FutureBet now operating as Gametech Solutions
7/27/2010 3:46:19 PM
The
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
FutureBet's HistoryFutureBet began its solo operation in
2002, the group started as Global Interactive and served as a licensee under
World Gaming. When Global Interactive left World Gaming and launched
operations as FutureBet, World Gaming owed Global Interactive $1.5
million. A lawsuit and countersuit ensued over rights to intellectual
property.
During its infancy, FutureBet fell
into a financial hole due to being inexperienced with sportsbook and
casino risk management. FutureBet began to hire more experienced
industry employees in an attempt to better manage its operation.
However, in addition to being owed $1.5 million from World Gaming,
FutureBet lost $300,000 in player funds after a fallout with its credit card processor. FutureBet, who would charge licensees anywhere from
$50,000 to $75,000 for a full turnkey solution, continued to be late in
paying its licensees — as a result players were forced to endure long
slow-pays, and the reputation of FutureBet brands suffered.
FutureBet ownership changeFutureBet
began a search for investors to help lower its debt, and
ultimately sold the company to new ownership. It has been reported from then licensees that within months of taking over Futurebet, the new ownership reneged on its promise to ensure the payment of licensees and players, and owed staff that helped create the platform. New ownership invested significantly into upgraded office
space and later in trying to place FutureBet on the map as a viable
poker network provider. Many withdrawal requests went unfilled. All FutureBet owned sportsbooks & licensee brands were downgraded to F.
Oddsmaker and
BetOnUSA ownership had yet to buy into the FutureBet platform.
iGaming SoftwareIn
the summer of 2008, FutureBet-hosted sportsbooks began to
realize that
players deposited funds, bookmaking profits, as well as money on reserve
for withdrawals were stolen by FutureBet, who had no intention to pay
the licensees players. FutureBet then began to operate its service under
the name of iGaming Software, and looked for new licensees to add. Some
licensees took care of players out of pocket while
moving to a new platform, while others were either unable or unwilling to pay bettors their balance. At the time white labels were forced to close, or were officially told they would not receive their player funds -
Oddsmaker (SBR rating D-) and
BetOnUSA (SBR rating D-) moved their sportsbooks to Futurebet and became part-owners. Along with Futurebet owned
SportsbookUSA (SBR rating F), the three sportsbooks went on to represent iGaming Software. The new ownership group then
pursued unsuspecting new white label sportsbook clients such as FeltStars.
Gametech SolutionsFollowing
the same script that led to the brand change from FutureBet to iGaming
software, the ownership decided it was time to become Gametech Solutions; likely to hide from SBR reports.
OddsmakerOddsmaker.com
is FutureBet’s biggest licensee, and holds two seats on FutureBet’s board
of directors. Oddsmaker and BetOnUSA are two of Futurebet's largest revenue producers. Oddsmaker pays FutureBet a percentage of
profits per month, while FutureBet continues to seek out new licensee clients. FutureBet has been said to discourage potential licensees
from doing their own processing so it could maintain complete control of
funds; FutureBet will significantly raise the cost of doing business
with any licensee who intends to handle their own player payments. At
its peak, FutureBet is estimated to have controlled more than 400
licensees, operating the largest ongoing scam in online sportsbook
history.
Sportsbook players and operators are advised to avoid FutureBet/IGS/Gametech Solutions.
See story from stiffed Gametech Solutions Sportsbook clientRelated news |
Oddsmaker (SBR rating D-) withdrawal complaint