at this time, in fact it's purely limited to the note that's been placed on the BetButler website. The rest is speculation and conjecture, but as that can be quite enlightening and entertaining.......I don't think we should hold back anymore. |
So BetButler, the company that boasted they were 'on your side' have given up and seemingly sold up.
But let's look a bit closer at this statement from BetButler.
"The Board of BetButler Limited has been approached by a third party regulated gaming business to acquire the customer database, including all balances and pending withdrawal requests, of the business." Well who the hell closes their company, locks their customers out and sticks two fingers up at the people that support them based on only the "approach of a third party"?! Also, why would the approach being from a regulated gaming business make anyone feel any better? BetButler were regulated by the UK Gamblng Commission, and they've been under investigation/review for months, and still customers are getting screwed.
Remember also that the UK Gambling Commission failed with Canbet and are now requiring all bookmakers and casinos that want UK players to get UK regulation. Doesn't that make you feel safe!
"This process will take some days to complete." Gee, you think! The sale of a company in financial disaray might take more than minutes to complete. Sounds like more stalling tactics from BetButler though, no definitive date, no confirmation of the parties involved, and that suggests to me that it's not all signed........and if it's not all signed then this could just be buying them some time to burn the records and get away with all this.
"Any questions please email info@momaco.co and your queries will be answered." Well I've emailed, doubtless many other people have as well, and I've not had my queries answered. Not suprised, not like BetButler ever answered their emails.
Why close at this point though, surely business as usual would've made more sense. Service existing customers, take bets, process withdrawals? Doesn't that make the company more valuable than just the database and shell?
It's then that it dawned on me, this one statement is actually business as usual for BetButler. A company that has long passed on the idea of customer service.
BetButler for many months now have continually been using stalling and delaying tactics to avoid making payments to their customers. During this time it can only be assumed that staff and directors were being paid, but it was nothing but a ponzi scheme. There wasn't enough money coming in to pay the withdrawal requests coming out, so they delayed the withdrawals, probably hoping for better times over the World Cup, but it just didn't happen for them.
It wasn't just the customers that have been shafted, reports are that many of their staff weren't paid, or were paid late over the course of many months while refinancing was agreed.
There's also the affiliate schemes that were closed and payments and commissions held due to the affiliates 'not supporting BetButler during a difficult period'. Wouldn't fancy any affiliate's chances of getting a penny out of them now.
I'd actually be amazed if the company was worth anything. There's a value to the customer database, but as many of those customers wouldn't want to bet with anything associated with BetButler again there might not be much more to squeeze from them. And of course there can't have been that many customers in the first place, else they'd not be in this position anyway.
If you're looking to see what the latest on BetButler is, then The Gambling Times has the biggest forum on the subject. Word is that some people might be interested in persuing a charge of trading whilst insolvent against the directors (how could it be any other way and why should they get away with this), and that other legal avenues are being looked at.
At the very least joining the forum there will give you access to far more information than you're likely to get from BetButler yourself.
Sorry for the rant, but BetButler have pissed me off.
Good luck to anyone still trying to get their money out, I'll again post when I hear anything else.
But let's look a bit closer at this statement from BetButler.
"The Board of BetButler Limited has been approached by a third party regulated gaming business to acquire the customer database, including all balances and pending withdrawal requests, of the business." Well who the hell closes their company, locks their customers out and sticks two fingers up at the people that support them based on only the "approach of a third party"?! Also, why would the approach being from a regulated gaming business make anyone feel any better? BetButler were regulated by the UK Gamblng Commission, and they've been under investigation/review for months, and still customers are getting screwed.
Remember also that the UK Gambling Commission failed with Canbet and are now requiring all bookmakers and casinos that want UK players to get UK regulation. Doesn't that make you feel safe!
"This process will take some days to complete." Gee, you think! The sale of a company in financial disaray might take more than minutes to complete. Sounds like more stalling tactics from BetButler though, no definitive date, no confirmation of the parties involved, and that suggests to me that it's not all signed........and if it's not all signed then this could just be buying them some time to burn the records and get away with all this.
"Any questions please email info@momaco.co and your queries will be answered." Well I've emailed, doubtless many other people have as well, and I've not had my queries answered. Not suprised, not like BetButler ever answered their emails.
Why close at this point though, surely business as usual would've made more sense. Service existing customers, take bets, process withdrawals? Doesn't that make the company more valuable than just the database and shell?
It's then that it dawned on me, this one statement is actually business as usual for BetButler. A company that has long passed on the idea of customer service.
BetButler for many months now have continually been using stalling and delaying tactics to avoid making payments to their customers. During this time it can only be assumed that staff and directors were being paid, but it was nothing but a ponzi scheme. There wasn't enough money coming in to pay the withdrawal requests coming out, so they delayed the withdrawals, probably hoping for better times over the World Cup, but it just didn't happen for them.
It wasn't just the customers that have been shafted, reports are that many of their staff weren't paid, or were paid late over the course of many months while refinancing was agreed.
There's also the affiliate schemes that were closed and payments and commissions held due to the affiliates 'not supporting BetButler during a difficult period'. Wouldn't fancy any affiliate's chances of getting a penny out of them now.
I'd actually be amazed if the company was worth anything. There's a value to the customer database, but as many of those customers wouldn't want to bet with anything associated with BetButler again there might not be much more to squeeze from them. And of course there can't have been that many customers in the first place, else they'd not be in this position anyway.
If you're looking to see what the latest on BetButler is, then The Gambling Times has the biggest forum on the subject. Word is that some people might be interested in persuing a charge of trading whilst insolvent against the directors (how could it be any other way and why should they get away with this), and that other legal avenues are being looked at.
At the very least joining the forum there will give you access to far more information than you're likely to get from BetButler yourself.
Sorry for the rant, but BetButler have pissed me off.
Good luck to anyone still trying to get their money out, I'll again post when I hear anything else.
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