Gamblers Avenue responds AFTER BEING SOLD

GamblersAvenue
Junior Member

Registered: Oct 2003
Location: San Jose, CR
Posts: 21
To Insider and others,

To set the record straight. Gamblers Avenue was already in discussions with other entities to sell its operation. Most notably was Grande. Grande would have made sense from a technical-software aspect since we both use iNet, but they did not have as many betting options as us nor did they have reduced juice wagering. The fit did not make sense for either party. They were not prepared to offer the same types of incentives that our client base is accustom to.

Royal approached us once the "run on the bank" started and during the Grande discussions. We were handling the "run on the bank" just fine on Monday, even though the rumors persisted. Keep in mind that with all of the past issues in this industry (Securebuxx, Camelot, Ace's Gold), players don't care to stick around to see if the rumors are false or not. I can understand that. What no one cares to mention is that there was not one slow or no pay whatsoever with Gamblers Avenue.

Many wonder why we were looking for buyers or why did we sell. The reason is very simple. I have other business interests that require my attention and were distracting me from giving GA the attention and time it needed to to take it to the next level. The business was better suited for someone with the knowledge and experience in the industry and most importantly time.

Many are asking why is Royal imposing a 5 time rollover. The original deal in discussions on Monday was not to have a rollover requirement. But on Tuesday, the forums fanned the flames and everyone thought the sky was falling. Payout requests continued to pour in and it was obvious that EVERYONE would pull out from any new purcahser. There was never a question of if the players were going to get paid or not, they were going to get paid even if we did not sell the company to Royal or any other entity.

I know some people on other forums have compared me to Mark Del from Camelot, Lance from NAB, Charlie from Ace's Gold or Eddie from Alladin's. Let me make one thing clear, I DID NOT STEAL POST UP DOLLARS OR CLOSE THE SPORTSBOOK. I AM NOT A THIEF. I could have taken the money and ran and never looked back. We SOLD the sportsbook. We did not receive a bailout. We were acquired by Royal Sports. There is a huge difference.

Also, there were options on the table with other suitors. Ultimately, Royal's offer was the best for the players.

Lastly, I expect everyone to rally behind Freddy. He was doing his job as best he could under the intense situation. All of his peers (meaning you guys) were calling at a rapid rate and being the straight shooter that he is, he could not field all of the calls and receive up to the minute updates on the current status of the acquistion. I would hope that people will realize that and not hold it against him. He is a great person and a good and true friend to most of you in these forums.

Cordially,

Mike Silver

Mike or Fredd whichever it is,

you write

Many are asking why is Royal imposing a 5 time rollover. The original deal in discussions on Monday was not to have a rollover requirement. But on Tuesday, the forums fanned the flames and everyone thought the sky was falling. Payout requests continued to pour in and it was obvious that EVERYONE would pull out from any new purcahser. There was never a question of if the players were going to get paid or not, they were going to get paid even if we did not sell the company to Royal or any other entity.


How is this fair to the players. We didnt ask you to go sell yourself did we? So a player who has a balance and wanted to withdraw money from you, which you still have as you said, now has to rollover the funds 5x before he can get paid. Now how is this fair.

Like I said earlier, this is like your playing at Bellagio and have 10k in chips in front of you and want to cashout. So your walking to the cashier and they tell you they were just bought by Trump. Trump says you have to go play your 10k 5x over before we will pay you.

Is this fair to the player??????? So you guys made out fine by selling your book you say. You always had money to pay the players. But now the players are bening penalized because you sold the book????????


If this not a bailout by Royal, then why are players getting ****ed if you have the money to pay?

Read Mikes statement about selling Gamblers Avenue.

He says, "There was never a question of if the players were going to get paid or not, they were going to get paid even if we did not sell the company to Royal or any other entity."

So here is what I get out of this.

1.You Sell To Royal Sports - We Get 5x Rollover

2. No-One Buys Gamblers Avenue - WE GET OUR MONEY!!!

What's the problem here guys ???

You guys keep sayng how great it was for Royal To come Buy Gamblers Avenue, but if no one did, we all would have been paid regardless according to Mike Silver.

Does this make any sence to you guys ???

Rude

Great response Nets2k2. I was under the assumption that this was a bailout but according to GA it was sold. Wow.

If I'm reading this right ... and I think I do we are getting 2 sides to the same story.

BAIL OUT vs WE SOLD IT

Rude

there is a huge difference between sold and bailout.

Mike Silver did NOT run away with your or my monies....

cluster**** is the only word that can describe this situation.

Royal, care to comment on this to set the recrod straight? Did you buy GA or did you bail them out?

Hey NBALINE2005,

Yes, you are correct. Mike Silver did not run away with our money. Here is what happened to our money.

1.Mike Silver SOLD TO Royal Sports- They PAID HIM
2.Our Money is still at Gamblers Avenue, cuz It's our money but Royal Sports now owns Gamblers Avenue.
3.Because Royal Sports PAID FOR GAMBLERS AVENUE and did not BAIL it out, WE have to roll OUR money over 5x to cash out.

So you see NBALIVE2005, the money that ROYAL SPORTS PAID MIKE FOR GAMBLERS AVENUE, IS THE MONEY THAT THEY INTEND TO HAVE LEFT OVER AFTER 90% OF THE PLAYERS FAIL TO ROLLOVER THEIR BALANCE.

If this is how it went down, I must say great job. I would love to have been at the table when this deal went down.

Rude

acquired..
i bet you 10 dimes...



<BLOCKQUOTE class="ip-ubbcode-quote"><font size="-1">quote:</font><HR>Originally posted by MoDigitz:
cluster**** is the only word that can describe this situation.

