Legends Sports Players Bailed Out
Players at Legends Sports, also referred to as Legendz, have now been bailed out. Their balances have been assumed by WagerWeb Sportsbook. This bailout is not as beneficial as players had hoped for but it is better than many players at other indicted or bankrupt online gambling sites have received in the past.
Legends Sports and affiliated sites went offline on April 17th after 57 individuals and companies related to Legends were indicted earlier in April. Players were told at the time by email and by a message seen when logging into the site that their balances would be assumed by an A rated book in 24-48 hours. Players were also told that their rollover requirement would only be two times.
It took several extra days for Legends to reach the agreement with WagerWeb. Players are also stuck with a ten times rollover requirement. This means that players will have to wager ten times their balance to request a cashout. A player must wager $1,000 for every $100 in their account. The expected loss on this wager requirement is about $50 for every $100 in balances transferred when making straight bets. This means that players will theoretically lose half of their balance if they pick 50% of their bets correctly.
The risk of ruin is also large for players subjected to a ten times rollover requirement. A player must choose between trying to make a few large bets on the hopes that they will pick correctly or bet 10% of their balance 100 times to lower their variance in the hopes of cashing out.
WagerWeb is also not an A graded book. In fact, it receives low grades from most unbiased review sites. This is still better than no bailout at all.
Below is the email received by Legends Sports players:
Due to recent events surrounding Legends Sports’ gaming license being revoked in Panama, Legends has ceased accepting wagers at this time.
After careful consideration WagerWeb Sportsbook and Casino has agreed to give players from Legends a new home with their full balance intact. This is a huge undertaking, and as such we ask that players be patient and understanding as we accommodate every one of our new clients. WagerWeb will be assuming responsibility for all accounts both funded and non-funded. Wagerweb will be requiring all pass through accounts with a balance fulfill a maximum 10X (Rollover of their balance) before any funds can be withdrawn.
WagerWeb has agreed to assist Legends customers for the good of the industry, as well as the well being of all Legends customers. WagerWeb will be calling out to all Legends customers and will be providing Customer Service to ensure the transition to WagerWeb goes smoothly and without incident. Wagerweb has always been a Sportbook that caterers to the recreational player and as such will be upholding the terms and conditions WagerWeb currently has listed on the Website. All WagerWeb Terms and Conditions and/or Rules must be agreed to prior to any wager taken place. Please contact WagerWeb directly with any questions and concerns.
WagerWeb looks forward to providing you with a stable wagering environment, and outstanding Customer Service.