IRG-No Withdrawal-No Excuse

[betovernetcapper]

For those who've been spending the last month in Narnia, IRG not been given the Breeders Cup signal and has stopped paying it's customers.

There is nothing worse an ADW can do than to stop paying it's customers.

On Oct 19th the Oregon Racing Commission notified IRG that it intends to suspend it's operating license, in part for not paying it's customers.

http://www.bloodhorse.com/articleindex/article.asp?id=41465

IRG cannot accept deposits or withdrawals. IRG is not paying it's customers.

The reason I'm making such a big deal about IRG not paying it's customers, is that they are still accepting bets.

In today's You Bet 8-K, YouBet announced that instead of paying IRGs customer, they were going to pay some lawyers to allow IRG to stay in business while not paying it's customers.
************************************************** *****
We are working cooperatively with the ORC and the U.S. Attorney's Office to implement a process that will allow IRG to return to full compliance with all technical requirements and to pay its customers and vendors as expeditiously as possible.

If necessary, we intend to request a hearing before an administrative law judge to contest the ORC's intent to seek suspension of IRG's license. During the pendency of any administrative proceedings, IRG's license will remain in force, and IRG will continue to operate under our strict compliance protocols.
************************************************** ******

Where do you draw the line?

[alydar]

Agreed, very bad situation.

Although, as we have seen on this board they wouldn't be the first to take bets and not pay. I also doubt they will be the last either.

[Tom]

So as a horseplayer, why in the HELL would I trust You Bet when they obvioulsy do no thave the player's welfare in mind?
I think it is time to drop these cretins and get my cash while it still convenient for them to be bothered to pay me.
You Bet - You Lose. :ThmbDown::ThmbDown::ThmbDown:

I think think this answers my question last week about the validity of thier Gold Seal Guarentee, or whatever they call it. Is You Bet for real? They support NOT PAYING winners for any reason? This is a mortal sin.

[Indulto]

Agreed, very bad situation.

Although, as we have seen on this board they wouldn't be the first to take bets and not pay. I also doubt they will be the last either.Is it fair to assume IRG thinks it can pay off on bets placed going forward? Has LG stopped betting with NYRA?

[Zman179]

Youbet, but Youcan'tcash. :lol:

[Donnie]

Tom-
last Saturday I withdrew every dime from YouBet. Don't let anyone tell you there's not any good info on this board. Opened a BrisBet account Saturday and although I have some adjustments to make, one benefit I found: I am not swayed by the horses name!!!! YIKES!! Never thought this had any influence on me, but looking at it objectively, I am starting to like just seeing the horse's numbers on the tote.

There will always be a soft spot for Youbet since that was my first and only betting account. But if what is printed above is their stance, to HELL WITH THEM!! Accept bets but not pay.......not with my money.

As a sidebar....I have placed no bets on WO races and I continue to boycott them.

[Tom]

Good move, Donnie.
I cannot believe this - if you put it in a movie, nobody would belive it. We will take your bets, just hope you lose, because we ain't paying up! :lol:

I half-boycotted WO Saturday - I bet but never cashed! :p

[Premier Turf Club]

But if what is printed above is their stance, to HELL WITH THEM!! Accept bets but not pay.......not with my money.

If necessary, we intend to request a hearing before an administrative law judge to contest the ORC's intent to seek suspension of IRG's license. During the pendency of any administrative proceedings, IRG's license will remain in force, and IRG will continue to operate under our strict compliance protocols.
http://biz.yahoo.com/e/071022/ubet8-k.html


Their words, no one else's. Once again, when I called I could not get my money, nor could I transfer my balance to my Youbet account (yes I have one of those too). I was told that I could wager with my $1,316 but that was it for now.

Ian Meyers (as a private citizen)

[Donnie]

Ian--
And those bastards up at WO had the audacity to call your operation questionable!!?? I hope they both rot together!!!

Anybody wanna send a message? Pull your money out of YouBet. Get out now before you are buried under their collapse!

[samyn on the green]

This is not Youbets fault. The federal government is clamping down on all revunue streams and have targeted Youbet for a shakedown. With IRG's accounts frozen how do you expect them to pay you? You should really be mad at the Feds.

[NoCal Boy]

What does having a Youbet account have to do with having an IRG account? I agree that Youbet seems to be handling this IRG mess in a nightmarish manner, but I am surprised that people are somehow thinking money at Youbet is at risk. Two different licenses altogether and no inferences at all that Youbet is involved in any wrongdoing. In my opinion, IRG will not last the week unless Youbet opens up an account for them.

