World Sports Exchange $700k Behind on Payouts (Video)

SBR Forum video analyst Peter Loshak breaks down the latest sportsbook industry news with troubled World Sports Exchange (WSEX.com) at the forefront.

WSEX Sportsbook, co-founded by Jay Cohen, Steve Shillinger and Hayden Ware, Steve Schillinger, is now more than $ $700,000 behind on payments. The troubled sportsbook has seen its player debt increase each month, as users continue to file complaints against the once well-regarded outfit.  WSEX is still pinning the blame on processors and the US climate for the delays, although most people by now recognize that the sportsbook is simply not making enough money to pay all of its players, and is either unwilling or unable to clear the debts out of pocket.

WSEX is in a state that is referred to as "operating on the float" - that is, only releasing payments once more deposits come in. Based on the amount of payments that are being reported, the indication is that not many deposits are rolling in for WSEX.

WSEX is still working email to try to bring in new clients, launching different casino promos and creating the impression that all is well with the Antiguan bookmaker.

WSEX players have been waiting as far back as October of 2009 in some cases.