Often maligned sportsbook BetMayor has finally ceased operations, potentially stiffing hundreds of customers.
Almost as soon as the doors opened on Monday we started getting pinged on our chat and called on our phone lines. BetMayor.eu was MIA. No one answering the phone. No one on chat. Emails to customer service bounced. And no website to login to. That is because players received a message that their account had been disabled and players were unable to login.
Jeff Cash, who told us and many players that payments would start to be sent in the first week of July, is no longer at the book, which is ironic, as he was one of the original owners of BetMayor. Jeff basically talked a good game for several months, including spinning stories of theft and mergers and selling his portion of the business. The principles tried to keep the book alive until football season, when hopes of a profitable football season would spring eternal and all players would be getting paid back, or lose the money they had in their accounts.
But the bottom line is that without his former partners, the sportsbook simply ran out of money before football season came.
We did get a response from Jeff. He claims that his former partner, Andrew, and top sales clerk, Kennedy, now of CRSportsbet â€œstole all the moneyâ€. He also is holding to the story that the mysterious Media Tech pulled out of the deal to buy/merge with BetMayor. Simply put, poor risk management occurred in which players simply won way too much money for such a small operation to absorb, PLUS chargebacks from players who were waiting to get paid, PLUS former partners poaching the business all add up to a now-defunct sportsbook.
We understand that the amount owed to players is not even close to the seven figures everyone imagines and, at one time, there was a decent amount of active accounts playing at BetMayor. Jeff is going to try to find a bailout, but we are not optimistic. If he does, it would erase another black-eye on sportsbooks in Costa Rica.
One thing is for sure, the rule of playing at new books, with no track record; places that literally have a website and a list, have ZERO chances of making it in a country where Elite-rated sportsbooks like 5Dimes, BookMaker, YouWager and other giants exist. And really, there is NO GOOD REASON, for anyone to patronize ANY new book in Costa Rica, not right now, and probably not ever.
We will have more on this story in the coming days. So stay tuned to OSGA.com.