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Online Casino Conditions >>> Betting News >>> August News


Lawsuit Could Rise Against BOS Pending Online Payments

Online Casino Conditions Staff
August 26, 2006

Another chapter of the Bet on Sports saga has been written, and this time it involves two online casino gambling portals who are claiming that the Board of Directors at Bet on Sports is withholding player's funds without due cause. Filing a complaint with the London Stock Exchange's Alternative Investments Market Regulatory News Service, Chief Editor of The Online Wire (Roberto Castiglioni) and President of online gaming portal, Gambling 911 (Chris Costigan), did so after receiving a correspondence with NETeller's Corporate Development VP, Andrew Gilchrist, that player funds were not on hold as the Bet on Sports Board had previously stated.

Although BOS never directly referred to NETeller accounts in their statement, or that there is no hard proof showing actual funds are in their possession, the fact remains that over 53,000 account holders with Bet on Sports (some of which are not U.S. citizens) have not received their rightfully entitled payouts yet.

It is also true that NETeller halted payouts to BOS when the U.S. Department of Justice stepped in and made its initial indictment against the company.  However, since that time, NETeller has not been withholding funds from the BOS online cashier, who is ultimately responsible for transferring funds into player accounts.

The complaint made with AIM is the first of many steps needed to undertake a class action suit, which could manifest if it is shown that BOS is holding onto funds which could be used to pay out player accounts. The only reason Castiglioni and Costigan were able to get their complaint accepted was because of their accusations of corporate fraud.  Without this component of the accusation, anyone other than BOS shareholders would not be permitted to file a claim with the London Stock Exchange. If investigations resulting from the complaint warrant to issuance of a class action suit, account holders who have still not received their funds may pursue legal action through the suit itself.

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