Panama revokes Legends Sports’ license, customer accounts to be transferred

legends-sportsbook-transfer-accountsOnline sports betting outfit Legends Sports (aka Legendz) has apparently fallen victim to the indictments filed last week by the US Department of Justice. Legends customers received the following email on Wednesday:

“Effective today, 17th April 2013, you will no longer be able to bet with Legends Sports. We are in the process of negotiating to have an A rated sports book assume the balances. We would like to assure you that all funds are perfectly safe and secure. Any unsettled bets will be honored and settled by the provider assuming your account. All customers will be receiving email instructions on how to activate your account within the next 24-48 hours. We thank you for your loyalty and know that you will be in very good hands with your new provider.”

Online sports betting affiliate SportsBookReview (SBR) subsequently posted a notice on Wednesday morning stating that Legends’ online gambling license had been revoked by Panamanian authorities. As a result of this revocation, SBR administrators reported that Legends has “ceased accepting wagers and is in the process of implementing their contingency plan having player funds assumed by an A rated sportsbook. Players will be contacted within 48 hours with new account information. A minimal 2X play-through will be required prior to any cashout. This balance takeover is for players that held deposited funds with Legends; not users that had private arrangements.”

Last week, the US Attorney for the Western District of Oklahoma unsealed indictments against 34 individuals and 23 companies associated with Legends Sports, charging them with racketeering, money laundering and operating an illegal gambling business. Despite this action, the site continued to operate and, as of writing this, the site appears unaffected and displays no indication that anything is amiss. Early scuttlebutt has Heritage Sports as the most likely of SBR ‘A rated’ sportsbooks to be the ultimate destination for Legends’ transferred accounts. In 2011, Heritage was the recipient of US customers from both BetJamaica and TheGreek after those two books closed their doors to US action. Stay tuned to for further updates.