|If reports on a sports betting web site are correct, it seems that the offshore sports and casino book New Age Bets is struggling to pay its customers.|
New Age Bets owes four gamblers around $300,000. They owe another 200 customers around $400,000, and are currently $500,000 short of being able to take care of these debts.
'I plan on paying everybody back and promptly,' said Lance, co-founder of New Age Bets (NAB). Lance says that he has a strategy to stay in business and meeting his debts.
He said he talked to the four gamblers who are owed around a combined $300,000.
'I talked to all four and told them the situation,' Lance said. 'All four said thank you for your honesty. They appreciated the candor. They weren't going to say a word.'
Apparently, there was a difference of opinion between Lance and his business partner, with his partner wanting to cater to “Wise Guys” – professional sports bettors – and Lance preferring to market to recreational bettors.
When the operation moved to Costa Rica in the summer, Lance and his partner split. However, the marketing operations were already in place to cater to the serious bettors, as was a big debt, according to Lance.
Then one of the companies NAB used for banking in Costa Rica went under, following a hack attack on the site, which caused huge losses
'We would have four 'dime' decisions on a game and yet we would lose $40,000,' Lance said. 'It turns out we were hacked. Apparently it was by the same people who hacked into Don Best.
'What they would do is change losing bets into winning bets. By the time we caught on, maybe $80,000 already was out the door.'
NAB caused concern by offering a 20% cash bonus on new deposits when the industry norm is 10%. Since the sports book Aces Gold folded, many bettors are wary of sports books offering unusually big bonuses.'
Lance said limits have been lowered. 'I'm confident what I'm doing now is going to get things turned around,' he said. 'Our intention is to let everyone know, and that no one is going anywhere.'