Maybe IRG should just operate as a CRW operator.

[Premier Turf Club]

This is not Youbets fault. The federal government is clamping down on all revunue streams and have targeted Youbet for a shakedown.

I hope you don't really believe that.


With IRG's accounts frozen how do you expect them to pay you? You should really be mad at the Feds.

There's an old Wall Street saying "Don't confuse your problems with my problems." The right thing to do is to temporarily surrender their license until this gets resolved, AND STOP TAKING WAGERS.

[Donnie]

Am I missing something? Doesn't YouBet own/operate IRG? Granted,seperately as a different entity. But ownership just the same. Do they not have oversight of IRG?

How does a company, in good conscience, make the decision to continue to accept bets knowing that at this point they are NOT paying the accounts, and may never have to make the payments. Is this a good business decision in your eyes? Is this the right move for your customers?

What am I missing?

Shit rolls downhill. I am just stepping out of the way......

Load up your accounts Boys! You won't need Lady Luck! You're overdue for your labodomy!

[kenwoodallpromos]

What does having a Youbet account have to do with having an IRG account? I agree that Youbet seems to be handling this IRG mess in a nightmarish manner, but I am surprised that people are somehow thinking money at Youbet is at risk. Two different licenses altogether and no inferences at all that Youbet is involved in any wrongdoing. In my opinion, IRG will not last the week unless Youbet opens up an account for them.

Maybe IRG should just operate as a CRW operator.
_____________
Why is Youbet paying for lawyers for IRG instead of paying of IRG's customers? Is that good customer relations?

[Donnie]

....ohhhh....I get it. Hahaha....you're just rattling 'Ol Donnie's chain again. Hahaha.

[Donnie]

Kenwood---
Oh wait. I guess we're just horseplayers. For a second there I got confused when Ian wrote "(as a private citizen)". Fer a second I thought I was something a little more than a fat, lazy slob of a horseplayer (description borrowed from another thread!) :bang:

[NoCal Boy]

I agree with Ian. Either IRG gets compliant with an FDIC insured bank account or temporarily surrender the license. But I do think there is no reason to pull any money out of a Youbet account because of this IRG matter.

[Donnie]

Tell ya what ....send me your money. I'll place the bets for you and we'll leave it at that. When I run out of money, you can send me more. Ohhhh and my brother will need some then too. I'll pay you back the second Tuesday of next week.

I have got to ask....are you a shill for YouBet?

Cause if I were them, I would be out on EVERY racing board doing damage control. But that's just me. 28 years in customer service does that to a person. That's the way I think. Truthfully, I would probably return your money if you sent it to me. Cause that just ain't right.

I'm done. Kenwoodallpromos said it all.

......back into the shadows.

[Tom]

I agree with Ian. Either IRG gets compliant with an FDIC insured bank account or temporarily surrender the license. But I do think there is no reason to pull any money out of a Youbet account because of this IRG matter.

Yes - as a message to a crooked bookie. You Bet should NOT be doing anything but closing down IRG.

[Premier Turf Club]

But I do think there is no reason to pull any money out of a Youbet account because of this IRG matter.

To keep accepting bets is bad. I don't understand the logic in that.

[Valuist]

I feel quite fortunate. I withdrew all my money out of IRG around Labor Day. I guess I will not likely be depositing there again.

[Pace Cap'n]

Once again, IRG's accounts are not frozen. Their bank accounts were seized by the Feds.

Seizure of funds is indicative of criminal activity. It's not likely Youbet would pump in more funds to further criminal activity. If they could, that is.

[kenwoodallpromos]

This is not Youbets fault. The federal government is clamping down on all revunue streams and have targeted Youbet for a shakedown. With IRG's accounts frozen how do you expect them to pay you? You should really be mad at the Feds.
"U.S. seizes bet-shop funds
Wednesday, October 17, 2007
By MATT HEGARTY
DAILY RACING FORM
Investigators from U.S. Immigration and Customs Enforcement seized $1.5 million from ****three bank accounts**** in Nevada maintained by Youbet.com's offshore rebate shop International Racing Group as part of an ongoing investigation by the government agency, Youbet has acknowledged.
The acknowledgement, which said that ****the money was related to three customers**** of International Racing, was included in a filing with the Securities and Exchange Commission on Friday"
__
If only 3 customer accounts were seized under the forfeiture law, why are they not paying anybody?
FYI- the Youbet website says IRG is a Subsidiary of Youbet.

