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XL Bet Shuts Down, Stiffs Players

Written by:
C Costigan
Published on:
Dec/29/2010
XL Bet

An obscure online sports betting website, XL Bet, has closed its doors for good, stiffing customers in the process. 

The company, which claimed to be based out of Curacao, announced its decision to close on Wednesday (January 29, 2010).

The company’s CEO, Jacob Nielsen, was part of the four-man team that 7 years ago started up Bet24 in Malta.

It is highly unlikely that players will see any of their funds. 

Dear XLBet Client,

We are sorry to inform that XLBet has been forced to close down its business with immediate effect.
For a while we have known that we would need more capital into our company in order to keep building our product and despite almost reaching point of “break even” this fall, we haven’t succeeded in raising the necessary funds to cover the old losses and the costs connected to our new platform, and thus we have decided to close down our business before even more people got economically involved.
We regret that some clients are left frustrated with money on their betting accounts, but we are working on several solutions securing some of the player funds.

We also would like to appologize for the delayed information about the closure, but we would have prefered to get more info about above subject before we released the sad news.
That was not possible, so we will give further information by email when relevant as soon as possible, but until that please understand that any pay out request will be left pending and that any support service has to be closed down.
We are very sorry for the inconveniences brought on you by this, but hope you understand that we have done everything possible to avoid this situation and keep on offering E-Sports betting, Poker and Casino for you.

Business/Financial News

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