The Legends Sports WagerWeb Bailout Explained
A number of Gambling911.com readers have inquired as to the nature of a 5-time rollover requirement in order to withdraw funds from their Legends Sports betting accounts, which are now in the process of being transferred over to WagerWeb. Good news, WagerWeb has informed Gambling911 that the rollver requirement is now 5 times (not 10).
First off, to recap, nearly every key player at Legends Sports was indicted two weeks ago, many of whom were arrested on US soil. At the time of the indictment being unveiled, it looked very difficult to fathom this heavy credit-based operation surviving since much of its agent network had been disrupted.
The good news for customers is that their accounts will be transferred to a solvent book in WagerWeb.com. The bad news of course, is that customers will be required to wager ten times the amount that is in their account in order to request a withdrawal.
It wasn’t too long ago (10 years to be exact) that another failed sportsbook went belly up after arranging a 5-time rollover with another reputable sportsbook, Royal Sports. Various websites and their followers were set to crucify the owner of that particular book. My have times changed! Although, granted, not everyone was thrilled with the 5-time rollover, and that might explain why suddenly we were informed this is now a 5 time rollover.
To put this in perspective, the principals of Legends Sports may have to fork over nearly $1 billion in cash and assets to the US government.
So what exactly is a 5-time bailout?
Assume you have $500 in your Legends Sports account.
You would need to wager up to $2500 in order to make your first withdrawal at WagerWeb.com.
Sure there are plenty of angry people, even at 5 x, which Gambling911.com does not believe is that bad a deal.
Former customers of Full Tilt Poker living in the US are into their third year without payment and there is no guarantee, even with the Justice Department facilitating the long drawn out payment process, that these individuals will be made whole in the end.
- Jagajeet Chiba, Gambling911.com
