WSEX ties to Stanford Financial? ponzi scheme

[andywend]

Has WSEX stopped allowing interbook (b2b) transfers for all of their customers or just those that have used Western Union or Moneygram?

They used to allow up to $10,000 transfers free of charge.

Then they decided to start charging a $50 fee per transaction even to their sister site Matchbook.

Then they lowered the transfer amount to $5,000 keeping the same $50 fee.

Then they lowered the transfer amount to $2,500 keeping the same $50 fee.

Now it appears they have stopped allowing interbook transfers altogether.

The vast majority of my withdrawal transactions from WSEX have been book to book transfers with Matchbook. About 3 months ago, I requested a fed ex courier withdrawal and after numerous emails, I received the check about 6 weeks later and it contained no account number or routing information. I had to return the check back to WSEX.

If WSEX is simply having check processing issues, then that would have NO EFFECT whatsoever on their ability to transfer funds to other books ESPECIALLY MATCHBOOK.

However, since they have made it so difficult to even allow their customers to transfer funds to Matchbook (and now has eliminated that option), the only possible reason is they have SERIOUS FINANCIAL PROBLEMS.

WSEX (the poster), please reply to this email and let me know if and how I might be mistaken? I have a sizeable 5 figure balance with WSEX and am starting to become quite concerned about my funds. If these improved withdrawal options you mentioned actually wind up happening in the next week or 2, then my concerns will certainly be alleviated.

[Chuck Sims]

People speculated about this when Stanford happen. I even looked into it, but there was never any link between WSEX and Stanford's banks. WSEX certainly has payment processing issues, but they were happening before Stanford, and have actually gotten better since then.

How has WSEX gotten better with all the current complaints? What is currently the longest waiting period for a courier check by a poster?

[Chuck Sims]

andywend, why would you think b2b transfers are any different than asking for a check? If WSEX has issues sending checks, it was only a matter of time before the transfers had to stop. Reason: People are transferring and as soon as they are able, they want their money.

[BigT]

I requested a courier check from WSEX May 6 and am still waiting for the check so it has been about an 11 weeks wait as of now.

[andywend]

Chuck, the U.S. justice department has seized money from the accounts of many online gambling sites including BoDog and more recently Absolute and Full Tilt poker.

This was the reason why checks from BoDog were taking as long as 3 months to arrive even though withdrawal requests via Western Union/Moneygram were processed in a matter of hours.

If something similar happened to WSEX, that would explain the long wait times in getting withdrawal checks processed and would have nothing to do with WSEX being in a precarious financial position.

However, since WSEX continues to reduce the limits on b2b transfers and now has eliminated them completely, I can't see any other scenario other than WSEX having severe financial problems.

If the poster WSEX's statement of significant withdrawal improvements coming within the next couple of weeks winds up happening, then that will alleviate my concerns of having a large balance there.

However, as it stands now, with the stoppage of b2b transfers and the never ending wait times of getting regular check withdrawals processed, WSEX customers have no reasonable options when it comes to withdrawing their money. Therefore, it would be correct to give them a D/D- rating until these improvements mentioned above wind up becoming a reality.

[Chuck Sims]

andywend, I share your concern. If WSEX truly has an interest in Matchbook, then we will be fine. Matchbook is really going to be a top notch book. It blows everyone away.

I just read BigT's post about him waiting 11 weeks for a check. Thats not good.

[JC = No Pay]

My thoughts, FWIW.

WSEX owners own significant share of Matchbook
WSEX or Matchbook has never denied this assocation.
WSEX ownership group owe big money to Matchbook group (slightly diff ownership).
Hard feelings between WSEX and Matchbook currently.
Matchbook is a different organisation than WSEX (different employees, bank accounts, etc)
Something really bad happened to WSEX recently (money seized, Stanford, etc.not really important)
WSEX has been losing money for 3 years (high money processing costs, lazy management, etc)
WSEX offering 20% bonus right now, hoping they generate cash in short run.
Matchbook will have announcement soon that they are not affiliated w/ WSEX (no one will believe them)
Interbook transfers with WSEX will be dropped entirely.


That is as much as I feel comfortable posting now. We can hope for the best.

[acw]

JC = No Pay

Interesting poster name. You have info on JC being a non payer of much longer ago?

[JoshW]

I am just basing it on the complaints I get. And the complaints I get are coming less often and for less delays. That said, I have had some that have taken two months, with player getting checks he couldn't cash and then having to do the waiting all over again. Any problem anyone has, they can email me at josh@sportsbookreview.com with amount, date of withdrawal, and account number, and I will do my best to get results and update people in general on delays here.

