Monday April 22, 2013 : WSEX CLOSES ITS VIRTUAL DOORS (Update)
Lack of financial resources cited
Online sports book World Sports Exchange shut down its operation this week citing inadequate financial resources as the reason why.
Our readers will recall the abrupt closure of WSEX's World Poker Exchange subsidiary in February this year.
In a similar notification to the closure of its poker subsidiary, WSEX posted a brief communication on its WSEX.com website reading:
"We have been forced to halt business activities at this time due to inadequate capitol resources. 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. We sincerely apologize for this unfortunate situation and will be doing everything we can to rectify it as soon as possible."
As reported previously, 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.
At the time of the closure of WSEX's World Poker Exchange the respected Sports Book Review (SBR) claimed that WSEX owed players in excess of $700,000, and that player complaints against it were mounting.