WSEX Shuts Down, No Monies

[PLOL]

http://calvinayre.com/2013/04/19/bus...medium=twitter

WSEX is shutting down due to lack of monies. Long ago I vowed to get revenge on this site for sending me so many unsolicited mailers. I even e-mailed them and told them to stop sending me shit and they said I was now off their mailing list, but I kept getting mailers. I guess me sitting here doing nothing for years finally caught up to them. Good riddance.

[Dan Druff]

The notice, signed ‘WSEX Management,’ closes by saying “we sincerly [sic] apologize for this unfortunate situation.” The fact that management couldn’t publish 73 words without making two typos is indicative of the lackadaisical approach to customer service WSEX had adopted over the past few years. That said, the original notice said the company “sinisterly” apologized, which was perhaps too Freudian a slip to remain online for long,
even for WSEX.

The only likely positive to come from WSEX admitting the jig is up will be the same kind of relief one feels when a comatose patient is removed from life support. It should have happened years ago.

I love some of the writers on calvinayre.com.

Anyway, yeah, WSEX has been terrible for a long time. Funny how most of these sites give some weak message that they will aim to pay everyone back, when in reality they know they are broke and skipping out on their debts.

What a bunch of scumbags.

There are SO many shady online sportsbooks out there -- far more than shady poker sites.

I personally got rolled by BetCascade like 6 years ago, for about $4800. Oddly enough, my balance there was $5800, but they paid me $1000 after about a year. I was shocked they even did that. Now it looks like the site is open only to "agents". I should prank them on radio sometime:

http://betcascade.com/index.html

[gauchojake]

Lenny!

In other news if you got rolled by Legends, your balance gets moved to some shit book and you get a 10x rollover to get your money out.

US facing sports books are in the crosshairs of the Feds and DOJ. I would recommend not posting up at any books for the upcoming NFL season. Shit done changed.

[GambleBotsChafedPenis]

Buddy of mine got this email...He had a really small balance from way back in the day from poker and was trying to run it up betting baseball...

Notice the mistaken bolded word...

Dear WSEX customer,

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 sinisterly apologize for this unfortunate situation and will be doing everything we can to rectify it as soon as possible.

-WSEX Management

[BeerAndPoker]

Since I didn't see it posted anywhere else on here the Founder of WSEX committed suicide over the weekend.

http://www.caribarena.com/antigua/bu...s-himself.html

[Rollo Tomasi]

Since I didn't see it posted anywhere else on here the Founder of WSEX committed suicide over the weekend.

http://www.caribarena.com/antigua/bu...s-himself.html

tl;dr


they sure he committed suicide ????

[PLOL]

Since I didn't see it posted anywhere else on here the Founder of WSEX committed suicide over the weekend.

http://www.caribarena.com/antigua/bu...s-himself.html

lol at anybody believing he "committed suicide"

[PLOL]

I'm confused why these sports books always tend to be shady with paying people out. Aren't they making tons of money? WSEX took in $200 million in bets annually. How are they in the hole?

[BeerAndPoker]

Since I didn't see it posted anywhere else on here the Founder of WSEX committed suicide over the weekend.

http://www.caribarena.com/antigua/bu...s-himself.html

lol at anybody believing he "committed suicide"

I'm not believing it either when you owe a lot of money it sure looks like it's made to look that way but that is what the initial reports are saying.

[Dan Druff]

While murder is possible, I believe the suicide angle.

Who was going to kill him? The affected people were a bunch of internet gamblers in the US -- rarely a physically rough crowd, and unlikely to travel to a foreign country to murder someone.

I guess it's possible he rolled some people in Antigua and this was payback, but I think this was more of a Don Lapre ("tiny classified ads") situation. The guy already had plenty of stress in his life -- he couldn't enter the US and he almost never got to see his two children. His entire life and being was wrapped up in the success of WSEX, and once that was gone, he was left with nothing. Over the past two years, he probably held out hope that the site would recover through enough deposits to start paying people and earning the public's trust again, but he realized it was over and finally admitted the company was busto. I'm sure he felt like he had nothing to live for, and hels'd himself.

[badguy23]

The show Druff was on on CNBC they had Jay Cohen the guy who was the owner of WSEX!! He came back to the US to face charges while his buddy Haden Ware sat back and still took bets. This place had a ton of agents/credit players but from 2000-2003 I would say this 100% was the best post up book for Americans. I also met Bryan Micon on this site and this is why I am here on this site today.. Micon and i had first met when Micon sat down with his posse as I called them to a wsex 3/6 table at 6am est time.. I had ppl in the chat i never seen play one hand on the site ever swearing at me and calling me names which I loved cuz I talked shit back.. Jewdonk I believe was one of these people. Micon and I played for around 4 hours s8 about 2800 on table and then the end comes I have AK Micon has 33 . The flop was a3k. the rest is history but b4 he left he told me what a great game it was and told me about never win poker. True story and he got me for 1500.. Fck off faggot!! Give me 2 Bitcoins.

