Even after 18 years in the online gambling industry, we occasionally see something new . . . and bizarre. That is the only way to describe the situation going on with BetMayor right now.
BetMayor started the football season of 2014 very strong. They went out and coerced clerks from top name sportsbooks to come work at BetMayor and have them recruit clients to come to play at the new book. This allowed BetMayor to hit the ground running and the first few months went well for the sportsbook. However, for the last several months slow pay complaints were followed by no pay complaints and now this.
Kennedy , a former clerk at BetMayor, who is known from many books he has worked at, is contacting his former customers and giving them their entire balance from Betmayor to play at a brand new sportsbook CRSportsBet. And by brand new we mean last week. He sent an email to customers regarding this new book stating of BetMayor, "The things you have been told are not true or correct, and I will not stand idly by while seeing my valued customers given the short end of the stick with a "wait and see" overtone." He does add in that, "BetMayor intends to honor all accounts and balances on all existing accounts as of today."
Meanwhile, BetMayor is telling their customers that they are in the process of a merger with a Panamanian company, Media-Tech, Inc. They sent out a note to current players and we received a copy of it stating that, "The principals of Media-Tech are experienced in the venture capital and mergers & acquisitions business and have been active for over 9 years." According the note the company will be acquiring 3 'high-end' sportsbooks and two casinos. But, in the meantime, for at least 60 days, no BetMayor players will be paid.
Kennedy is jumping on this and has offered players to transfer their balances to CRSportsBet and all they will have to do is complete a 10 time rollover and they will be paid out. This is highly unusual in the sportsbook world today. Every book we have ever tried to do a 'bailout' with, in the last decade, ALL have required a deposit of some kind from players. No legitimate sportsbook has ever offered to take on balances with no strings attached due to exposure and other factors.
We reached out to Kennedy at CRSportsBet and finally were able to connect with him today on chat. He claims that the people behind CRSportsBet have been behind several other sportsbooks in Costa Rica and that they have the money to support the balances from BetMayor players and run a full service sportsbook. However, he did add that not all players will be offered this new deal. Instead Kennedy, who has a good reputation with players, said, "I have given players that I know (some of which have been at various books with me for 10 years) a viable option in the meantime to continue to play with someone they know and allow them to sit on their BetMayor balances."
We spoke with Jeff at BetMayor, as well, who insisted that the impending merger is true. He stated several times that players have been paid by BetMayor and will continue to be paid, just not for the next 60 days. He said that BetMayor is 'going nowhere' and will pay all players once a merger is completed.
We did some research on Media-Tech, Inc and found the following: The company website was initiated on April 23, 2015. When we tried to email the address posted on the website, the emails bounced. We called the phone number listed on the Media-Tech website and the number didn't ring, let alone get answered. And to top it off, the web domain is registered for only one year.
Jeff also informed us of something that truly dirtied the waters in this situation. He stated that 'Andrew' who was the CFO at BetMayor, stole $100K from BetMayor and he and Kennedy used that to start CRSportsBet. If this is true, CRSportsBet is vastly underfunded and their plan of covering the outstanding balances owed to BetMayor players, is more than just flawed, it's a twisted ponzi scheme that relies on players to lose who had previously won at BetMayor. Kennedy did not confirm any money being stolen by the former CFO of BetMayor, nor did he acknowledge the presence of anyone but himself from BetMayor currently working at CRSportsBet.
We have seen a lot over the years and usually can give affected players some direction. But this case leaves us baffled. On one hand we have Jeff and BetMayor, who owe out big money and if they were going to stiff players, they would have done so by now. On the other hand we have this new sportsbook that appears to be an implosion waiting to happen.
In our opinion, with all of this occurring players should not send money right now to either book! BetMayor players are urged to hang in there, and check back with OSGA often as this story is most likely, still be unfolding. Hopefully, before 60 days are up, we can provide some solid answers.