FutureBet now operating as Gametech Solutions |
7/27/2010 3:46:19 PM - The FutureBet (I-Gaming betting and casino software ) family has rebranded itself as Gametech Solutions. FutureBet has twice switched its company name in an effort to distance itself from its history of theft. SBR has discussed FutureBet's past with numerous licensees; the most conservative...
7/27/2010 3:46:19 PM -
The FutureBet (I-Gaming Software) family has rebranded itself as Gametech Solutions. FutureBet has twice switched its company name in an effort to distance itself from its history of theft. SBR has discussed FutureBet's past with numerous licensees; the most conservative estimates have FutureBet owing a minimum of $5 million to players, licensees, and staff.
The most recent licensee to the FutureBet/IGS/Gametech brand is the online poker, sportsbook, and casino brand FeltStars.com (SBR rating F). Gametech supplies the sportsbook and casino software; FeltStars.com is part of the MegaGaming poker network which was acquired by the Sportsbook.com group.
FutureBet's History
Before FutureBet began its operations in 2002, the employees who would later design and launch the turnkey provider were known as Global Interactive and served as a licensee under World Gaming. When Global Interactive left World Gaming and launched operations as FutureBet, World Gaming owed Global Interactive $1.5 million. A lawsuit and countersuit ensued over theft of intellectual property.
During its infantile stages, FutureBet quickly fell into a financial hole due to being inexperienced with sportsbook and casino risk management. FutureBet began to hire more experienced industry employees in an attempt to better manage its operation. However, in addition to being owed $1.5 million from World Gaming, FutureBet lost $300,000 in player funds after a fallout with its major CC processor. FutureBet, who would charge licensees anywhere from $50,000 to $75,000 for a full turnkey solution, continued to be late in paying its licensees — as a result players were forced to endure long slow-pays, and the reputation of FutureBet brands suffered.
FutureBet ownership change
FutureBet began a search for investors to help minimize its financial burden, and ultimately sold the company to new ownership. It has been reported from then licensees that within months of taking ownership of FutureBet, the new ownership reneged on its promise to ensure the payment of licensees and players, then fired individuals who were instrumental in creating FutureBet. New ownership invested significantly into upgraded office space and later in trying to place FutureBet on the map as a viable poker network provider — however post up players still experienced slow-pay. In the years following its ownership change, all sportsbooks with the exception of Oddsmaker (SBR rating D-) were downgraded to the mark of F for failure to pay player funds.
I-Gaming Software
In the summer of 2008, FutureBet-hosted sportsbooks began to realize that players deposited funds, bookmaking profits, as well as money on reserve for withdrawals were stolen by FutureBet, who had no intention to pay the licensees players. FutureBet then began to operate its service under the name of iGaming Software, and looked for new licensees to add. Some licensees took care of players out of pocket and ceased doing business with FutureBet, while others were either unable or unwilling to intervene unless FutureBet decided to pay.
Gametech Solutions
Following the prior script that led to the switch from FutureBet to iGaming software, the core management behind FutureBet decided it was time for another switch and began to operate under the name Gametech Solutions in 2009. One of the newest licensees to have been added by the scam hosting company is FeltStars.com, who uses the FutureBet/IGS/Gametech sportsbook and casino software.
Oddsmaker
Oddsmaker.com is FutureBet’s biggest licensee, and holds 2 seats on FutureBet’s board of advisors. Oddsmaker pays FutureBet/IGS/Gametech a percentage of profits per month, while FutureBet is tasked with finding new licensees to service. FutureBet has been said to discourage potential licensees from doing their own processing so it could maintain complete control of funds; FutureBet will significantly raise the cost of doing business with any licensee who intends to handle their own player payments. At its peak, FutureBet is estimated to have controlled more than 400 licensees, operating the largest ongoing scam in online sportsbook history.
Sportsbook players and operators are advised to avoid FutureBet/IGS/Gametech
Posted originally: 2010-07-27 15:46:00
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