BetIslands.com, EZ Street and 7RedSports.com to Shut Down: 'Money Man' Pulls Out
SBRForum.com confirmed Tuesday morning what many hard core sports bettors already feared, that BetIslands.com will be shutting down and stiffing its relatively small but high end customer base.
The company, which appears to have been in existence for less than three years, was apparently hit hard by a “rough” football season and mismanagement. BetIslands limited marketing allowed for nominal exposure to the novice or recreational sports betting community that typically will be introduced to the industry via SEO/branding focused ventures like Gambling911.com.
Companies related to BetIslands.com include EZ Street. 7RedSports.com has since claimed an announced takeover of their bookmaking business by BetIslands.com was a complete fabrication by BetIslands "owner" and that it is business as usual there.
A statement released by SBR Forum basically said it all:
We finally talked with everyone involved. Unfortunately this looks like it is about to end badly for players. This came to be because BI lost it's financial backer and the people left could not make it work.
The company claimed for weeks that processing issues were preventing it from paying out customers, however, the vast majority of processing difficulties have been limited to more high volume operations catering to US players and are typically resolved within an allotted time frame.
An ominous post about the apparent fate of BetIslands.com was released on the Gambling911.com website late Monday after it became more likely this wagering shop was on the brink of failure.
“Our investigation yielded more than the usually ‘payment processor’ issues that have plagued the online gambling industry especially in light of some very unfavorable weekends for bookmakers where the public enjoyed huge wins overall,” said Payton O’Brien, who heads the Gambling911.com website. “Tiny poorly funded shops like BetIsland must be eradicated.”
Here is the post that appeared:
Originally Posted by wtt0315
ok guys i am going put this out there because i am so upset. I just lost quite a bit of money. I am not going mention names as i promised to protect his identity. Believe me or not i dont care but as you know i am a huge supporter of this book and have no reason to lie. I got a call tonight telling me basically noone is getting paid. Basically jon or sslp as some of you know him (yes thats him) was never in charge but merely a marketing person or a front man for this book. He was also stealing money off the top. They have some big sharp betters that jon was getting percentages or deposits also. Jon lost his financial backing a few weeks ago and was scrambling to get new one but never could. I guess thats when he decided to get as many deposits as he could and skip town and go into hiding which is why you dont see him anymore. As most know he is a cocaine addict. A manager at betislands today which is not hard to figure out who told everyone they could leave or work for free for now on and they were suppose to try to take dpeosits and keep telling people they are having processor issues and delaying payouts. A lot of the staff did not want to do this so they left. Sbr knew about this a week or so ago but didnt want to comment until they could find out legal info, but i think because they were still getting that 20 percent bonus from our deposits. I am sorry sbr but i am pissed at hell at you and you should be ashamed. Anyways, There processors had over a million dollars and its all gone with jon. the processors cant pay out anything without jons approval anyway which they cant get because he isnt there. Ryan is basically covering for jon. He doesnt talk to him he is just saying this over and over. He told me they might pay out a very small amount but dont hold your breath. He said they did pay out 3 or 4 people last week but that was it. I dont know what else to say guys but i am sorry for everyone that had money there. I hope a miracle comes and we all get paid but its not going happen i am afraid. I feel like an complete idiot because i always backed this book 100 percent.
- Jagajeet Chiba, Gambling911.com
