GlobalBet Player Tries Hedging Out of the No-Pay Sportsbook
A Globalbet.eu player has written in with a complaint over the sports betting website and their ability to pay promptly.
The player stated that he attempted unsuccessfully to withdraw $400-$500 every week for nearly two months.
Finally, the player gave up and used his betting account as what he referred to as a "hedge fund". So, what does this mean?
What the player is referring to is employing a (risky) strategy where you attempt to drain the balance at the online sportsbook you believe will not pay you by betting a game you believe is a loser, and then bet the opposite side at a reputable betting site.
This can sometimes be expensive to do as you will most times lose the vigorish which could cost you several cents on a dollar depending on the type of wager chosen. But the biggest concern is that the reverse effect is possible where the bets made at the slow or no-pay book end up all winning, leaving you with an even large balance at a sportsbook which may not pay.
As a result of the above, the strategy is generally not recommended.
Sportsbook Review reported that a player owed $59,000 by GlobalBet received only $19,000 through a payment plan until the funds stopped coming in.
In that complaint, GlobalBet stated the following:
GlobalBet Sportsbook: "We will however, re-visit the situation later in May, once the company has paid all selected US Clients, and assess possible value of re-activating your account upon a possible deal."
GlobalBet has been added to the Sportsbook Review blacklist at the rating of F. The online sports betting website will remain on the blacklist until it demonstrates that players can be paid.