In the wake of last week's arrests of 34 people including the owners of Elite-rated Legends Sports, the beleaguered site is being forced to shut down.

Legends plan was to continue operating, as others have in similar situations and as they have since the indictment was handed down. But, unfortunately, the government of Panama rescinded their gaming license on Wednesday morning with orders for them to stop operating immediately.

Players have contacted us today to say that they have received emails and at first we were in disbelief. However, the emails state the facts. Legends is closing and they are moving all current post-up players to a top sportsbook that will take care of balances, pending plays and pending payouts.

A legends representative in Panama told us, "We have always looked after our customers so we are moving the players to another Elite-rated sportsbook that will take care of them. Everything will be taken care of. "

Though many players have already been contacted by Legends, they assured us that all players will be contacted within 48 hours with new account information. A minimal 2X play-through will be required at the sportsbook that takes over Legends players prior to any payouts being issued.

Another very good sportsbook has left the scene for U.S. players and this is another sad day for players. The number of places that we rate Elite dwindles every year and Legends was at the very top of not just OSGA's Elite list, every website's 'recommended' list. The sad reality is that players could have gotten stiffed if this had happened at any number of outfits, but Legends, true to form, is not leaving any post-up players hanging in limbo. Kudos to Legends for ensuring player funds are safe before they have to completely cease operating.

OSGA will update this breaking story as more facts are announced.