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Futurebet Appears to be Completely Bust

Discussion in 'Online Casinos' started by pokeraddict, Nov 6, 2007.

    Nov 6, 2007
  1. pokeraddict

    pokeraddict Webmaster

    Occupation:
    Pro Poker Player
    Location:
    Las Vegas
    Sportsbookreview.com is reporting that Futurebet skins are reporting Futurebet is insolvent. Many skins have already come down.

    You must register/login in order to see the link.

    Many of the licensed rooms state that Futurebet has never paid their players, affiliates or the licensees themselves. CM had this to say about them about a year and a half ago.

    http://www.casinomeister.com/rogue/not_recommended/futurebet.php

    This is just a reminder that you need to do your homework to make sure you aren't depositing into one of these rooms. They do mostly sportsbooks but they often offer good bonuses to unsuspecting players. They also owned the now seemingly defunct Digital Gaming Network (formerly Dobrosoft) poker rooms. SBR reported they no longer own it either. Most of those skins have already closed.

    Edit: SBR gives virtually all FB sites an F.
     
    6 people like this.
  2. Nov 6, 2007
  3. ugaboga

    ugaboga Casino Addict

    Occupation:
    Information Technology, Day Trader
    Location:
    Australia
    I guess they won't be handing out anymore 25k sub-licenses :thumbsup:

    What about their other disguise - You must register/login in order to see the link. ?
     
  4. Nov 6, 2007
  5. jetset

    jetset Ueber Meister CAG

    Occupation:
    Senior Partner, InfoPowa News Service
    Location:
    Earth
    IGS have always claimed in their numerous player disputes that they are completely independent of Futurebet, and that the similarity in software appearance is the result of them buying source code from FB some time ago and "customising" it to suit themselves.

    Thanks for posting that heads up, Pokeraddict - it certainly looks as if the meltdown has been coming for some time. This company has always had a big question mark over the way it conducts business and it now appears the warnings to players about playing there were justified, despite the protests of the management from time to time.

    What a mess....and unfortunately I don't think the chances are good that those owed will be fully paid - not on the past track record of this crowd.
     
  6. Nov 6, 2007
  7. Casinomeister

    Casinomeister Forum Cheermeister Staff Member

    Occupation:
    Homemaker
    Location:
    Bierland
    It was inevitable for them to take a dive. They were nothing but bad news.

    From the git go, they were ass-backwards screwed up. Bad ethics. Bad philosophy and business approach to this industry.
     
  8. Nov 6, 2007
  9. ugaboga

    ugaboga Casino Addict

    Occupation:
    Information Technology, Day Trader
    Location:
    Australia
    1) They never paid players.

    2) They never paid licensees.

    3) They charged approximately 25k for a sub-license, 30k for a website design integrated with their sportsbook/casino software, around 100k if you include hosting an other charges. These futurebet sites were popping up left, right and centre.

    And they managed to go bust? Talk about bad business management! There were no costs involved for them whatsoever with the above business model!
     
  10. Nov 6, 2007
  11. pokeraddict

    pokeraddict Webmaster

    Occupation:
    Pro Poker Player
    Location:
    Las Vegas
    I have never been much involved with the sportsbook or casino side of the industry but FB's involvement in the poker industry has caught my eye. They licensed countless Ongame skins that never paid players. They allowed skins to give rakeback only to suck in high volume players but never pay them. We're talking who knows how many $7500-$15,000 a MGR/month players back when they accepted U.S. players, ones that even rakeback affiliates dream of landing. Not only did affiliates never get their promised share but neither did skin owners. In many or maybe even most cases players never even got their deposits back much less their rakeback or winnings.

    Anyone that followed PAB's saw hundreds of thousands if not $1,000,000+ of unpaid cashouts from Pokes Poker, Bayou Poker, Revolutionary Poker, Pure Poker and many more skins. Casinomeister at one point finally stopped accepting these PAB's if I remember correctly. The poker industry estimates this number of unpaid players to be in excess of $2,500,000. What makes this more disturbing is the fact that Ongame almost certainly paid Futurebet all player funds and rake when they were kicked off the network. This is in addition to all sports and casino profits that had nothing to do with Ongame. One can only imagine how much rake and house game winnings these high volume rakeback players generated.
     