[PaceAdvantage]

Although, as we have seen on this board they wouldn't be the first to take bets and not pay. I also doubt they will be the last either.And I am again shocked that people would CONTINUE to wager with a company that you know can't or won't pay at the moment....

[ezrabrooks]

And I am again shocked that people would CONTINUE to wager with a company that you know can't or won't pay at the moment....
But....there are being rebated!!!

Ez

[cj]

And I am again shocked that people would CONTINUE to wager with a company that you know can't or won't pay at the moment....

That is very puzzling.

[Premier Turf Club]

And I am again shocked that people would CONTINUE to wager with a company that you know can't or won't pay at the moment....

PA, I agree but the excuse people have given is "there not going to pay me anyway so screw it I might as well bet rather than let them just keep it." It's silly, but that's the reason I've heard.

[Edward DeVere]

But....they are being rebated!!!
Ez

LOL!

[Edward DeVere]

__
If only 3 customer accounts were seized under the forfeiture law, why are they not paying anybody?


Are those 3 accounts - CUSTOMER - accounts, or 3 - IRG -accounts?

I think it's the latter, isn't it?

[Pace Cap'n]

The statement from Youbet stated that three IRG bank accounts were seized.

[kenwoodallpromos]

Are those 3 accounts - CUSTOMER - accounts, or 3 - IRG -accounts?

I think it's the latter, isn't it?
I dunno, but part of the story said:
"the money was related to three customers".

[betovernetcapper]

they continue to accept new accounts. Just called and they will take my action with a $10,000 deposit.
Hit link and see definition #2

http://www.m-w.com/dictionary/gall

[harnesslover]

Question - So bottom line, IRG is not processing ANY withdrawal requests as of right now??

[NoCal Boy]

I believe the poster means IRG (a subsidiary of Youbet) is not processing withdrawals.

[gjones6794]

I requested a withdrawal from youbet last Thursday. On Tuesday, my bank account shows an impending credit for the amount of the withdrawal from Youbet. Youbet paid my request.

[betovernetcapper]

It's nice to know that one division is still paying off.

[Premier Turf Club]

A highlight. When asked about temporarily giving up their IRG license since they can't pay their players, IRG/Youbet spokesman Victor Gallo stated that his concern was about the impact on Youbet's stock price.

Not, well we know it's the right thing to do because we can't pay our players, or let us get our affairs in order and we will come back to the ORC, but we're concerned about our stock price. :(

Williamson (ORC):Well, let’s say - I’m just – this is Charlie again, I’m sorry, to jump in. But, let’s say we’ve suspended your license until - and schedule another meeting next Wednesday. Would that cause you any hardship?

Gallo (IRG): That would be debilitating for us.

Williamson: How?

Gallo: Well, first of all, our shareholders would react quite negatively, I’m sure, about such an incident. Second, I’m not sure once we closed those doors we can reopen them. Our customers would all leave.

[happy1]

That is a very strong statement from someone who is in this business. I'm wishing better luck to you.

[trigger]

http://news.bloodhorse.com/viewstory.asp?id=41810

[trigger]

Youbet.com defaults on loan, waiver granted

?????????"Engelhart said he does not believe this part of the agreement prohibits Youbet.com from paying IRG customer account balances." ?????????????

http://www.thoroughbredtimes.com/national-news/2007/November/06/Youbet.com-defaults-on-loan-waiver-granted.aspx

[Premier Turf Club]

Youbet.com defaults on loan, waiver granted

?????????"Engelhart said he does not believe this part of the agreement prohibits Youbet.com from paying IRG customer account balances." ?????????????

http://www.thoroughbredtimes.com/national-news/2007/November/06/Youbet.com-defaults-on-loan-waiver-granted.aspx


Trigger, will this mark the first time you and I ever agreed on anything?

On October 30, 2007, we entered into waiver of default and side letter agreement with Wells Fargo Foothill, Inc., the administrative agent under our credit agreement. The previously-disclosed seizure by the U.S. government of $1.5 million held in IRG's bank accounts on October 11, 2007 resulted in a default under the credit agreement. Wells Fargo Foothill has agreed to waive this default under the credit agreement pursuant to the terms of the waiver of default and side letter agreement.

