FutureBet 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 change
FutureBet 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.
In 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.
Following 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.
Oddsmaker.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.