[bigboydan]

Sportwetten.de closes; Jaxx (SBR rating C) to takeover account balances

Sportwetten's homepage displays a message in German saying that the website is off-line indefinitely due to legal uncertainties with other countries. It also says that players will receive an email to registered addresses regarding redemption of their funds. However, readers have complained they were not contacted and their emails to Sportwetten.de were not returned. SBR contacted the book's parent company, Fluxx Gaming, and was told accounts would be transferred to [iSBRFORUM]Jaxx.com[/iSBRFORUM]. Jaxx is also owned by the Fluxx Group. Fluxx took over Sportwetten in the fall of 2007.

Players with issues regarding open bets are asked to contact SBR.

[Sesame]

Very useful info. To be more precise, Fluxx AG has only become a majority owner (60%) of sportwetten.de as per January 11, 2008. Therefore, they cannot just take assets out of sportwetten.de as they would possibly like to do.

Fluxx AG has to be careful when moving assets out of sportwetten.de. Minority shareholders could sue them for asset stripping or underpaying assets of sportwetten.de.

I own a few shares of Fluxx AG, but this information of yours has been new to me. So - well done and thanks!

[Bill Dozer]

Thanks Sesame. We got conflicting info on what will happen to open bets. Hopefully everything moves smoothly.

[Sesame]

Welcome.
I think there is no reason for concern. Of course, I cannot say anything about their willingness to pay, only about their capability: The company "sportwetten.de AG" has given up their sportsbetting activities on the sportwetten.de portal, but is maintaining their activities on pferdewetten.de (which is horse betting). They are the German market leader in horse betting and are now totally focussing on this sector. To keep it short: They will not disappear from the market place and with the backup of Fluxx AG (and lot of synergies between the two of them) they do have the financial means to fulfill their obligations.