Tweet
We never delete old articles from our site. So as you can imagine, there's a ton of stuff archived on Bettorsworld. It's like a damn encyclopedia! At any rate, I was looking for an article that was written by Rich from Rich's Superbook, one of the original offshores and originator of the bonus. This was written and posted on or about March 1st 1998 after several books went belly up. It's worth another read........
http://www.bettorsworld.com/oddswiz/bonuses.html
10% signing bonus.......Pending Disaster...
The disaster has already struck the offshore sportsbook industry,and like the tornados that ripped through Florida,the results have been devastating.Numerous sportsbooks have closed,and many more are on the verge of closing,while their customers have been left calling unanswered numbers and wondering just why their deposits have vanished.
The main culpprit in this situation has been the 10% sign up bonus.As more and more offshore books opened,many felt that the 10% bonus would serve as a "quick fix" to create cash flow and to sign up customers.However,what the 10% bonus did,was create what I call an excess of monopoly money.
There is no such thing as a "loss leader" in the sportsbook industry.The strong,reputable,long lasting,well managed and successful companies are well aware of this fact.The most successful Las Vegas casinos all have craps,blackjack,roulette and slots to capture the players money,yet they would never dream of giving a player a 10% bonus to bet sports.
The average sports bettor is only looking for a place to play,where he can get good service and collect his winnings promptly upon request.However,the 10% bonus has created an opening for even the novice player to use it in such a way as to take complete advantage of the system,and just like in a pyramid scheme,inflate the industry with "unreal" dollars.
Customers have taken the 10% bonus they receive,and are basically just risking that money without ever putting their own in jeopardy.If they win,they will continue to play,perhaps even increasing their bets with this free money.But if they lose it,they will close their account and send it to another company,receive the 10% bonus,and start all over again.
When you consider the high cost of operating an offshore sportsbook,the mismanagement that occurs,the inexperienced operators that many new companies are using,and you mix in the 10% bonus,it is easy to see why they have little or no chance to survive.
Why would you send your money to this type of operation? Gambling on the games is one thing,gambling on the getting paid is another story.As in any business,sound policy,good management,and experience in your chosen field,in this case sports wagering,is the cornerstone to success.While bad management and bad policies are the forerunners of disaster.
The word disaster is exactly the feeling a sports bettor gets when he doesn't get paid.I relate it to getting a hard kick in the stomach,a sickening feeling that almost anyone who has ever bet on sports has unfortunately felt at some time.
A smart customer can avoid this happening to them by doing their research.Check out the companies management,policies and of course their reputation.Do your own research,and don't depend only on information you read in ads.Check out the internet if possible.Bettorsworld.com (oddswiz) is one good information network,and there are others.
The publications these companies advertise in are another good source to check out and see if these publications are receiving complaints about the companies that advertise.
Rich's International Superbook was the originator of the 10% bonus program,and while it was started with good intentions for all our customers,in hindsight I can see that while it's purpose was good,it has now turned into a nightmare.The proliferation of new companies that are just using it blindly without thinking or caring about it's impact have made our decision to discontinue the 10% bonus a "no brainer".It was a promotional fad that captured the imagination,but should now be allowed to slip away into oblivion.
While anyone who has ever made a bet and has accumulated some money may feel as though he is capable of opening and running an offshore sportsbook,the reality of the situation is in actuality quite different.To put it simply,without extensive experience in the sportsbetting ,a person has no chance to succeed in todays competitive market.
If this article keeps even one person from getting burnt and losing either his or her money,than I will have gotten great satisfaction from writing it.The research and the decision as to where you send your money can only be done by you.In closing,let me add that everyone knows what happens when the government has the only printing press to print money,and just turns it on and lets it roll....DISASTER...ie inflated dollars,and while other businesses can raise their prices to compensate this inflation,we in the sportsbook industry must always operate on the same 11/10 basis.
In the offshore business every company offering a 10% bonus has it's own printing press rolling...........................BEWARE
Sincerely,
Rich Ciarlante
Bettorsworld/Oddswiz is in agreement with Rich on this one.I for one have never liked the 10% bonuses.I've said many times that I don't want something for nothing.All I want is a shop to take my wagers,and pay me when I request payment.When a shop appears to be giving the world away,you have to raise your eyebrows.One need only look at the three largest and most successful offshore sportsbooks as an example of this.WWTS,Bowman International,and SDB Global......None of them give anything away,yet they have thousands of satisfied customers.As WWTS says,bottem line.......They pay! We're sure the books out there can come up with new,innovative ways to attract customers.Lets make this industry strong once again.
http://www.bettorsworld.com/oddswiz/bonuses.html
10% signing bonus.......Pending Disaster...
