This sportsbook is also offline
The World Sports Exchange (WSEX) went offline in April 2013 after a history that justified SBR’s F rating. There were at least one million dollars in unpaid accounts and many customers lost their money. WSEX were pioneers in online sports betting, but ultimately they were not to be trusted. To avoid this type of insecure sports betting sites, please check out our best sportsbooks list.
Here is a review of WSEX which indicates why the book closed and the reasoning behind the rating.
New and existing customers of WSEX enjoyed the benefits like welcome bonuses and reload bonuses. The company was founded in 1997 by Jay Cohen and Steve Schillinger who worked in trading options and derivatives. The business received plenty of positive media attention which highlighted the benefits of opening an account and depositing betting funds. Potential new customers were enticed with bonuses. These are still part of the online sports betting industry and the best ones are described on the SBR sportsbook bonuses page.
Jay Cohen was charged with 1961 Wire Act violations. He took his case to trial but lost and was sentenced in 2002 to 21 months in prison. WSEX was growing into one of the most popular sportsbooks in the world, and reload bonuses were offered as part of a loyalty program. Cohen began to manage the sportsbook from Antigua.
WSEX accepted payments using the standard methods of credit and debit cards, Wire Transfer and the early e-Wallets. Providing offshore gambling for US citizens was made illegal in 2006. However, WSEX continued to accept payments from residents of the United States. SBR downgraded WSEX from A+ to C in 2008, which was a warning sign that was not heeded.
There were delays in the processing of payments and the amount of slow plays continued to increase. However, WSEX were using deposits from newer players to settle longer-standing accounts. The sportsbook offered bonuses related to major sporting events, such as the NFL Super Bowl.
It became a sorry tale of players being owed money. WSEX should have been avoided. Prompt payments are vital for a sportsbook to gain trust, and top gambling sites such as BetOnline and Bovada score well in this area.
Sports Betting Experience
There was no denying that customers with WSEX enjoyed a positive sports betting experience. The site featured lines for the main professional sports in the United States and global sports like soccer, boxing, golf and tennis. However, a lack of capital resources forced WSEX out of business in April 2013.
There were reports of unpaid final salaries and players who were owed over $1 million. Despite the range of sports and markets, WSEX will be remembered for stiffing players and soliciting new customers with inducements.
Schillinger has passed away and Cohen is keeping a low profile. There are still disgruntled customers owed money and one individual is looking to sue. Existing operators value their customers and provide excellent support, including Justbet, which makes prompt and accurate payments.
WSEX went out of business owing customers money and solicited new players towards the end. They could not have a much poorer reputation and the SBR rating of F remains in place.