TopBet is in the news once again. We’ve covered the payout issues and complaints about the sportsbook over last few months. Our latest update on the situation at the sportsbook was done in August. We have also added them to our scam sportsbooks blacklist.
SBR Reports a Payment but New Complaints
Our update today has a small bit of good news for players, but it’s not as if TopBet is out of the woods yet, not by a long shot. Sportsbook Review has issued a report stating a player has received a $650 payment after waiting months for the payout.
Two other players have contacted SBR about not being paid from TopBet. One player has been waiting since April 28 for a payment where he has only received generic updates. Another player filed a complaint against TopBet after waiting 22 business days. These payment problems at TopBet.eu seem to only be the start.
Will TopBet Rebound?
We’ve gotten many emails from players here at SBS that have been affected by TopBet’s payment processing problems. A few have responded back after several months that they have received their cash out. Others have not.
Rumors had swirled about their financial issues before watchdog sites began issuing reports of payment complaints against TopBet and they were added to scam or blacklists. Offshore sportsbooks going under isn’t exactly commonplace, but it indeed happens.
Many issues can cause a sportsbook to be financial trouble. Risk management issues and inexperienced oddsmakers are the main reasons shops run into issues. Payment processing used to be a much bigger problem, but with Bitcoin’s emergence and sportsbooks adopting it and other crypto-currencies – it’s become a lot less of an issue.
However, TopBet removed Bitcoin as a payout option in the past month or so. Support gave little explanation other than saying “Bitcoin is not available.” Bitcoin can’t “go down” like a credit card or check processor. It also costs near nothing to send and receive money using it.
One major problem is that they are almost certainly not offering Bitcoin because they don’t have the money to pay their customers quickly. This may turn into a full-blown scandal if more players receive no payouts.
Operating On The Float
We’ve written before that we believe TopBet is doing what is known as “operating on the float.” That means a sportsbook is operating by taking the funds from new deposits to pay past due players. Obviously, it’s a dishonest way to do business and a “strategy” that will not work out if players stop depositing at TopBet.
If you’ve been owed money by TopBet for quite a while and have been paid – it’s likely money that has been deposited by an unsuspecting player that isn’t aware of the issues of the sportsbook. We do hope things work out at TopBet for both management and the players, but things do not look promising.
For those that haven’t been paid by TopBet, please post a tweet about it on our Twitter: @SBS_Joe with the hashtag: #PayUsTopBet. Perhaps if there are more of us being affected, we can get some straight answers.