WSEX closes due to lack of funds
Online sportsbook pioneer cites "inadequate capitol resources" as reason for closure
Offshore sportsbook operator WSEX has closed stating its financial position was “under review” with the company having “inadequate capitol resources” [sic] to continue.
“The financial position of the company is currently under review and we will keep you informed as to the future plans for WSEX and the repayment or transfer of your balances,” a statement on the site said. “We sincerely [sic] apologize for this unfortunate situation and will be doing everything we can to rectify it as soon as possible,” it added.
WSEX, previously known as World Sports Exchange, was one of the pioneers of online sports betting in the US-facing offshore market, and its original CEO Jay Cohen was famously jailed over allegations he had broken the Wire Act in the late 1990s. Its closure comes a few days after Legendz Sports closed its doors following accusations from the US DoJ it was running a $1bn online sportsbook.
Legendz Sports’ Panama licence was revoked late last week, according to the SportsBookReview website, and rival site WagerWeb is reportedly assuming all funded and unfunded player balances. An email sent out to customers states: “After careful consideration WagerWeb Sportsbook and Casino has agreed to give players from Legends a new home with their full balance intact.”