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Greek Tragedy: TheGreek.com, PokerWorld, BetJamaica Closing to US Market

Written by:
C Costigan
Published on:
Jul/23/2011
TheGreek.com Closing

One of the oldest established online sports betting websites, The Greek.com, and its affiliated Internet poker room, PokerWorld.com, are closing.  PokerWorld.com will also effectively shut down to the US market.  This was stunning news, especially in the wake of reports in recent days that the NFL Lockout is coming to an end.   Affected players are encouraged to join Bookmaker.ag, which offers wagering for both professional sports bettors and recreational players along with a popular online poker room, all of which cater to US players (Bookmaker has been in operation since 1986, originally founded as a sports betting call center).  25 percent bonuses are being offered to those who open accounts with $300 or more here.

Essentially, TheGreek.com is simply closing shop as its worldwide presence outside of the US market is believed to be nominal, though sustainable.

TheGreek.com was one of the first websites to go online and start taking sports bets from those in North America, eventually branching out to other regions of the world.  Spiro, the company’s owner, is one of the most respected bookmakers in the industry.

TheGreek.com is also considered a major employer in Montego Bay, Jamaica.  Quite a few of its employees once worked at TheGreek’s biggest competitor, the now defunct English Sports Betting. 

It is widely believed that TheGreek.com (once known as Olympic Sports) could no longer operate in the growing tech savvy world of Internet gambling, especially in light of obstacles that have gripped the US market such as limited payment processing availability that has resulted in longer waiting periods for payouts. 

Advertisement:  Locals affected by the closure of TheGreek.com, PayPerHead.com is now offering a $5 per head program.  Click the banner featuring new spokesperson Johnny Sack below.

Ironically, TheGreek.com was one of the first online sportsbooks to utilize a sports betting platform that would become commonplace for a number of years.  The software enabled the company to get a leg’s up in the online sports betting market during the late 1990’s and early part of the past decade. 

PokerWorld.com is a Cake Poker skin that was praised for offering its own payment processing capabilities allowing for fast, reliable withdrawals.  Cake Poker continues to offer generous rakeback opportunities.  Intertops Poker is currently promoting itself as another Cake skin that offers its own payment processing that enables the fastest withdrawals and Gambling911.com invites its readers to check them out.  Intertops.com was the first website to go online that still exists today. 

TheGreek.com is closing in the wake of another long established online gambling group, VIPSports.com, shutting its doors August 1.

It is unclear as of this writing if other underlying (personal) issues that helped arrive at this decision.  We would note that, unlike many of today’s Internet betting companies, TheGreek.com relied heavily – and almost exclusively – on Spiro’s hands on approach.  In past years, the company has been at odds with local Jamaican officials. 

“It’s a very sad day but such is the evolution of the industry and we should continue to see consolidation and new companies with deep pockets enter this space,” noted Payton O’Brien, Gambling911.com Senior Editor.  She pointed to a new wagering firm based in the Philippines called TopBet.com, made up of former executives from other big name betting companies.  TopBet.com is reportedly being capitalized by a group of wealthy Chinese investors. 

Some VIP betting accounts were being transferred to another online sports betting shop, but this was by invitation only.

- Chris Costigan, Gambling911.com Publisher

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