September 29, 2008 (InfoPowa News) — The online casino, live dealer, and sports betting website Lazer Wager.com has closed its doors after a year in operation, according to a notice on the blank site this week advising that processing difficulties were at the root of its problems.
The site launched in September 2007 amidst much hype regarding the quality and experience of its management team, described as having a history with companies such as BetOnSports, Evolution Software, and Nine.com, working for U.K. investors.
Among the names mentioned were former Nine.com manager Robert Evans, Dan DelGato, Eve Mindel, Fred St. John, and Carlo Campanella as "bringing more than 50 years combined online gambling experience" to the company, registered to a company called Trailhead SA in Costa Rica.
However, industry observers were soon voicing concerns regarding less-than-credible and in some cases distasteful promotional ideas that started to flow from the company. In more recent times there have been slow-pay complaints that have further damaged its reputation.
The full notice presented on the former LazerWager website is:
"Lazerwager.com regrettably announces that it will no longer be in operation. While every effort was made to continue operations for a second football season, Lazerwager was recently informed by their remaining processor that their assets have been frozen and the processing company will no longer be handling any banking transactions.
"LazerWager management has been trying to work through these issues; however, several advertisers, affiliates, and other vendors have expressed concern over LazerWager's ability to service players' accounts due to the processing issues that have recently plagued the industry.
"The combined losses of assets, the ability to process payouts and deposits, and advertising and affiliate relationships have presented too great a challenge for Lazerwager to overcome during the football season. While several better-established sportsbooks affected by these banking issues have been able to cope with these obstacles, Lazerwager does not have the means to continue to be competitive within the industry due to the loss of these business relationships.
"LazerWager apologizes to its vendors, advertisers, and most importantly, its players, who will be receiving an email regarding the status of their account. In order for this matter to be handled in the most efficient way possible, please direct any other questions or inquires via email to [email protected]. Be sure to include your name and account number."