[BeerAndPoker]

I'm confused why these sports books always tend to be shady with paying people out. Aren't they making tons of money? WSEX took in $200 million in bets annually. How are they in the hole?

Two major things come to mind.

1. They are poorly ran businesses. The individuals involved spend more then they have as far as advertising, staff,etc... They have a business model setup where they over estimate their growth and don't hit even close to that target so they over spend thinking the money will be there only it's not.

2. GREED GREED GREED! This is the biggest reason why they fail. Many of the people involved just take too much out of the company whether it's to purchase material things or because some are degenerate gamblers themselves. If you run a gambling business and are big into betting yourself through other sources your probably a consistent loser so your taking business profits to fund your own bad personal habits.

[Dan Druff]

I'm confused why these sports books always tend to be shady with paying people out. Aren't they making tons of money? WSEX took in $200 million in bets annually. How are they in the hole?

Two major things come to mind.

1. They are poorly ran businesses. The individuals involved spend more then they have as far as advertising, staff,etc... They have a business model setup where they over estimate their growth and don't hit even close to that target so they over spend thinking the money will be there only it's not.

2. GREED GREED GREED! This is the biggest reason why they fail. Many of the people involved just take too much out of the company whether it's to purchase material things or because some are degenerate gamblers themselves. If you run a gambling business and are big into betting yourself through other sources your probably a consistent loser so your taking business profits to fund your own bad personal habits.

... is what I was about to post.

[PLOL]

Micon and I played for around 4 hours s8 hu about 2800 on table and then the hand comes I have AK Micon has 33 I had like 200 more chips then micon at this point. The flop was a3k. the rest is history but after he left he told me what a great game it was and told me about never win poker. True story and he got me for 1500..

I don't remember hands I played yesterday

[Dan Druff]

Micon and I played for around 4 hours s8 hu about 2800 on table and then the hand comes I have AK Micon has 33 I had like 200 more chips then micon at this point. The flop was a3k. the rest is history but after he left he told me what a great game it was and told me about never win poker. True story and he got me for 1500..

I don't remember hands I played yesterday

Old age obv

[PLOL]

This makes a lot of sense. Dealing with payment processors has to be a huge pain (based on the stories from Chad Ellie).

WSEX’s real financial woes started in 2009 when Antiguan banks were targeted by many U.S. institutions for various reasons (the Stanford Bank scandal and the UIGEA implementation being the main ones). So U.S. banks started to refuse checks and bank wires from Antiguan banks leaving WSEX to rely on 3rd party processors to process the payments. And many in the industry told me that some of those processors were less than reputable likely stealing money from the company before they disappeared.

[badguy23]

I think I remeber this time cuz of all the ppl who were cursing me out this is when poker first started out. Micon was still in Atlanta at this time doing shows in Aron Micons basement with Dirty B and Eversole. Also I knew I could beat him he got lucky so many times that night.

[badguy23]

This makes a lot of sense. Dealing with payment processors has to be a huge pain (based on the stories from Chad Ellie).

WSEX’s real financial woes started in 2009 when Antiguan banks were targeted by many U.S. institutions for various reasons (the Stanford Bank scandal and the UIGEA implementation being the main ones). So U.S. banks started to refuse checks and bank wires from Antiguan banks leaving WSEX to rely on 3rd party processors to process the payments. And many in the industry told me that some of those processors were less than reputable likely stealing money from the company before they disappeared.

Thats an excuse plol.. they could of made payments if they wanted to. They even did book to book transfers with other well known books up til 2010. The books they did transfers with stopped cuz they were not making good on those transactions These guys ran with whatever was left. Dont say payment processor issues. Funny they could take your deposit they just couldnt pay u out?? This really isnt news this has been this way for yrs they were a deposit only sports book. The suckers all dried up and it cost more to keep the place open then it did to find new suckers.

[Dan Druff]

This makes a lot of sense. Dealing with payment processors has to be a huge pain (based on the stories from Chad Ellie).

Thats an excuse plol.. they could of made payments if they wanted to. They even did book to book transfers with other well known books up til 2010. The books they did transfers with stopped cuz they were not making good on those transactions These guys ran with whatever was left. Dont say payment processor issues. Funny they could take your deposit they just couldnt pay u out?? This really isnt news this has been this way for yrs they were a deposit only sports book. The suckers all dried up and it cost more to keep the place open then it did to find new suckers.

I agree.

No doubt the payment processor issues cost them a lot of hassle and money, but they could have easily weathered those storms if they managed their money and business properly.

[Dan Druff]

WSEX was likely a victim of scammer Allen Stanford, who is currently serving prison time of 110 years (!!) for a massive $2 billion ponzi scheme.

Here is a bit of that story:

http://www.gambling911.com/gambling-...video-100912.h

WSEX was holding some or all of its money in Stanford's bank.