We are almost through the backlog of pending bets and investment cash outs are being processed manually in the order they were requested. We have no plans to shut down the website or "run" with your Bitcoin, and once we are caught up business will be back to normal with quick turn around's for all payouts.
Cheers
http://bitcoinsports.eu/bet/23456?destination=bet-slipHow can you possibly be "almost through" the backlog when you are 10 days late now on paying out this 10.5btc? And why is it that you can pay out smaller bets made AFTER 10 days ago, but you can't get to my bet, or anyone else's bet that is >2btc? We need concrete timelines that you can meet and transparency that progress is being made. Not vague promises that things will be caught up "soon". |
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I don't know the guy (bit365). So don't think I'm being biased or partial.
If I read him correctly, payouts for investments were higher than they should have been. THAT issue has been fixed. But there are issues that resulted: Having paid more to investors, liquidity seems a real issue. People who invested 10 btc are not being paid, while people who invested 0.01 btc are getting paid. There is an issue with the "cash flow."
So to recap so far:
1) There was an issue that is fixed.
2) That issue seems to have stressed the business's margin (arguably a low-margin business to begin with).
I believe that BTC365 is legit. I have placed 148 or so bets and have been paid out on every single one (that I won).
So I propose that people invest in his business. Again, I do not know this guy. I have one more game this season, after which I will invest my bitcoins myself. Until the 2014 season kicks off.
It's either that or we be very patient with the payouts. But it does not seem to me that we should be swinging at a guy between a rock and a hard place.
JJ
Interesting solution to the problem. Heck, at this point, if they're really suffering liquidity problems to that extent, I'd be willing to let him turn my investment + payout of 10.5btc to an "investment" in bitcoinsports.eu, with a definitive payment date down the road, along with a portion of any winnings the site has gotten from now until then. I just wish he'd talk to us. This whole "let's not say anything, but quietly respond to any small requests while ignoring the requests for the large amounts that we owe" is destroying their credibility and their business. Of course, if he just wants to run off into the sunset with all of our btc, guess everything makes perfect sense... |
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http://bitcoinsports.eu/bet/23456?destination=bet-slipI don't think we're ever going to get paid, guys. :/ This is still 10 btc, and 8 days late. There is no reason that an "investment payout problem" should have taken this long to resolve. The game is even graded correctly as a win - it's just not paying out. It should literally take bit365 2 seconds to find the address that my 5btc payment came from, and then send back my 5btc wager along with the 5.5 btc winnings. Couple that with the fact that bit365 seems to be able to instantly take care of small bets means that they are having liquidity problems, not "investment calculation" problems. Ugh... bitcoinsports.eu, where even when you win, you lose. 
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Update on current state of investments:
We wanted to let everyone know what the status is with investment cash outs and why there has been such a long delay in fixing this issue.
About two weeks ago we noticed investments were having the incorrect amount added when grading losing bets, resulting in the net amounts for all investments being higher than they should have been. We were quickly able to fix this for all future bets that have been graded, but the net amounts would still be incorrect from past bets.
Since then, we have had one person attempting to correct the investment totals, as well as grade all bets and deal with all support requests, which has led to the significant backlog.
Resolution plan:
We will be working through any remaining pending bets and support requests today.
Investment cash outs will also resume later today in the order they were requested. We will be manually going through about ~8000 bets for each investment to make sure the net amount is correct, as a better solution has not been discovered at this time.
We apologize for all the headaches, and thank you for your patience. This has been a learning experience for our team and we can assure you business will resume as usual very soon and payouts will be back to under one hour.
Thank you
Bit365, Thank you for taking the time to give us an update. http://bitcoinsports.eu/bet/23456?destination=bet-slipI'll be sure to update the thread to let everyone know when this 10.5 btc payment has been made. Still haven't received this. Did something happen today that kept you from fulfilling this promise? It is 10 btc, and it has been 7 days. As I'm sure you can understand, I'm starting to freak out, especially since it seems like you are paying the small bets and leaving out the big ones. :/ |
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Update on current state of investments:
We wanted to let everyone know what the status is with investment cash outs and why there has been such a long delay in fixing this issue.
