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WSEX Sportsbook update: $327,872 owed to players

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WSEX Sportsbook (sportsbook rating D-) is now slow-paying forty-two players $327,872. In SBR's last WSEX update, the sportsbook's player debt was $251,298. Twelve new sportsbook payout complaints have been reported by WSEX players. | Full WSEX Report


WSEX Payouts
WSEX players last confirmed receiving partial payments on 1/11. SBR reported that one player received a $2,500 payment, and a second player received $1,800.

Matchbook ownership set to announce seperation from WSEX Sportsbook
On 1/6, SBR reported that Matchbook (sportsbook rating B-) executives were planning to announce their seperation from WSEX. WSEX held an ownership stake in Matchbook since 2005. Despite WSEX's fall and multiple downgrades, Matchbook remained in good standing without players reporting any delinquent payout requests. SBR is expecting a press release from the Matchbook camp announcing the exchange's plans to become a new, fully independent gaming company.

WSEX pays $124,617 to players in October of 2010
The first sign of hope for WSEX players came in October of 2010, when thirty-six players that contacted SBR for payout assistance reported receiving their winnings. Despite paying the $124,617 to these players, WSEX still maintained a player debt of $128,483. Since that reports publication, WSEX has more than doubled its debt.

WSEX has been downgraded by SBR eight times in the last two years. WSEX management last addressed SBR on January 12th, pinning the blame for their financial problems on processing banks as opposed to accepting blame for the setbacks.

WSEX Sportsbook:

We are still experiencing set backs with our processing banks, but are processing small volumes every week. Once we have a further update on your list of customers a revision will be forwarded.


Most sportsbooks that are slow-paying players will attribute delays to their processors in an attempt to deflect criticism. In this case, WSEX's financial issues stem from mismanagement of assets. WSEX has rarely spoken candidly to SBR about their status, but did concede on March 22nd that the size of each withdrawal request would determine a player's place in the payment queue.

WSEX player:

On October 28th 2010, I emailed and phoned World Sports Exchange requesting closure of the account and return of the funds in the account totaling $4120. Beginning two weeks later, multiple phone calls, emails (I have copies of many of these emails) and "live help" conversations finally resulted in a payment of $3000, which I received on December 14th 2010. Since then, I have resumed a constant email assault in my quest for the remaining $1120 - but the same stonewalling responses keep coming .. "no word yet from our processor", "setback with our bank", blah, blah - I am sure you have heard all these.


The above player's frustration is shared by all forty-two players that have filed WSEX complaints. SBR has suggested that WSEX go on the record with SBR to discuss where things went wrong, what players can expect going forward, and what the worst-case scenario could be. WSEX has not taken SBR up on its request.

 

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