  12. Nov 6, 2007
  13. ugaboga

    ugaboga Casino Addict

    Occupation:
    Information Technology, Day Trader
    Location:
    Australia
    Has anyone confirmed this? Casinomeister?

    They seem very similar. Same business model and as you said, very similar software.
     
  14. Nov 6, 2007
  15. aka23

    aka23 Dormant account

    Occupation:
    Technical
    Location:
    Planet Earth
    Note that there are two different IGS softwares that may be linked to Futurebet. The one listed in the rogue section is Interactive Gaming Systems. The one that has been discussed in this thread is i Gaming Software.

    A spokesperson from an iGamingSoftware casino contacted me earlier this year to make it explicitly clear that they are not Futurebet and do not share the same risks as Futurebet. However, iGamingSoftware looks extremely similar to Futurebet. The only difference a typical player would notice is some modified paytables. They also share some support and server resources, as well as the slow/non-payment issues that have been common with Futurebet casinos. I know one player who has been waiting 4+ months for payment from an iGamingSoftware casino.

    iGamingSoftware casino still seems to be marketing themselves as independent from Futurebet. Once in a while, I will get an email from someone looking into starting up an IGS casino who mentions that their IGS rep insists the two softwares are not the same, and is trying to get information about the degree of the connection.
     
  16. Nov 8, 2007
  17. Casinomeister

    Casinomeister Forum Cheermeister Staff Member

    Occupation:
    Homemaker
    Location:
    Bierland
    IGS and Futurebet were once one and the same, but there was a split. One company went south to Argentina and had the source-code for the software - thus the similarities. Nevertheless, these two companies operated with the same standards.

    I'm in the process of trying to get more information on the apparent failure of FB from the horse's mouth. Hopefully, I'll hear of something today.
     
    1 person likes this.
  18. Nov 9, 2007
  19. ugaboga

    ugaboga Casino Addict

    Occupation:
    Information Technology, Day Trader
    Location:
    Australia
    Futurebet had a chance to make a good dent into the online casino/sportsbook market. Alot of sub-licensees who were with worldgaming made the jump to Futurebet, because worldgaming had issues of it's own (similar to those experienced by Futurebet now).

    They came into the market with new software, which wasn't tainted like that of worldgaming. Had they decided to participate in the online gaming industry with decent business ethics, they certainly would've became a large player.

    Their sub-license offerings which were similar if not identical to those of worldgaming were indeed very popular.

    Too bad...
     
  20. Nov 9, 2007
  21. jetset

    jetset Ueber Meister CAG

    Occupation:
    Senior Partner, InfoPowa News Service
    Location:
    Earth
    FB just never seemed to get it right, going way back to when the founder brothers were weaving and dodging. Some of the licensee postings back then read like business horror stories.

    Hopes rose that things might get better when the reports started coming through that licensees had taken control and were determined to fly right....but things just seemed to keep on going downhill and you have to wonder at exactly what point the whole thing will implode - thus far it hasn't happened, but the current reports over at places like SBR indicate a deepening crisis.
     
  22. Nov 9, 2007
  23. Casinomeister

    Casinomeister Forum Cheermeister Staff Member

    Occupation:
    Homemaker
    Location:
    Bierland
    They haven't gotten back to me yet - which is odd since they normally respond rather fast....

    No bounced emails yet though :D
     
  24. Nov 24, 2007
  25. pokeraddict

    pokeraddict Webmaster

    Occupation:
    Pro Poker Player
    Location:
    Las Vegas
    All of the Digital Gaming Network skins are now kicked off of their network and appear to be closed. Dobrosoft now owns their software again and has created the Gold Chip Network. Most of the sites on that network are sites that were a part of DGN but not a part of Futurebet.
     
  26. Nov 25, 2007
  27. jetset

    jetset Ueber Meister CAG

    Occupation:
    Senior Partner, InfoPowa News Service
    Location:
    Earth
    Wow - that's a far cry from their frenetic hype in January 2007!

    You must register/login in order to see the link.

    Is this the outfit founded by the Australian restauranteur and entrepreneur, PA?
     
