More questions arise on Seaniemac financial stability
News on 12 May 2017
News on 12 May 2017
A disgruntled online punter who has been waiting since March this year for a withdrawal of GBP 245,000 from internet bookie SeanieMac has gone public through the Guardian newspaper, retriggering concerns expressed last year that the UK Gambling Commission-licensed betting company may be in financial difficulties.
The punter, who is considering his legal options to secure payment from SeanieMac parent group Sports Betting and Services, told The Guardian that he had repeatedly pressured SeanieMac for his winnings without success, and that a company official had advised him in April that “our partners are not in a position to release the funds until we send the funds from the US … please believe I am doing everything I can to get you paid as soon as possible.”
Approached by The Guardian for comment, Sports Betting and Services chief executive Steve Fisher acknowledged that there were “a small number” of high rollers who were experiencing payment difficulties, and that he was encouraging SeanieMac to resolve these issues.
In the event this was not done, he pledged “SGS will step in to make payment in full after exhausting all other options.”
Fisher claimed that funds would be released soon that would enable the online bookie to pay all outstanding winnings, and emphasised his personal integrity as a bookmaker.
Our readers may recall Irish financial press reports late last year indicating concerns about SeanieMac and sister Apollobet’s financial stability and the need for additional capital.
The reports were hotly denied by SeanieMac CEO Shane O’Driscoll, who accused media of exaggerating the company’s financial issues. That was followed earlier this year by claims that the companies had secured a $7.3 credit facility, but reports that only $500,000 of this was immediately available – the rest being dependent on SeanieMac performance.
Full figures for Q1-2017 are not yet available, although in March this year SeanieMac issued an update reporting a Q4-2016 gross profit of $250,000 ploughed back into the company in order to boost player acquisition, and estimated first quarter turnover at $6.7 million.
Shareholder confidence has apparently waned, with recent reports indicating that the value of SeanieMac shares on the OTC Bulletin Board has declined 92 percent since October 2016.