3)not make or accept any investments, distributions, dividends or otherwise any other intercompany transfers to or from IRG, except for an amount not to exceed $80,000 in any two-week period for purposes of funding IRG's payroll and operations; and


As someone who was a principal in a high yield lending business and has negotiated his share of credit facilities, default waivers, etc. it seemed pretty clear cut to me. The lender doesn't want to risk having Youbet fund IRG with the lenders money and having the feds sieze that too.

[trigger]

[QUOTE=Premier Turf Club]Trigger, will this mark the first time you and I ever agreed on anything?
QUOTE]

A temporary condition , I assure you.;)

[Premier Turf Club]

[QUOTE=Premier Turf Club]Trigger, will this mark the first time you and I ever agreed on anything?
QUOTE]

A temporary condition , I assure you.;)

:lol:

[DeanT]

I hear Pinny dropped their rebates. I wonder if it is because they can not lay off into the pools anymore?

[Premier Turf Club]

I hear Pinny dropped their rebates. I wonder if it is because they can not lay off into the pools anymore?

I'd think that has something to do with it. Most of the bookmakers lay off at least some portion of their bets through a pari-mutuel site. My guess is a great deal of this will be revealed when the investigation of the off-shores (which appears to be very large in scope and resources I have heard) is completed.

[Tom Barrister]

Good move, Donnie.
I cannot believe this - if you put it in a movie, nobody would belive it. We will take your bets, just hope you lose, because we ain't paying up! :lol:


People who bet offshore sportsbooks would believe it. A lot of new books spring up for exactly that purpose. They open shop, take postups, pay just enough people to keep going (usually through football season) without getting a bad rep, and skip out when they accumulate a large amount of pay requests (which often happens at the end of football season).

[trigger]

http://news.bloodhorse.com//viewstory.asp?id=41940

IRG a Hot Topic During Youbet Call
"It is believed that few if any of IRG’s estimated 200 customers are able to deposit or withdraw funds from their accounts because of the seizure. And Youbet appears unable – at least for the moment – to be able to fund IRG accounts due to an Oct. 30 waiver of default agreement announced by lender Wells Fargo Foothill, which extended a $19-million line of credit to the company in July 2006.
The waiver of default contains language in an accompanying “side agreement” that states Youbet shall “not make or accept any investments, distributions, dividends or otherwise any other intercompany transfers to or from IRG,” except for up to $80,000 every two weeks to fund IRG’s payroll and operations, according to a Securities and Exchange Commission filing.
Youbet chief executive officer Chuck Champion, while often talking in broad terms about the impact of the IRG investigation during the conference call, did not discuss the waiver in any fashion, nor did analysts ask about it.
The Blood-Horse was cued to ask a question about the waiver situation and its impact on IRG funding, but did not receive the opportunity before the conference call ended (a press release announcing the conference call said questions would be “reserved for call-in analysts and investors”).
Youbet spokesman Hud Englehart, when asked in an earlier interview about the ability of the company to make good on funds owed to IRG customers in light of the waiver of default, said the issue was “complicated,” and could possibly be rectified when IRG comes into compliance with Oregon statutes.

“I can only guess at the answer,” he said. “Once the accommodation is made, once the mechanisms are in place, my guess is that we can go back to normal. But I can tell you that Youbet is going to do whatever they can do to make IRG customers whole.”

Also as part of the side agreement to keep the credit agreement from going into default, Youbet agreed to pay a $100,000 “accommodation fee” to Wells Fargo Foothill, and keep company liquidity at $4 million, among other requirements.

Oregon Racing Commission executive director Randy Evers declined to comment Nov. 7 on the development of the waiver of default agreement, other than to reiterate the ORC’s concern of lack of payment to IRG customers. It was earlier reported Youbet and IRG have until Nov. 12 to either come into compliance or seek to challenge the license suspension in an independent court of law.Champion said new on-shore accounts had been opened at IRG, and that deposits and withdrawals “are in the process of being made.”“We are using extraordinary efforts to ensure that it is all being done — not in anyway shape or form to provide money to anyone that the government may be interested in for other reasons,” he said. “We don’t want to interfere in their investigations … and not inadvertently cause any problems in that regard.”Champion also said company payables to tracks are all current, and noted that in some cases, IRG is a “net-cash receiver … so it’s really the tracks paying IRG.”"

[northerndancer]

I am told that a customer of IRG has in fact received funds from their account. It was received via a wire transfer.