The disaster has already struck the offshore sportsbook industry,and like the tornados that ripped through Florida,the results have been devastating.Numerous sportsbooks have closed,and many more are on the verge of closing,while their customers have been left calling unanswered numbers and wondering just why their deposits have vanished.
The main culpprit in this situation has been the 10% sign up bonus.As more and more offshore books opened,many felt that the 10% bonus would serve as a "quick fix" to create cash flow and to sign up customers.However,what the 10% bonus did,was create what I call an excess of monopoly money.
There is no such thing as a "loss leader" in the sportsbook industry.The strong,reputable,long lasting,well managed and successful companies are well aware of this fact.The most successful Las Vegas casinos all have craps,blackjack,roulette and slots to capture the players money,yet they would never dream of giving a player a 10% bonus to bet sports.
The average sports bettor is only looking for a place to play,where he can get good service and collect his winnings promptly upon request.However,the 10% bonus has created an opening for even the novice player to use it in such a way as to take complete advantage of the system,and just like in a pyramid scheme,inflate the industry with "unreal" dollars.
Customers have taken the 10% bonus they receive,and are basically just risking that money without ever putting their own in jeopardy.If they win,they will continue to play,perhaps even increasing their bets with this free money.But if they lose it,they will close their account and send it to another company,receive the 10% bonus,and start all over again.
When you consider the high cost of operating an offshore sportsbook,the mismanagement that occurs,the inexperienced operators that many new companies are using,and you mix in the 10% bonus,it is easy to see why they have little or no chance to survive.
Why would you send your money to this type of operation? Gambling on the games is one thing,gambling on the getting paid is another story.As in any business,sound policy,good management,and experience in your chosen field,in this case sports wagering,is the cornerstone to success.While bad management and bad policies are the forerunners of disaster.
The word disaster is exactly the feeling a sports bettor gets when he doesn't get paid.I relate it to getting a hard kick in the stomach,a sickening feeling that almost anyone who has ever bet on sports has unfortunately felt at some time.
A smart customer can avoid this happening to them by doing their research.Check out the companies management,policies and of course their reputation.Do your own research,and don't depend only on information you read in ads.Check out the internet if possible.Bettorsworld.com (oddswiz) is one good information network,and there are others.
The publications these companies advertise in are another good source to check out and see if these publications are receiving complaints about the companies that advertise.
Rich's International Superbook was the originator of the 10% bonus program,and while it was started with good intentions for all our customers,in hindsight I can see that while it's purpose was good,it has now turned into a nightmare.The proliferation of new companies that are just using it blindly without thinking or caring about it's impact have made our decision to discontinue the 10% bonus a "no brainer".It was a promotional fad that captured the imagination,but should now be allowed to slip away into oblivion.
While anyone who has ever made a bet and has accumulated some money may feel as though he is capable of opening and running an offshore sportsbook,the reality of the situation is in actuality quite different.To put it simply,without extensive experience in the sportsbetting ,a person has no chance to succeed in todays competitive market.
If this article keeps even one person from getting burnt and losing either his or her money,than I will have gotten great satisfaction from writing it.The research and the decision as to where you send your money can only be done by you.In closing,let me add that everyone knows what happens when the government has the only printing press to print money,and just turns it on and lets it roll....DISASTER...ie inflated dollars,and while other businesses can raise their prices to compensate this inflation,we in the sportsbook industry must always operate on the same 11/10 basis.
In the offshore business every company offering a 10% bonus has it's own printing press rolling...........................BEWARE
Sincerely,
Rich Ciarlante
Bettorsworld/Oddswiz is in agreement with Rich on this one.I for one have never liked the 10% bonuses.I've said many times that I don't want something for nothing.All I want is a shop to take my wagers,and pay me when I request payment.When a shop appears to be giving the world away,you have to raise your eyebrows.One need only look at the three largest and most successful offshore sportsbooks as an example of this.WWTS,Bowman International,and SDB Global......None of them give anything away,yet they have thousands of satisfied customers.As WWTS says,bottem line.......They pay! We're sure the books out there can come up with new,innovative ways to attract customers.Lets make this industry strong once again.
Comment