  28. Nov 25, 2007
  29. jetset

    jetset Ueber Meister CAG

    Occupation:
    Senior Partner, InfoPowa News Service
    Location:
    Earth
    From the Gold Chip Network site:

    GOLD CHIP Network is an association of independent poker operators from all over the world. The associates have their own networks with their own poker rooms so in essence GOLD CHIP network consists at present of 9 independent networks. Each network associate has its own management, customer support, processing solutions and everything else needed to run an independent business. GOLD CHIP Network manages network-wide tournaments and events on behalf of the associates, ensures that all associates comply with the network rules and provides network-level fraud and collusion monitoring.

    GOLD CHIP Network software comes from DobroSoft a company with considerable experience in the online poker industry. Dobrosoft launched our online gaming platform in 2000 and since then we have continued to work on refining our product, tailoring it according to our partners` needs and requirements and integrating an increasing number of new features and spectacular design options.

    We have a proven track record of high quality software solutions, secure and stable network administration, and excellent partner relations with online poker operators from all over the world.

    Current participants are here: You must register/login in order to see the link.
     
  30. Nov 25, 2007
  31. dominique

    dominique Dormant account

    Occupation:
    webmistress
    Location:
    The Boonies
    So many affiliates were burnt by futurebet over the years that it is a bad word at CAP and no one there will advertise them.

    Reps of futurebet places aren't even allowed to post.
     
  32. Nov 25, 2007
  33. pokeraddict

    pokeraddict Webmaster

    Occupation:
    Pro Poker Player
    Location:
    Las Vegas
    Do you mean Dobro or DGN? I've always figured DGN was just a FB shell. Dobrosoft was founded by the father/son team of Vinko and Matt Dobrosevic but I don't know where they are from.

    Their poker rooms have always been on shaky grounds. Their first big site was America's Card Room which was owned by Betcris. ACR always had a good rep but they were hit by a massive fraud ring and had to limit their promos which killed their room. Next they licensed a ton of sites, some as skins on ACR's network and others as standalones. Every site eventually failed as a Dobrosoft skin except for Poker World which is owned by the A+ book Thegreek.

    The "top 14" ACR skins went to Ongame until the UIGEA and the ACR skins that did not joined Poker World's network. I believe this was called Miami Poker Network but it was so short lived I'm not sure. Every existing Dobro still floating was on that network as every standalone had given up by then. Miami Poker banked most of those sites. Since then some have closed, some have moved to True Poker's network, a couple joined Jungle Poker's network (which has its own serious issues) and a couple made it back to Gold Chip after DGN failed.

    If you go back to 2000-2001 you will see ACR was a bonus whore's dream. They could not give the money away fast enough. Many built a good bankroll from them but a few fraudsters ruined it for everybody.
     
    2 people like this.
  34. Nov 25, 2007
  35. jetset

    jetset Ueber Meister CAG

    Occupation:
    Senior Partner, InfoPowa News Service
    Location:
    Earth
    Thanks for that PA - I was actually thinking of another company with a similar acronym and Toronto (not Australian) entrepreneurial roots but I was confused - nevertheless your post was informative and interesting.

    BTW, the following link is to an article back in mid-2006 detailing just some of Futurebet's shenanigans....it seems this leopard does not change it's spots!

    You must register/login in order to see the link.
     
  36. Dec 4, 2007
  37. _Kindred_

    _Kindred_ Dormant account

    Occupation:
    Self Employed
    Location:
    USA
    I've been waiting on $440 payment from Empire (futurebet) since June. I'm seriously considering canceling the withdrawal and dumping the money in the poker room. Hopefully I'll lose it to a player on a skin that isn't futurebet......Beats letting futurebet disapear with my money and I have no hope of ever getting paid.
     
  38. Dec 6, 2007
  39. pokeraddict

    pokeraddict Webmaster

    Occupation:
    Pro Poker Player
    Location:
    Las Vegas
    They don't have any poker rooms on their network that aren't Futurebet. Dobro took back DGN so all that is left are a few leftover FB's. There is no way to dump onto another skin. Many did this earlier this year and got away with it. I have a feeling this is part of the reason other skins on DGN not related to FB had issues.
     

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