Royal, care to comment on this to set the recrod straight? Did you buy GA or did you bail them out?<HR></BLOCKQUOTE>

k, fellas lemme splain sumpin to ya's,

Lezz say a book has 350 post up playas wiv an avg balance of $1,000. They owes $350,000.

Lezz say dey have 350,000 in da bank.

Da book haz sum value on expected earn from future vig lays, EXCEPT if a big run on da bank happens.

That $350,000 bank acct suddenly gets run to nuthin. Da owner ain't likin' diz chit. He seyz sell da mofo- we ain't gonna get no vig- our playas quiitin & chit .

problem: book ain't wort nuttin cuz all de playaz wants dey mf muney.

IDEA, if anutha respected books takes it ovah. Adds a 5 time rollova. Now that $350,000 is worth sum muffrickin muney.

unca vig is now forced on da playaz...u wanch u muney u gots ta play holmes.

dah playas commence ta playin dis $350,000 at -1.10 5 times ovah, heres what we got...


1st time thru- 318,181
2nd time thru- 289,256
3rd time thru- 262,960
4th time thru- 239,054
5th time thru- 217,322

dat 350,000 owed to ya playas jus turn into 217,322- u created value ...

to da tune of of $132,678 u just picked up. dis is a helluva deal fer da books once the run on bank starts.

see da problem playas- we f*ck*d if we start drawin down our mofo muney. deez wheeler-deala'z gonna create a deal.

Carlton Sheets would be proud.

I'm a white guy from Missouri so I have no idea what Truth just said.

You failed to add this part.

Gamblers Avenue was SOLD, not BAILED OUT!

aight Mo, imma try to lighten this up a lil bit.

Book A has 350 players with an avg post up of $1,000. They also have the $350,000 on account at an offshore bank.

They have expected value on their players trades at -1.10, except if rumors "true or false" surface and all the players want their money.

It tests the BM's honesty to say the least.

Lets say he decides he doesn't like the idea of returning the $350,000 and having to start anew. He decides to seek a buyer.

By using, what real estate investors term "creative deals" he can signifigantly lower the expected return on the $350.000. A new, "Book B - saviour" arrives on the scene.

Players have to roll their deposits over 5 times at -1.10, prior to requesting a withdrawal.

1)The net effect is that the balance would most likley fall into the $272,000 range.
2)There is $78,000 equity created all of a sudden in a -0- company had they simply paid all requested post up players.
2)Book B will have grateful players for saving them.
3)Bookie A can fade into the sunset with feelin good about himself.

[This message was edited by Truth Emminates on November 05, 2003 at 04:44 AM.]

I can't believe Mike actually can see things that way. As if it is the players fault that post ups are not kept in reserve (not that that even made sense)
I can't believe that people are this dumb that they actually think someone else is dumb enough to see things this way.

They actually want respect for not running with the money. OMG! They probably did it so they would not have to change their names, live in tents and listen for revolvers being cocked.

Some nerve you guys have. You should just bow your heads in shame and walk away.

It would be one thing to walk away apologeticly admitting where you went wrong so other books and customers could take something away from all the negative as what not to do but you have the nerve to spoon fee this crock of #$%T to us.

Truth,

What kinda mathematics is that?? You're way off.. If the book picked up 350k, the players lose 4.5%, so after the players rollover 1.75 million in bets (5x rollover), they will ONLY lose 78k out of the 350, which will leave Royal paying out 272k, not 217k.. That is close to 80 cents on the dollar collected with NO risk and no post up money to deposit. And that is assuming that each player NEVER gets an edge in any bet. And if the players shop just a bit, they could easily lose 2% and Royal would pay 315k out of 350k, which is 90 cents on the dollar.

Now if the bettors are smart and are shoppers and get a half point advantage on every NBA bet they put in, they could end up collecting almost the whole 100 cents on the dollar, as a half point in the NBA just about cancels out the vig of 10% (just about).. Meaning, if you have 1k at GA, you will still collect close to 1k after rollover is complete if you shop just a bit. And if a player bets his 5x rollover at a negative 5 cent scalp, he would still collect close to 90 cents on the dollar.

I think Royal here did an outstanding job and if everyone plays it smart, they can EASILY get over 90 cents on their dollar of their money owed by GA. 5x rollover is a joke IMO.. The key here is that no one had to match any deposit.

The majority of the posters here will easily collect between 90-100 cents on their dollar when their rollover is complete..

Kudos to Roberto and Royal..

Hey Truth Emminates,

2)Book B will have grateful players for saving them.

They didnt save us, they robbed us. According to Mikes post above we would have been paid if Royal Sports didnt buy Gamblers Avenue.

So instead of having my money tommorow, I have to roll it over 5 times.

I CAN'T SEE WHY PEOPLE DON'T SEE WHAT'S WRONG WITH THIS.

Where is The Shrink?
Where are the Mods?
Where is Fredd & Mike?
Why doesnt Royal Address this 5x Rollover Issue?


It seems like everyone has just left and wants to forget this ever happened?

Rude

Rude I hear you and I agree with you after hearing Gamblers Avenue response. Yes you did get cheated if what Gamblers Avenue posted is true. Hopefully Shrink and Major and everyone will look into this when they get up.

really too early to say but it's not looking good for parties involved.

i aint no real numbaz geek. course u figures of 272k of the 350k iz right sick muh man.

im mainly talkin about Mike sayin he aint dun nuttin wrong , he cost his playaz 78 dimes weather they want it or not.

i ain't hatin on royal

royal is da bomb

dis brutha need sum shut eye, lata sick o'

If i have a balance at royal do i have to roll it over 5x at GA now?