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WSEX CLOSES WORLD POKER EXCHANGE

02/12/2012 :  Slow payments = few players is the lesson to be learned
 
After being under attack by players and information sites for some time for its slow-pay proclivities and poor communications technique, World Sports Exchange (WSEX.com) has called it a day on subsidiary World Poker Exchange.com, notifying players that it is shutting down, but giving little reason why.
 
The fact that, according to independent monitors, there are only a few players visiting the site undoubtedly is part of the problem, and that stayaway may be due to the slow-payment allegations, observers note.
 
In an abrupt and brief notification this week, the operator advised players:
 
"It is with great regret that we announce the closure of World Poker Exchange.
 
"As of 1pm ET on Wednesday 15th February 2012, our poker software will no longer be available, and any active poker room balance you may have will be transferred to your World Sports Exchange account. Rake will be paid out as normal on the following Monday.
 
"We deeply apologize for the inconvenience caused. Our attention is now focused on improving our sports betting and casino products.
 
"Thank you for playing at WorldPX, and we hope you continue to enjoy playing at World Sports Exchange Sportsbook and Casino."
 
Just how long the sports and casino arms last is now the subject of some conjecture; major player information boards have carried alarming stories for some time relating to slow payments, questionable decisions and refusals to cooperate with mediators on the part of Wsex - none of these flaws auger well for its future.
 
The respected Sports Book Review, which rates the company at a low D minus, claims that Wsex owes players in excess of $700,000, and that player complaints against it are mounting. Yet Wsex has apparently stopped responding to SBR attempts to get players paid - always an ominous sign.
 
SBR speculates that Wsex is "operating on the float" - in other words only releasing payments once more deposits come in. And despite vigorous marketing, payments have been decreasing, perhaps indicating that the number of deposits has shrunk as word gets around - a vicious circle. SBR claims that some players have been awaiting payment since October 2009.
 
In January this year, Wsex made a statement about the large amounts owed to players, effectively blaming US enforcement actions for its situation.
 
"I understand you would like to receive your outstanding payments in a swift manner," an unidentified spokesman for the company wrote.
 
"However, as I have been explaining to all clients, due to the losses we encountered, payments will be done partially for a few more months. Clients who deposited funds with us in the past were all lost due to new gaming /banking laws in the US.
 
"Regardless of the fact that you do not receive a withdrawal every month, you will receive something from us not exceeding 3 months."

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Gambling News :

Pokerstars Bahamas Main and High Roller Results - The inaugural PokerStars Championship Bahamas saw two big winners crowned this weekend when Christian Harder won the main event for $429,664 and Luc Greenwood took home $779,268 after taking down the $25,750 High Roller event.

Rodrigo Duterte has identified illegal gambling as his third priority - Illegal online gambling operators can anticipate tougher times in the Philippines following a directive from President Rodrigo Duterte that stamping out illegal gambling is his third most important goal after illegal drugs and government corruption.

High Hopes For Pennsylvania Online Gambling - Pennsylvania state politicians have wasted no time in getting back to work in the new legislative season, and there is renewed hope for a gambling expansion bill that includes online gambling and daily fantasy sports.

WILLIAM HILL ACCUSED OF QUESTIONABLE MARKETING TACTICS - British Labour member of parliament for Swansea East, Carolyn Harris, has described as "appalling" player-poaching techniques allegedly encouraged by the online and land bookmaker William Hill plc.

GoWild has announced the launch of its own new gaming platform - The European online gambling group GoWild has announced the launch of its own new gaming platform, providing entertainment in addition to its Microgaming games, which will now be delivered via the Quickfire platform.

UK Government Introduces Mandatory horseracing levy - The levy kicks in after the first GBP 500,000 in gross revenue has been earned by online and retail bookmaking firms and other betting organizations.

Chinese Arrested in Philippines Invalid - Representing the thirty-nine plaintiffs, defense lawyer Irene Bianca B. Distura claimed that the warrant that led to her clients’ apprehension is “invalid.”

NJ Warns No Federal Online Gambling Ban - New Jersey Senator and gubernatorial candidate Raymond Lesniak warned that any attempt to overturn a 2011 Department of Justice opinion that the federal Wire Act exclusively governs sports betting would be met with a hard-nosed reaction from his state.

Casino du Liban To Launch new online gambling platform - The venture will be in partnership with an unnamed international company, and a tender has already been launched with a deadline of January 19 to submit the proposals.

Winstar slot Pays Big Jackpot - One very fortunate online punter in Bermuda has scored a major win on the Winstar slot at the PokerStars online casino, collecting a $825,037 jackpot.

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