The once proud World Sports Exchange (WSEX.com), founded in 1996, has fallen on bad times and co-founder Jay Cohen hasn't said much about the matter.
Gambling911.com has reportedly on the situation, which doesn't seem to be getting much better.
A look at Google search reveals that the problem is more extensive than originally believed. Several searches have been coming into the Gambling911.com website.
WSEX.com mostly dabbles in online sports betting but also offers an Internet poker room. Cohen can often be found in various posting forums bashing his competitors without disclosing his current interest in World Sports Exchange. Over the past year and a half, many insiders knew of Cohen's involvement with the company following a two-year stint in jail. He confirmed reports late last year as part of a CNBC special.
World Sports Exchange attributes the 2 to 3 month payment delays to "processing issues", according to customers, however, the main concern has been a downward spiral in WSEX's once stellar customer service.
Some players have reported getting payouts through transfers to other online sportsbooks, presumably those Jay Cohen hasn't bashed.
"The main consistency besides book transfer is everyone does get paid, so this is ultimately the most important, as this is not a stiff book," one poster stated on the SBR Forum.
Cohen in the past has blasted some competitors for making it simple to deposit funds while requiring all types of paperwork (for security reasons) to withdraw funds.
Ironic since one poster at SBR had this to say about the WSEX website:
"(The) deposit page is never down but withdrawal/payout page often is..."
And the problems persist.
"I can't believe nothing has changed at WSEX after all this time. They're either paying withdrawals through deposits, or have made a business decision that they can take as long as they feel like to pay out, and don't need to improve. Neither is a particularly positive scenario for its players."
Christopher Costigan, Gambling911.com Publisher