[KGambler]

andywend, why would you think b2b transfers are any different than asking for a check?

Because it is a transaction which does not involve the US banking system???


All they have to do is ask that a transfer be done between one Stanford bank and another Stanford bank

[KGambler]

I realize that WSEX has effectively shut down B2B transfers all together with these absurd new rules, but officially they still allow transfers to Matchbook.

What other sites do they supposedly allow transfers to as of right now?

I know that Olympic and 5Dimes are now OFF the list. They don't accept transfers from WSEX.

[H.E. Pennypacker]

Oddly enough Stanford did not accept business from any gaming companies afaik.. Suppose they wanted to avoid any possible attention from the Feds.

[Chuck Sims]

KGambler, WSEX does transfers with CRIS. When I asked if that included Bookmaker I was told no, they are not affiliated. This is what I was told. Everyone else including CRIS says Bookmaker/CRIS are affiliated.

[KGambler]

KGambler, WSEX does transfers with CRIS. When I asked if that included Bookmaker I was told no, they are not affiliated. This is what I was told. Everyone else including CRIS says Bookmaker/CRIS are affiliated.

Thanks for the info.

We all know that Bookmaker and CRIS are affiliated, so they are lying. Don't those two sites even have the exact same lines?

Am I right that CRIS does not allow US based gamblers? And that Bookmaker does allow US based gamblers?

If that is the case, then it would seem that they are trying desperately to retain the money of their US based customers.

[Chuck Sims]

You summed it up.

Some positive things to hang our hat on is that WSEX is still a respected name(Not here, I know). I am not defending them other than to say they are not going anywhere for the time being. Their interactive wagering is unique. No one has anything close to it. The website and wagering is being run normally. So where is our money? I do not know but I would keep their feet to the fire with "Still Waiting for My $$ Posts".

Has WSEX given you a date or timeframe when you will be paid?

[MadTiger]

If you pay, rumours do not matter. If you don't, you leave yourself open to speculation......

Cosign.

[RickySteve]

Cosign.

...

[HedgeHog]

The WSEX Book Transfer situation is alarming. Twice I transferred to them from MB and now they won't transfer back. Bad enough they limited transfers to $2500 with a $50 fee; but now they're looking for reasons to not pay. Another CR shitbook circling the drain?

[KGambler]

Another CR shitbook circling the drain?

Oh come on, they're not done yet. Football season is coming! Time for one last Hail Mary!

[Chuck Sims]

Hedgehog, WSEX is not a CR book. As KGambler said, football is here! I may have to top off my account at WSEX with some ready cash. Yes Sah!

If you transfered money to WSEX, you can still do b2b transfers back to MB, provided you have never funded WSEX with a **, **, or CC. That leaves people who have sent checks or transfered money from another book.

[SPECULATOR 13]

My thoughts, FWIW.


Matchbook is a different organisation than WSEX (different employees, bank accounts, etc)

Gentlemen thank you for this thread,and thank goodness for SBR because they might have once again spare me more aggravations than i have already endure.i have been trying like the dickens since early June to open a account with MATCHBOOK (also with Betfair and betdaq)using the bank wire option.They are no problem in doing so with BF-BD however i was told in late may by Matchbook" that at the moment they are not taking bank wire transfers from Canada".My problem with the u.k. exchanges are with their insane and ridiculous document requirements that is why i was looking forward to fund A Matchbook account only but now with all this uncertainty i think i am going to have to find the time to go sit in a government office for hours to either renew my passport or driver's license in order to fund BF-BD.
JC i hope you are right because it would be catastrophic if WSEX was to go down and in the process bring MB with them.
The MatchBook CEO need's to come on SBR and make a audio MP3 where he would be interviewed by Bill and reassured us in no uncertain terms that regardless of what happens to WSEX Matchbook will not be affected.
I know some will say that it's naive...they won't tell the truth..ect
However i like,trust and respect Bill Dozier and integrity is his middle name!
also remember that Matchbook is a SUPERB and TRUSTWORTHY organization therefore if they tell me OFFICIALLY that everything is o.k. that will be just fine with me.
Let's hope WSEX get their act together soon because it would be a shame to see this once great book to go down in this manner.

[Chuck Sims]

Speculator 13, I would pay no attention to the sky is falling posters reference Matchbook. MB is a top notch book. It is growing fast. A very good indication on how strong a book is or at least trusted as a safe book is who they do transfers with. MB does transfers with all the top books such as CRIS/Bookmaker, and The Greek. Lightning fast payouts too.