About two weeks ago we noticed investments were having the incorrect amount added when grading losing bets, resulting in the net amounts for all investments being higher than they should have been. We were quickly able to fix this for all future bets that have been graded, but the net amounts would still be incorrect from past bets.
Since then, we have had one person attempting to correct the investment totals, as well as grade all bets and deal with all support requests, which has led to the significant backlog.
Resolution plan:
We will be working through any remaining pending bets and support requests today.
Investment cash outs will also resume later today in the order they were requested. We will be manually going through about ~8000 bets for each investment to make sure the net amount is correct, as a better solution has not been discovered at this time.
We apologize for all the headaches, and thank you for your patience. This has been a learning experience for our team and we can assure you business will resume as usual very soon and payouts will be back to under one hour.
Thank you
Bit365, Thank you for taking the time to give us an update. http://bitcoinsports.eu/bet/23456?destination=bet-slipI'll be sure to update the thread to let everyone know when this 10.5 btc payment has been made. |
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If you have a lot in your wallet, send me hard drive, i'll take 10% and send you the rest back if I can retrive it.
Pm me.
This is very generous, and you should take him up on it. What do you have to lose? |
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We need a statement and some transparency ASAP. Not just a bunch of messages saying you're looking into individual investments or bets. I'm far from the first to suggest this and most of those suggestions have gone unacknowledged. I personally have no problem being patient if I know (with some specifics) what is causing the difficulty.
For the good of the players, investors, and the site itself, if you guys don't want people to start screaming Ponzi, some information needs to be shared. The business model of the site is genius on its own and should work incredibly well so I would hope there wouldn't be a short sighted plan to scam folks out of their coin. Something is clearly wrong right now and we'd appreciate an explanation.
This is a great idea, and I'd like to echo this sentiment. |
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Has anyone received any investment payout in the last few weeks?
I got paid out on the Thursday night NFL game IND -2.5 @ TEN within a day or two for a total of 10btc before on Nov 14th. Don't really understand what's happening this time around as I'm waiting on this: http://bitcoinsports.eu/bet/23456?destination=bet-slipwhich is also 10 btc and the game was only a few days later. |
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Just a gentle reminder, in case I got lost in the shuffle. I know that you're working hard on catching up with your backlog. Thanks bit365! Could you please take care of this bit365? It's been since 4 days now. How did Skylamer get to the front of the line? Why are other people getting paid that made bets *after* me? Please take care of this. It's been 6 days now, and I need the 10 btc to wager on other things with you! |
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Just a gentle reminder, in case I got lost in the shuffle. I know that you're working hard on catching up with your backlog. Thanks bit365! Could you please take care of this bit365? It's been since 4 days now. How did Skylamer get to the front of the line? Why are other people getting paid that made bets *after* me? |
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Just a gentle reminder, in case I got lost in the shuffle. I know that you're working hard on catching up with your backlog. Thanks bit365! Could you please take care of this bit365? It's been since 4 days now. |
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Just a gentle reminder, in case I got lost in the shuffle. I know that you're working hard on catching up with your backlog. Thanks bit365! |
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Does anybody know how to close an open parlay with these guys?
I don't see a phone number anywhere to call to close it like I would with a normal book, and I can't do it with the software. :/
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I would imagine a huge amount of revenue is from subscription services that auto-renew. There is no way to auto renew using bitcoin; every transaction is a "push" transaction, not a "pull" one.
So that hurdle would somehow have to be dealt with.
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Order #63xx
Date of Order: 26th August 2013
Date of Payment: 26th August 2013
1x Saturn
United States
None
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I've been impressed with the site so far. and they've paid on larger bets before, so yay for that. I made basically a 10btc bet on the NBA finals awhile back between the Spurs M/L and Spurs +5 for Game 1, and they paid and let me withdraw promptly and with no hassles. I'm liking betcoinsports so far.  Now let's hope it continues into the NFL Season! |
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