Thread: MAGNA: Desperate hours fast approaching..
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Old 02-24-2009, 05:12 AM
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Steve Byk
  
Join Date: May 2006
Location: Greenwich, NY
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Bettors' funds are safe, officials say
By Matt Hegarty

http://www.drf.com/news/article/101860.html

Wagering accounts held by customers of XpressBet will be protected if XpressBet's parent company, Magna Entertainment Corp., files for bankruptcy, regulatory officials said Monday.

XpressBet, like many other national account-wagering companies, is licensed by the Oregon Racing Commission, which requires the companies to maintain accounts under guarantees by the Federal Deposit Insurance Corp.

Another rule states that "funds of an account holder . . . shall remain the property of the account holder for all purposes."
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