News on scam operations, events and business deals within the offshore sports gambling industry.
07.31.2010 (12:53 PM CST)
TowerGaming, OddsMatrix report
TowerGaming (SBR rating D+) has been added to the
sportsbook ratings guide.
TowerGaming is a licensee on the OddsMatrix platform.
OddsMatrix fully supports TowerGaming; powering their software and holding player funds in reserve. The COO of OddsMatrix confirmed the business relationship in a letter to SBR.
Jesper Jensen, OddsMatrix COO: Our relationship to TowerGaming is very good and they have competent people to run the business.
How the white-label platform controls player funds:
Jesper Jensen, OddsMatrix COO: As players are betting with OddsMatrix, we are in control of player funds residing in the sports book. If any of our licensees fails/dies, we are responsible to payout these players. This can only be done if the funds reside physically in the sports book balance. If funds are moved away, e.g. to main balance, poker- or casino balance, it is out of our control. As stated above, players are paid by OddsMatrix, but only if the licensee of OddsMatrix goes bankrupt. We are not doing day-to-day payment processing.
The last Malta-based sportsbook to use the OddsMatrix platform was
BetOnBet (SBR rating F). OddsMatrix claimed at the time that only software was provided to BetOnBet. BetOnBet's processing was reportedly done by the Linx Media Group. Both
BetOnBet and the
Linx Media Group have since went bankrupt. |
Read full TowerGaming, OddsMatrix report
07.30.2010 (11:09 AM CST)
PartyGaming and Bwin plan mergerPartyGaming PLC plans to unite with Austrian-based sportsbook Bwin.
Jim Ryan, CEO of Party Gaming:
This is a transformational opportunity for both our companies to create the world’s largest listed online gaming business. With market-leading positions in poker, sports betting, casino and games (in particular bingo), the Enlarged Group will have a winning formula to exploit the growing online gaming market, supported by a strong balance sheet, significant cashflow generation and a highly experienced management team.
Financial details of the planned merger were reported by the
Wall Street Journal.
The new company will be owned 48.36% and 51.64% by PartyGaming and Bwin
shareholders respectively and will be listed on the London Stock
Exchange.
While both publicly traded companies are financially secure,
Bwin (SBR rating C-) has maintained a lower rating due to its handling of
sportsbook complaints. | View full
PartyGaming, Bwin merger report
07.30.2010 (10:14 AM CST)
WSEX update
A
WSEX player confirms receiving his $3,000 payout from a February 12th request.
WSEX has an SBR rating of
D, and is currently slow-paying $258,000 to the 51 players that have submitted sportsbook complaint forms. WSEX was last
reported to have paid a player $2500 on July 26th; however 21 payment complaints were reported in July.
SBR will update this report.
07.29.2010 (06:30 PM CST)
BetHorizon player confirms partial paymentA
BetHorizon (SBR rating B-) player has confirmed receiving a partial payment. He requested £1000 on May 3rd via Moneybookers, and received a payment of £350 today. On July 9th,
BetHorizon management
stated that in approximately 10 business days all Moneybookers accounts would be caught up. BetHorizon attributed the delays to banking restrictions via that method. Two other players have yet to confirm receiving payment toward their May 14th & 15th withdrawal requests. SBR will update this report.
07.29.2010 (01:18 PM CST)
Globet sportsbook withdrawal problemsOn May 28th, a
GloBet (SBR rating D+) player requested a withdrawal of £1,190 to his Moneybookers account. His payout has yet to be filled. The same day the player asked for his funds,
Globet replied that he must provide proof of age. After sending his passport, no further response was given by Globet. The player has attempted contact throughout July inquiring on the status of his payout, and has been told only generic remarks. This is consistent with the second
Globet payout complaint on file with SBR; which Globet has still yet to comment on. SBR will update this report.
Related caseOn July 6th, SBR
reported that a player requested payment of €1000 to Moneybookers. This withdrawal is still pending. |
Read full Globet report
07.28.2010 (04:48 PM CST)
PaddyPower bonus complaint; Free promo account closuresPaddyPower (SBR rating B+) bonus complaint. A fourth bonus complaint has been received from a player that signed up to take advantage of PaddyPower's £1000 free bet offer for Cheltenham racing. The promotion required 10 wagers to be placed in order for players to redeem the free bet. After placing 8 of 10 wagers, the player's account was closed.
PaddyPower stated that it was a "trading decision". The 1st complaint received on PaddyPower's handling of the Cheltenham free bet promotion resulted in PaddyPower reinstating the player's account following SBR's inquiry. SBR is following up on the complaint. |
Read full PaddyPower complaint
07.28.2010 (01:43 PM CST)
WilllHill player reports canceled withdrawals, system glitch?A
WillHill (SBR rating A) player reports that his payout requests were canceled. The withdrawals were for a total of 35,000 SEK ($4,795).
WillHill initially stated that Moneybookers was responsible for declining the transactions. Moneybookers denied this, WillHill then clarified that its withdrawal system suffered from a technical glitch. SBR is following up on the complaint.
07.27.2010 (03:46 PM CST)
FutureBet now operating as Gametech SolutionsThe
FutureBet, formerly iGaming Software (IGS) group is now calling itself GameTech Solutions.
FutureBet has twice rebranded its company name in an effort to distance itself from its history of theft. SBR has discussed FutureBet's past with numerous licensees; the most conservative estimates have FutureBet owing $5 million to players, licensees, and staff.
The most recent brand to join the FutureBet/IGS/Gametech group is poker, sportsbook, and casino
FeltStars.com (SBR rating F). Futurebet supplies the
FeltStars sportsbook and casino software. Futurebet fully hosts and supports FeltStars. |
Read full Futurebet report