Can anyone else confirm if they know of any other custormer who has also received their funds from their IRG account.

[cj's dad]

This is not Youbets fault. The federal government is clamping down on all revunue streams and have targeted Youbet for a shakedown. With IRG's accounts frozen how do you expect them to pay you? You should really be mad at the Feds.

Man, I sure as hell don't know you but what the hell R U SMOKIN :eek:

[Premier Turf Club]

I am told that a customer of IRG has in fact received funds from their account. It was received via a wire transfer.

Can anyone else confirm if they know of any other custormer who has also received their funds from their IRG account.

Not me as of today.

[Brisson]

i am still trying to figure out why PTC would have wagering funds with the competition ????

[Premier Turf Club]

i am still trying to figure out why PTC would have wagering funds with the competition ????

It's a dormant account I opened in August 2005 and stopped playing with last October. I have been a player for 30 years, the last two years professionally. I've only been in the ADW business since October 2006. That's a long story in and of itself. I just never got around to closing my IRG account.

Over the past 10 years, I have had accounts at YouBet, Philly Park, BrisBet, IRG, NYRA and Elite Turf Club.

[NoCal Boy]

A poster on the Yahoo board states IRG testified yesterday at the ORC meeting that they are now paying customers in full who request their funds, except for customers subject to the investigation. No confirmation from anywhere or anyone else yet.

[betovernetcapper]

NoCal-you are likely to see a lot of desperate posts on that board today.

[NoCal Boy]

Who knows anymore. I will say that if it is true, then it is a good sign on a number of fronts. But I have not seen nor heard anything on the ORC meeting.

[betovernetcapper]

NoCal even if it were true-what does it mean? They would be doing what they are supposed to do, without being brought before the racing board. If the water company announces that they are able to provide water, so what?

[Jeff P]

BONC, If true it means a great deal to account holders who have not had access to their money. I know first hand what that feels like. I had a large chunk of my own money tied up with Neteller for 7 months.

-jp

.

[betovernetcapper]

JeffP, sure it's a big deal to the customers. What I was trying to say is the company shouldn't be given any special accalades just for doing what they are supposed to do as a matter of course.
Example if I were using your software, it shouldn't be remarkable that it loaded properly. I'd expect that it would load properly-no big deal. :)

[alydar]

JeffP, sure it's a big deal to the customers. What I was trying to say is the company shouldn't be given any special accalades just for doing what they are supposed to do as a matter of course.
Example if I were using your software, it shouldn't be remarkable that it loaded properly. I'd expect that it would load properly-no big deal. :)

If they are paying, it is good news for the account holders and the industry as a whole.

[betovernetcapper]

First we don't know if they've paid anyone and second if they have why should this be news of any kind?
An ADW is supposed to pay it's customers.

[alydar]

First we don't know if they've paid anyone and second if they have why should this be news of any kind?
An ADW is supposed to pay it's customers.

You can't have it both ways. If it is big news that they are not paying , then it is certainly news that they are, if in fact they are.

I agree paying customers, is a bare minmum of service that we all should expect, and in the normal course of everyday buinseess it is not news. However, in light of recent events, if they are paying, it is news. Not something to congratulte them for, but news none the less.

[betovernetcapper]

A friend of mine has an account with IRG, is not the target of any investigation, lives in an eligible state and has not been paid. I can only comment on what I know to be fact. I also have been told that a group of IRG players in Nevada had hired an attorney to try and get their money which would be silly if they were just going to get paid.

[Indulto]

A friend of mine has an account with IRG, is not the target of any investigation, lives in an eligible state and has not been paid. I can only comment on what I know to be fact. I also have been told that a group of IRG players in Nevada had hired an attorney to try and get their money which would be silly if they were just going to get paid.Isn't it illegal to play through IRG from NV or as a NV resident? If so, why would they seek redress through the legal system and wouldn't they be subject to prosecution themselves?

[alydar]

Isn't it illegal to play through IRG from NV or as a NV resident? If so, why would they seek redress through the legal system and wouldn't they be subject to prosecution themselves?

These players from Nevada, may be part of the problem. The may need a lawyer, if they played from Nevada.

[Kelso]

These players from Nevada, may be part of the problem. The may need a lawyer, if they played from Nevada.


Why would that be an issue with the feds? The prohibition is from the state. What's the federal violation if a NV resident bets with IRG?

