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Aces Gold, Alladin's Gold...neither one's a stiff.

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  • Aces Gold, Alladin's Gold...neither one's a stiff.

    I've been watching from afar the nefarious happenings of the past few weeks and would like to separate fact from fiction as I knew both Charley and JR at Aces Gold and Eddie at Alladin's Gold.

    I say from afar because I had stopped gambling a long time before these two companies closed up. As such some may suggest that had I lost money at either or both companies, I may have a different attitude.

    I would like to point out the difference between these two companies and their owners and say what I am sure will be an unpopular word on both of their behalfs.

    Let's start with Eddie from Alladin's Gold. Eddie was and is a stand-up guy who unfortunately (like myself), got the gambling bug. In my opinion, it doesn't matter which side of the counter you're on, if gambling's in your system, it takes a special kind of discipline to have it go unchecked. I knew and admired (still do) Eddie very much. He was a passionate businessman who was successful in other businesses, but as he proved by having to bail out of not one, but two, offshore sportsbooks, the gambling business is not like other businesses.

    I'd like people to know that Eddie is a stand-up guy who made some mistakes and should not be confused with the likes of a Ray Meyer (or whatever his name was) from Action Sports, a company whose intent was to defraud. Premiere League did business for years and Eddie's word was his bond, his intentions honorable for all the years I knew him.

    The even larger shocker to me was Aces Gold/Sports Market. Here was in my opinion for many years the best book out there in so many ways. The owner Charley was a leader for so many years in Curacao. He was so well respected by the other books in that area. I had many business dealings with Aces for so many years and until the end they created the standard for other books to step up to. Anyone who doesn't remember those years wasn't there.

    Again here was a business with NOTHING BUT HONORABLE INTENTIONS for many many years. Don't make Charley out to be a crook or scam artist and put him in the same category as Ray Meyer or other notorious crooks. He is not.

    Charley and Eddie are two gentlemen who had businesses that failed that happened to be sportsbooks, that is all. As one who has had more than a couple of failed businesses in his lifetime, believe me, it's no picnic. Wherever Charley and Eddie are or wind up, they would always be welcome at my home and I want them to know there are some of us who understand and wish you the best.

  • #2
    Getting the gambling bug is no excuse. Is a crack addict who kills any less of a murderer than any other killers? I don't think you're aware of the entire situation, particularly Aces Gold. He did more than run a business that failed. He ran it into the ground with a jack hammer.

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    • #3
      Aces Gold, Alladin's Gold...neither one's a stiff.
      In my opinion, it doesn't matter which side of the counter you're on, if gambling's in your system, it takes a special kind of discipline to have it go unchecked
      Don't make Charley out to be a crook or scam artist
      Boomer,

      put the pipe down! Get into a treatment center ASAP!

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      • #4
        Actually I probably know a little more about Aces situation than most up until these last six months when the brilliant hindsight of all these new posting genuises took over.

        I'm not sure how long Aces was in business but I believe Sports Market/Aces Gold was around for at least six years. For the sake of this discussion, I'll use six years as a guide.

        I believe Sports Market opens first with a traditional book (Charley) bringing his clientele with him and setting up offshore as a phone only book.

        Year One: Phenomenally successful and lots of growth. Year Two: Phenomenal success and lots of growth. Year Three: Phenomenal success and lots of growth, so much so that Sports Market decides to get into the internet wagering business, which everyone at that time believes is the wave of the future.

        At this point, high bonuses (25% on 20k) on deposits, free juice on certain days and the ability to buy off 3 for 10 cents in football are used to entice new players, a large percentage of which (over 90%) never, ever take a payout anyway.

        Results, year three: Phenomenally successful and lots of growth, especially at Aces Gold where this "giving away the house" doesn't seem to affect the bottom line in an adverse way, i.e. that is, that the few "sharps" who are profiting from these strategies are not taking away the massive profits that Aces and Sports Market are achieving.

        Year Four: More of the same, although things are not quite as profitable, so they cut bonus from 25% to 20%, but hey, in their mind they have a winning strategy, it got them where they were at that time, so they stuck with it.

        Year Five: Things are definitely not as profitable as before. Too many sharps, freebies and the outrageous (20k) internet limits have seriously put a dent in their bottom line. Certainly at this point, questions were asked AMONG THEMSELVES if they should continue with the no juice, buying off 3 on Fridays, high limits.

        Obviously the decision is made not "to rock the boat" because changing midstream would only fuel rumors that they might not be as profitable as before and rumors in this business can kill a sportsbook.

        Year Six: They stick it out, pray for a good lucky year for themselves and don't you know it, but the first or second week of bettable football, six games land on 3, a number their sharps made a fortune on and they lost a fortune on by virtue of free juice on Fridays and buying off 3 for ten cents.

        Anything that happened after that really didn't matter. The beginning of the end was when they didn't stop their deals or cut their limits (at least on specials) after the sharps learned about them.

        I've been in situations many times where it's easy to say "I should have done that" way after the fact. Who hasn't.

        But that wasn't the reason for this post anyway. It was to let people know that Charley (and Eddie) are good guys who made some bad business decisions and in Charley's case to try and explain how it got to the point it did.

        Out of the two of them (Charley and Eddie), I feel sorrier for Charley. I mean he fell from a loftier place, Aces Gold was it. They were HUGE and like everyone else, I thought untouchable.

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        • #5
          Boomer, stop talking to us as if we were "investors" in a failed business. For the umpteenth time..............WE ARE NOT INVESTORS. We sent in money to play against, that's it. They decided to take the money and use it for purposes that went WAY BEYOND it's authorized purpose. It's not a question of being naive or not naive. No one I know, in business, hasn't at one time or another taken shortcuts, I know I have. I've had 2 failed businesses, but only INVESTORS lost their money.
          The point is that people who come in here and sugar coat this whole affair with bullshit comments about how so and so is a "stand-up guy", serve no purpose. I don't give a rat's behind whether they are or not. If these people would just run their business properly, we won't even need to have this conversation.

          The only positive about this last month is that hopefully it'll be a long time until we hear that so and so sportsbook is as good as gold or safer than Bank of America or has more money than God.

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          • #6
            I agree with Chest, these people are theives plain and simple!
            They took bets with money they did not have, and asked you to send them more.
            Post up is my money! The book is holding it.
            If the book takes it and runs off, or does anything else with MY MONEY its stealing!

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            • #7
              That sums it up I think. If they ran their business PROPERLY! In this case, when they reached a point where they no longer had the money to match each persons post up, they should have folded their tents, sent everyone their money, and went and got a JOB doing something else!

              Boomer, don't feel sorry for Charley. That's misguided thinking. What about those of us (most of us) who were stiffed?

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              • #8
                Boomer

                Good to see you back, I'll be in L.B. next week. Give me your business address and I'll stop by. misty

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