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Reports of Jazz Sports confiscating some player funds without reason began surfacing almost simultaneously as Gambling911.com reported on a new management change. What seemed like great news early on quickly deteriorated as the day progressed.
A representative of Jazz Sports provided Gambling911.com with the following news of a "management change" on Thursday:
Good morning:
On behalf of new management at JAZZSPORTS and its sister sites, we wanted to address the payout situation that has been mentioned by several customers on forums.
After years of financial struggles, Jazz Sports faced bankruptcy due to mismanagement. In August 2024, a new investor group stepped in to acquire the company's assets, aiming to restore stability and credibility. In an effort to support a smooth transition, the new ownership initially assisted the previous owner in addressing outstanding debts and liabilities. However, the former owner was caught stealing, and it was discovered he concealed debts and misrepresented many material claims. As a result, all previous liabilities remain solely with him, while we focus on rebuilding trust and ensuring a better future for Jazz Sports.
We are processing payouts normally for all active players, recreational or non-recreational, and will continue to do so. As part of our ongoing efforts to streamline services, a select group of longstanding accounts will receive a courtesy update regarding the completion of their account lifecycle. No further action will be required on their part.
We regret the situation, and our priority is to move forward and secure the future of the business.
This all sounded great until that "select group of longstanding accounts" began reporting on the sudden confiscations, and apparently without explanation.
A gentleman by the name of Academy posted via Bookmaker's Review:
"Got a call from customer service today. We will be closing your account and not paying you your remaining balance of 6397. You deposited 11,000 and cashed out 13,000 already so you profited. This is a management decision no further information will be given."
Others chimed in via sites like Twitter and SportsBookReview that they, too, had their accounts confiscated.
Punisherind had this to offer:
Thank you for covering this situation.
My account was closed without any reason provided. I had approximately $34,000 balance (between available and pending. I was also set to hit a nice 20/1 nba future LOL!)
It's comical the way JAZZ is marketing this like their actions are no big deal. Like it's truly laughable: "courtesy update regarding the completion of their account lifecycle" WHO WROTE THIS?! I would love to meet her!
All of the excuses provided by JAZZ / LOOSELINES are similarly comical.
"Oh, we paid you a greater sum than your deposits". It's irrelevant, but in my case I had deposited $8395 and withdrawn $5000.
"Oh, the prior owner stole from us, so we're going to steal from a select few longstanding accounts". Well what about the action that was accepted by new management, post-August 2024, that is simply being brushed under the rug?
I demand my full account balance, but at a minimum, shouldn't they return my deposits? Shouldn't they pay me the action they accepted post-August 2024?
We attempted to reach out to Jazz Sports regarding these ongoing issues and are yet to get a response.
Gambling911.com will continue to monitor the situation.
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