[northerndancer]

A friend of mine has an account with IRG, is not the target of any investigation, lives in an eligible state and has not been paid. I can only comment on what I know to be fact. I also have been told that a group of IRG players in Nevada had hired an attorney to try and get their money which would be silly if they were just going to get paid.

I would have your friend make a few phone calls...... I did get positive confirmation from a second IRG customer that they have also received a wire transfer.

I agree with Alydar that it is good news that customers are now being paid ecspecially if posts were made on how terrible it was that customers who requested their funds previously did not get paid. You can not have it both ways.

I also agree that it is a deplorable situation that the non targeted customers have been held hostage by all parties involved in this mess.

[Premier Turf Club]

I have not received payment either. My request for withdrawal was accepted about 2 weeks ago, and I sent in the additional required documentation "to confirm my identity and residency" yesterday morning.

As an aside, my understanding is that people that have been gambling illegally from Nevada are in a lot of hot water, misdemeanor or not.

[betovernetcapper]

Ian, given the wash of people that are being paid :rolleyes: , I'm sure your funds are mere days or weeks or months away.

Should you ever get paid, have you give any thought to investing in this up and coming stock UBET, closed today at .79 but by the time you get your money it may drop to a nickle or so.

[alydar]

Why would that be an issue with the feds? The prohibition is from the state. What's the federal violation if a NV resident bets with IRG?

It is a federal offense to bet across state lines if either the sending or receiving state does not allow.

[Premier Turf Club]

It is a federal offense to bet across state lines if either the sending or receiving state does not allow.

That makes sense and explains why I (and others) have heard that Nevada residents are not going to get their money back.

Last night I re-read some of the releases surrounding the Uvari indictment. IMHO, many of those implicated this time will be charged with offenses similar to what the Uvaris were accused of.


My understanding is that this time the authorities have exponentially more evidence than they had against the Uvaris, and they are slowly, methodically tightening the noose.

[jillybeans]

Those implicated this time around could only wish in their wildest dreams that their forthcoming charges would be as minor as the Uvaris were and their subsequent sentencing as light. We enjoyed another ICE storm the other day. Lets all say good bye and good riddance to the offshore horse bet shops. Greed will get you every time. :D

[drib]

The 2005 Supreme Court case, Granholm vs Heald, found that New York State Law forbidding residents from patronizing non-NY wineries by mail was an unconstitutional violation of the interstate commerce clause. California, New York, New Jersey, and Nevada laws that tell in-state residents where they can bet on horses exist only b/c no one has challeged them. To my knowledge, no criminal case has ever been brought, but the states use these laws as a club, particularly against public companies that do not want to explain the bans to stockholders.
The biggest joke is Nevada, which allows residents to bet horses by phone and internet with Nevada casinos, and also allows non-Nevada residents to bet with same casinos (law on books, but not yet implemented), yet criminalizes Nevada horseplayers when they patronize non-Nevada legal entities. Any attempt by Nevada to charge a resident betting with, say Youbet or TVG, would be laughed out of court.

[Track Collector]

As a client of IRG, I can speak from personal experience that I have now successfully withdrawn and received funds (via bank wire transfer) from IRG. This process took 2+ weeks from the time I made the request. :jump:

[NoCal Boy]

How much (in general) was your withdrawal?

[Premier Turf Club]

As a client of IRG, I can speak from personal experience that I have now successfully withdrawn and received funds (via bank wire transfer) from IRG. This process took 2+ weeks from the time I made the request. :jump:

As a customer of IRG I can speak from personal experience and say that I have not been paid despite repeated promises and requests for additional information.

[NoCal Boy]

Ian-

What do you think of Raffetto's ouster/resignation? The massive debt load of Magna needs relief soon as asset sales seem to be materializing very slowly on the surface. Very poor PR move with Raffetto.

[Track Collector]

As a customer of IRG I can speak from personal experience and say that I have not been paid despite repeated promises and requests for additional information.

While I can not speak for IRG, I would think the following reasons have contributed to your situation:
(a) Your account has been inactive for a while (as indicated in one of your earlier posts), so your activity has not been generating them any recent income. In the corporate world, the practice of giving your important and/or strategic customers a little higher priority is not uncommon.
(b) You are a direct competitor.

