Update on playASAP - Bad news....

TOW · Oct 16, 2004

I have just contacted playASAP on behalf of a player who has contacted me with concern to his pending payout . I have sent them an email this morning at 11 am and, having had no response, I have called them at 1.25 pm est.

I have talked to Ms. Pamela, playASAP Financial Manager. She has told me the following :

We are not processing payouts at this time since we have problems collecting funds from our credit business. We expect payouts to resume this coming Tuesday. I cannot confirm if all pending payouts will be processed by thenI believe it is now clear that post up funds are gone ( no escrow ) and, at this time, payouts may be performed only if playASAP manages to collect from its creditors.

Whilst hoping that the operation will overcome this really tough time I strongly recommend players NOT to post up with playASAP at this time.

bigbet1234 · Oct 16, 2004

Shrink:

didnt you say you trusted and played with these guys?

Did you get your money out?

BB

sqrchris · Oct 16, 2004

TOW, thanks for the update. Wonder if they are ACCEPTING deposits at this time.? Ugh.

TOW · Oct 16, 2004

Sadly enough and despite the situation they do accept deposits. This is why I strongly recommend players NOT to post up at this time.

BlueMoon+ · Oct 16, 2004

ASAP Sports Reply

Ms. Pamela indeed confirmed that all transcations will be process on Tuesday and that ASAP Sports is using the weekend to collect their money in order to process the payouts during the week.

Ms. Pamela never mentioned problems with credit customers as was told in previous articles. Furthermore, Post-Up funds are not gone, but are being held on a separate accounts overseas and transactions must be done from overseas bank to process payouts.

In the future ASAP Sports appreciate if negative statements can be kept from the forums because all of it is based on speculations that can hurt the business.

ASAP Sports Mangment Team

TOW · Oct 16, 2004

I trust playASAP does indeed tape all phone conversations and therefore invite you to listen to the phone conversation I had with Ms Pamela today, at 1.25 pm est. I have asked some questions twice, to avoid misunderstandings.

She has clearly stated that playASAP has a backlog of payouts;

She has clearly stated that she could not confirm that all payouts will be cleared this coming Tuesday ;

She has stated ( and you confirm in your post ) that money to process payouts derives from money you will hopefully collect over the weekend. If the escrow was in place, as you further stated, there would be no backlog.

Last, but not least : Ms Pamela has also stated that, no later than this week ( when the backlog of pending payouts was cumulating ) playASAP has changed the payouts policy on the fly.

I hope you guys will get this straightened out, but matter of fact is that players are waiting for their payouts which are being kept pending for lack of available funds. Regretfully enough playASAP defines verified slowpays "speculations".

Noreaga+ · Oct 16, 2004

Yes please do not post on the forums that we cant pay our clients, it will affect other suckers from sending us money.

Thanks !

sandmanfromlv · Oct 16, 2004

Exactly Noreaga....what a bunch of hosers to come on here and ask for no bad pub while they're collecting post ups to 1) either pay up on Tuesday or 2) run for the hills...

Stay with the solid books people...I personally use Bowmans and Intertops and a couple others VERY LIGHTLY and get in/out with the smaller books, but never over a $500 post up at the small joints

Doug · Oct 16, 2004

Bogus Poster ? : How do you guys know this Blue Moon person represents the book ? Couldn't this be someone joking around ?

TOW · Oct 16, 2004

Further update. This is the text that playASAP Management is allegedly sending out to its customers :

We are hereby informing you that as per Management decision, accounting dept will only process payouts during the week Monday thru Friday and money-ins from Monday thru Sundays. Weekends will be used for money in from overseas that were put in pending queue for Saturday processing and needs to be released during the weekends by our department where each transaction will be crosschecked with our accounts. The payouts will be processed on Tuesday the 19<SUP>th</SUP> of October 2004.<?xml:namespace prefix = o ns = "urn:schemas-microsoft-comfficeffice" /><o></o>

<o> </o>

We hereby want to apologize for the inconvenience and thank you for the cooperation and patience.<o></o>

<o> </o>

Yours sincerely,<o></o>

<o> </o>

Management ASAP<o></o>

<o> </o>

Doug · Oct 16, 2004

That sounds worse. They are planning to pay debts with deposits ? I read it real fast. Yikes ! :mad:

TOW · Oct 17, 2004

Morning update on the situation.

An OGD moderator who is known to be close to playASAP posted the following around midnight last night :

Tuesday is an optimistic day for payouts to go out. I still believe that payouts will be made but it may take a little longer with everyone wanting their money now.

On my side I have tried to contact playASAP principals without success. Needless to say this attitude closely resembles what many have experience back in Janaury this year when trying to approach Betpanam personnel.

JimFiestSux · Oct 17, 2004

Didn't PanAm start off by saying that TUESDAY seems like payouts will begin again, then it was next Monday and so on and so on??

bigbet1234 · Oct 17, 2004

Correct you are jim:neenee:

JimFiestSux said:
Didn't PanAm start off by saying that TUESDAY seems like payouts will begin again, then it was next Monday and so on and so on??

