Waubet (not rated) closes after week of stalling users

Dear Wauw user, For a while we’ve known that we’d need more invested capital into our company in order to reach Break Even on our current activities. Unfortunately we haven’t succeeded in raising the necessary investor capital, and thus we’ve decided to close down our business. The total amount due to our customers, meaning also your balance/funds if relevant, are to a large extend secured via the demand by the Maltese Lotteries and Gaming Authority (LGA) for separation of company funds and customer/user funds. Some of these funds are kept as reserves at 3rd parties for up to 9 months though and thus we’re not able to pay everybody’s full balance straight away. We’ll cooperate fully with the LGA in order to try and find a solution securing that everybody will have their funds paid as soon as possible. We’ll give further information on the homepage and by email when relevant. We’re very sorry for the inconveniences brought on you by this, but hope you’ll understand that we’re doing everything possible in order to try and satisfy all involved parties in this difficult situation.

Kind regards, Wauw Gaming
The sportsbook has been posting messages about server problems and needing "spare parts" for over a week. A player waiting for funds requested prior to the website coming off-line observed characteristics often associated with high-risk bookmaking: "I have never had any problems with them earlier. But their limits have always been exceptionally high even for smaller leagues and their odds have been very slow moving even when the market has been moving fast. Signs of danger maybe". Waubet joins fellow Malta-based defunct sportsbook BetChance (SBR rating F) in telling players that they may or may not receive their funds in nine months.