.

[SBR_John]

The solid B rating for WSEX is accurate imo. There are no ties to Stanford from any sportsbook.

I dont know exactly what knocked this A+ book down into the B's. I think it has more to do with a combination of processing problems, management taking their eye off the ball and some principal changes inside of the WSEX/Matchbook world. Players who are looking for strong A rated books need to pass on WSEX until they re establish.

[Pinacosaurus]

Just requested $2500 from my account (about 11 dimes). They told me it will be about two weeks before the check arrives, I believe they are telling the truth. I have complete confidence in these guys. I will keep you guys posted.

[JELLYBEAN]

I find that is nearly impossible to survive as a post up book servicing mostly US clientele. You need a huge credit base like most of the top tier books have. WSEX problems as seen by JC lack of posting on the topic are severe. He would be the first one in defending his "former" book if things were just as simple as "processing issues". As far as Matchbook goes I can say 100% that ownership is mainly different and they survive on a huge credit customer clientele.

take care

[Pinacosaurus]

What does mainly different mean?

[JELLYBEAN]

The majority owner is not involved with WSEX. The have minor ties.

[Pinacosaurus]

I was told different by one of the guys at WSEX. He told me that WSEX started, owns Matchbook.

[Pinacosaurus]

BTW, I think it is a very good think that WSEX is involved with Matchbook. I would not post up at Matchbook if WSEX was not involved with them.

[JELLYBEAN]

I do not post misleading information. Believe what you want.

[UV82]

WSEX is in a similar situation to where Bodog was. Industry processing and processing options in general have gotten better all around so we expect them to join the pack and be able to move player funds. It would be good if WSEX wasn't maketing to players until they get their ducks in a row. Hopefully we will see the flow of withdrawals soon and don't have to worry about new players being disappointed.

I have been betting at Bodog for 4 years - even when their rating dropped, it never took more than a day to process a pyamnet (for me) and I also never got from them the most increddible lies which I am getting now from Wsex ... how can it be that their techonolgy link to Neteller has been down for 8 months... when I ask for Moneybooker payout - same problem link down - I ask for a check - cannot do that either - so that means that they cannot pay i.e. No Money Honey... dont you get it they are broke... if every method is down then they cannot pay customers and if customers are not paid then teher is business - Good bye Wsex - F - this is your deserved rating

I undersatnd that books like any other business have ups and downs ... but this has been going on for too long for me to be comfotable with.

[HedgeHog]

Earlier, I mistakenly called WSEX another shit CR Book and I stand corrected--they're from Antigua (I knew that). But their situation reminds me of Las Palmas. Stall tactics and excuses for payouts--including the termination of Book transfers. LP had multiple rating down grades as well.

I'm done with Wsex as I was able to arb my remaining balance into Matchbook via several Baseball bets (Wsex is slow to change their lines). Not worth re-upping at Wsex anymore, even with the 20% bonus.

[SBR_John]

Its been a very good thread of a very unfortunate situation.

I do think WSEX will sell MB and that will be a win-win for both. The list of potential buyers is getting smaller however. Several big hitters in CR have opted to compete with MB. Matchbook and WSEX have been long time supporters of many SBR projects. Players would be fair to consider that as some have already suggested. Personally, I remain confident in both MB and WSEX. The money is there. We all know Steve and JC. They will never-ever stiff us. The money is not moving because of possible sells and principal changes is my somewhat educated guess.

[Dont Taze Me Bro]

My thoughts, FWIW.

WSEX owners own significant share of Matchbook
WSEX or Matchbook has never denied this assocation.
WSEX ownership group owe big money to Matchbook group (slightly diff ownership).
Hard feelings between WSEX and Matchbook currently.
Matchbook is a different organisation than WSEX (different employees, bank accounts, etc)
Something really bad happened to WSEX recently (money seized, Stanford, etc.not really important)
WSEX has been losing money for 3 years (high money processing costs, lazy management, etc)
WSEX offering 20% bonus right now, hoping they generate cash in short run.
Matchbook will have announcement soon that they are not affiliated w/ WSEX (no one will believe them)
Interbook transfers with WSEX will be dropped entirely.


That is as much as I feel comfortable posting now. We can hope for the best.

Everything he posted sounds dead on. I think we all know the Matchbook/WSEX divorce is will be about as surprising as Jon and Kate.

[ByeShea]

The only thing surprising is that no one has speculated about escape pods or bodies washing ashore yet.

This whole mularkey filled thread lends credence to the old saying: 'those who know, don't say; those who say, don't know'.