Jabow · Oct 17, 2004

I have no idea who ASAP is, as a matter of fact I just learned of them in this thread, but I think its really bad the negative Pub, you guys are posting about this shop.

Listen, first, they are A CREDIT SHOP, which puts them in a totally different scenario than most books, CREDIT SHOP, do you guys know what a CREDIT SHOP means?????????? GEEZZZ

Second, most of you wise ass posters should know what a BANK is, the bank managers, tellers etc, etc are being paid by DEPOSITS and INTEREST, if they are slow on deposits, where in the world do you think monies are gonna come from,
hey you go to the bank, stay in que and watch the guy in front of you make a deposit and the teller says NEXT and YOU go and make a WITHDRAWAL, taking that SAME GUYS CASH HE DEPOSITED and put it in YOUR POCKET, thinking it is YOURS, YOUR DEPOSIT left the bank a long time ago, its someone else' cash you are withdrawing, your deposit went to finance charlies car wash that opened up on the ave .

Now if you cant get an understanding from this then youre an IDIOT period,
:think:

TOW · Oct 17, 2004

Jabow, ASAP is not only credit. They do have post up business which is currently being slowpaid. Several players have now been waiting for their payouts and there is no certainty that these will be processed this coming Tuesday, as playASAP has promised.

When a book states that they are unable to process payouts they should immediately stop accepting deposits. Period. Unfortunately this does not appear to be the case with playASAP, as it did not appear to be the case with APEX, as it was definitely not the case with Betpanam, just to mention a few.

The warning is also valid for credit business. Please explain to me what value is to a credit player to play at an insolvent shop, let alone that reports indicate ASAP in the hole for over 300K with credit players.

Thank you.

Jabow · Oct 17, 2004

When a book states that they are unable to process payouts they should immediately stop accepting deposits. Period.

are you kidding me??? listen to your self, how do you think ALL BOOKS pay? and pay their staff, license, electricity, water, cable, internet, telephone (especially when some of you called 3 minutes before and call back and ask for a RUN DOWN of the College FB sat morn.)
rent, hookers, parties, gifts, payoffs, child support, rehab, bail, court fees, lawyer fees, pizza and food delivery, the cleaners, office supplies, etc, etc,

these are from your deposits, its a revolving thing,

IF YOU HAVE AN ACCOUNT WITH A SHOP, AND THERE IS SLOW PAY

1. STOP winning so much
2. Tell ALL your FRIENDS and ENEMIES to sign up.

with more cash they can fast pay.

Believe it or not, thats the name of the game,

all this deep pocket backers, and escrows, blah, blah, blah is all hogwash,
at the end of the day, its

-more clients more money
-more re ups, more money

hey, you think the "backers" "investors" are not gonna ask/take their money back, WITHINTEREST,

the well runs dry when you have idiotic postings like this.

I think we are all grown people here,
you cant join an army, jump out of a plane in the jungle to fight a war, and get shot, go home on the internet and tell every one, DONT JOIN THE ARMY, I got shot.:toothless

TOW · Oct 17, 2004

Jabow,

Sadly enough what you say is partially true, specially with shady operations. Yet I believe that this should not be the case, this is why you have insiders and watchdogs making calls on unreliable books.

There is a number of books out there that do have the players escrow. These are the businesses that should be rewarded through the acquisition of additional players and end up being penalized by shady operations that either offer way too rewarding bonuses or incompetent content. Bottom line shady books all fail, sooner than later, damaging single players and the whole industry.

Information has to be out there, because players have the right to form an opinion before sending their hard earned cash offshore. Some take risks, the VAST majority would like to avoid them. I provide my information to support the vast majority , which happens to be the bread and butter of the industry.

Jabow · Oct 17, 2004

Well bro, I truly do understand, believe me, Its just that I read some posts and what I gather is that a few posters, (probably lurkers too) think that, the books have like a couple milion sitting there forever, and not touching it. Hardly so.

There are alot of expenses when it comes to running a book, Most persons would not see the sum of what alot of books pay for a months phone bill, (especially in the caribbean) in 2 lifetimes.

And thats just the phone bill.

anyway, back to the point, you are right there are a few shady outfits, but I truly believe its non knowledge of mamagement/biz skills that make them go under, if they are running things proper, then more than likely they would stay in business forever.

What I believe is truly ruining the industry is the propaganda on bonus this and that,

in the end, jack knownothing and his partner harry quickbuck
opens up shop with ridiculous bonus' and WILL go bust because of that, not that they want to stiff anyone but because they cannot keep the bonus promises, it takes away from the bottom line( crazy bonus')

When WE as gamers start RUNNING to shops that offer bonus this and that, then its turning the industry into something else.

We have shops getting biz, not from a good product, (GOOD MANAGEMENT, MORALS, STAFF LONGEIVITY)
NOOOOOOO, we are running to the ones with no experiene but tells of great bonus.

Its the same scenario.

OUR NEW CARS COME WITH 15 YEAR 200,000 mile this and that, but you know the car sucks, and you still go and buy it, because of the BONUS

Frankie5angels · Oct 17, 2004

Sorry Roberto but something sounds funny here. You sure you don't have a beef with anyone that works at this book? Because that is the word on the streets of Curacao.