While I would have hoped for a quicker turnaround (from request to fund availability), I do believe IRG is doing what they can under the present circumstances to return to "normal" business operations, which means complete fund availability for ALL customers. Exceptions may be NV residents and/or other specific individuals under investigation, where IRG could be limited legally. :)

[Premier Turf Club]

While I can not speak for IRG, I would think the following reasons have contributed to your situation:
(a) Your account has been inactive for a while (as indicated in one of your earlier posts), so your activity has not been generating them any recent income. In the corporate world, the practice of giving your important and/or strategic customers a little higher priority is not uncommon.
(b) You are a direct competitor.

While I would have hoped for a quicker turnaround (from request to fund availability), I do believe IRG is doing what they can under the present circumstances to return to "normal" business operations, which means complete fund availability for ALL customers. Exceptions may be NV residents and/or other specific individuals under investigation, where IRG could be limited legally. :)

You would think that being a direct competitor would make them more eager to just get me paid.

[betovernetcapper]

(a) Your account has been inactive for a while (as indicated in one of your earlier posts), so your activity has not been generating them any recent income. In the corporate world, the practice of giving your important and/or strategic customers a little higher priority is not uncommon.
:)

If we were talking about some kind of special service, sure take care of your best customers first. Paying your customers is not a special service. This is something that should be done as a matter of course.

[Track Collector]

If we were talking about some kind of special service, sure take care of your best customers first. Paying your customers is not a special service. This is something that should be done as a matter of course.

I agree, all customers should be paid. This situation is unique given IRG's limited available funding, which is being supplied to them in small chunks on a regular basis.

Just curious, but if you were responsible today for IRG's withdrawal payment policy, what would you do? Some options could be:
(a) Highest handle customers (because they bring you the most revenue)
(b) Lowest handle customers (because you could pay more customers and thus maximize the number of customers you make happy)
(c) First come, first served
(d) Random
(e) Pay none until enough funding is available to honor all requests
(f) Other method

[Kelso]

Anybody else have the impression that the number of shills, particularly for YouBet et al and CDX, has increased here over the past couple months? Another confirmation of PA's influence among bettors, I think.

[betovernetcapper]

Just curious, but if you were responsible today for IRG's withdrawal payment policy, what would you do?


This is one of those occasions when the right thing to do and the smart thing to do are the same.
I'd pay the customers as they request it. I'd pay them even if it means selling assets or using personal funds. That's the right thing to do. It's also the smart thing to do because if they'd have done that they could have prevented a run on the bank.

[Track Collector]

Anybody else have the impression that the number of shills, particularly for YouBet et al and CDX, has increased here over the past couple months? Another confirmation of PA's influence among bettors, I think.

I can advise you that I am in no way affiliated with YouBet/IRG, CD, etc. I was hoping that this forum encouraged honest and respectful discussions, and the previous comment seemed to discount new posters (not part of the regular crowd) when they offer contasting points of view.

It is not my intention to drum up more business for IRG, but there does seem to be a significant amount of IRG bashing, which in some cases I believe is not deserved. I'm not happy with their current situation, but everyone doing business with IRG will have to see how things shake out.

It is nice that PTC is a regular contributor, and that he is eager to know more about what customers want. Serious players are quite knowledgable about the varous "rebate" establishments, and their success (in addition to their handicapping selection and money management skills) is based on how and where they do business. Important factors to consider are rebate rates, track availability, customer service, technology advancements, etc. One's investment activity is often spread over a number of places as no one place is the king for all the above factors.

PTC sounds like a smart business person, so to complete with IRG and others he needs to excel at the above factors. Good luck to PTC, for it helps both himself and his customers.

[Track Collector]

This is one of those occasions when the right thing to do and the smart thing to do are the same.
I'd pay the customers as they request it. I'd pay them even if it means selling assets or using personal funds. That's the right thing to do. It's also the smart thing to do because if they'd have done that they could have prevented a run on the bank.

Good suggestion. (I did not think of that!)

[Kelso]

there does seem to be a significant amount of IRG bashing, which in some cases I believe is not deserved.


Please be specific. What are those cases of undeserved bashing?

[northerndancer]

Just checked with my friend and he has requested his final balance and has not received the wire of the funds. He has been told that the wire is on its way but that was earlier last week.

[Premier Turf Club]

Just checked with my friend and he has requested his final balance and has not received the wire of the funds. He has been told that the wire is on its way but that was earlier last week.

That's what I was told 2 weeks ago.

As one of my friends in the business said to me yesterday, you would think if they really had begun paying people Youbet would have put out a statement saying so.

Again, I can only speak for myself.