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The Rise and Near Fall of World Sports Exchange (WSEX.com)

Written by:
C Costigan
Published on:
Mar/03/2010
World Sports Exchange

What used to be one of the most trusted and reliable online sportsbooks, World Sports Exchange (WSEX.com), has been getting hammered over the past 6 months by the folks at sports betting forums the likes of SBR.

Can you say "KARMA"?

Let's be perfectly frank here.  World Sports Exchange is having the same processing issues that have plagued nearly every online sportsbook and gambling site at various times since passage of the Unlawful Internet Gaming Enforcement Act (UIGEA) in October 2006.  Actually, it wasn't until three months later when the popular online gambling processing firm of NETeller got pinched that gambling sites really started to feel the effects.  They were forced to use unproven, sometimes disreputable, payment processors based in far away lands that most people never even knew existed. 

The high volume sportsbooks (for which WSEX was not one) were among the first to take a hit.  Processors were few and far between that could handle these types of businesses due to the high number of transactions.  Smaller sites were still able to adapt without much problem.  A good comparison would be websites that must move to higher capacity servers due to the dramatic increase in business (traffic):  Think Twitter and Facebook. 

Personally, I don't think players have to worry about not getting paid by World Sports Exchange.  They've enjoyed a solid reputation since coming online in 1996.  The problem is co-founder Jay Cohen has, over the years, routinely posted on various forums bashing other online sportsbooks for not paying as quickly as World Sports Exchange.  In any industry, that's simply not acceptable behavior regardless of whether he was right or wrong.   

An SBR rep posted this back in September:

The pace that WSEX is paying has gotten faster, but some of those owed the longest are still waiting. I have targeted those accounts to see if WSEX can finally get them paid.

WSEX needs to work on communication if/when they get payouts under control. As players have mentioned here, communication from accounts is quite bad. I am sure if they had good answers to give it would be better, but false promises and not even replying is not good for their business.

Another individual had this to say back in October:

I finally got my check after waiting over 4 months. It hasn't bounced yet so I guess that is a good sign. I started to gain some confidence in them until I re-deposited. They put a limit on my live betting account and when I asked why they said they don't want my action. Then they froze my sell order and 2 minutes later the Saints pick off a pass and run it back for a touchdown. Cost me $300 because someone there has the power to #@$% with you if they want to. I've lost all confidence and respect for this sportsbook. They don't want my action?? Really?? I think they honestly believe I have some advanced info on the interactive games.

Cohen would regularly post comments on forums objecting to how so-called "professional" sports bettors were being mistreated at competing sportsbooks. 

Jay Cohen isn't a bad guy by any means but he needs to come off his high horse.  I don't see any of his competitors getting in line to bash World Sports Exchange during these trying times, nor will we for that matter. 

Hopefully WSEX's recent problems are a result of growing pains and nothing more.

Christopher Costigan, Gambling911.com Publisher 

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