Samvo appears to have shut down; still owes me

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vinciguerra
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vinciguerra

Samvo appears to have shut down; still owes me
« on: February 13, 2018, 10:33:21 PM »

Well, the thread title says it all really.

Samvo, which acted as a brokerage for Asian accounts these last few years, seems to have closed down, but "forgot" to pay me my remaining balance of 2500 euro.

I have basically done everything I can think of to get in touch with them over the last month. All e-mails go unanswered, all phone lines are disconnected. I have reached out to employees through Linkedin (of which there still are 42, unless they don't update their profiles): either they don't respond or they no longer work there.

Samvo used to be licensed in the UK, Alderney and Curacao. They gave up their UK license a while ago, and we all know a Curacao license is meaningless, so I contacted the Alderney Gaming Commission. Samvo was still licensed there in October of 2017 at the very least and quite likely much more recently, but isn't licensed there as of today, according to their website. No notification of this at all, not sure how anyone was supposed to know their license had lapsed. Even worse: the Alderney Gaming Commission isn't responding to my e-mails at all.

Samvo, and their CEO Frank Chan, never struck me as a dishonest operation and have been around for a long, long time (they used to operate a sportsbook themselves ages ago), so I was a bit blind-sided by all of this.

Judging from the lack of complaints about Samvo on different betting forums, nobody was using them or they paid everybody before shutting down (and not paying me really was an honest mistake). Either way, I'm looking for any kind of contact there to find out what happened, and (obviously) to get my money.

Thanks!
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Alfa1234
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Re: Samvo appears to have shut down; still owes me
« Reply #1 on: February 14, 2018, 12:07:59 AM »

They didn't shut down, I believe they went bankrupt...but I cannot confirm it 100%.
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arbusers
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Re: Samvo appears to have shut down; still owes me
« Reply #2 on: February 14, 2018, 01:54:40 AM »

http://arbusers.com/index.php/topic,5361.0.html

They have severe liquidity problems and I believe they do not have the resources to pay you or anyone else in this industry. I hear that other brokers are exposed to Samvo as well, looking desperately to get their money, but in the end they will all have to suffer damages.
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straili
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straili

Re: Samvo appears to have shut down; still owes me
« Reply #3 on: February 14, 2018, 02:07:30 PM »

There was a Samvo bookmaker some years ago that many arbers used.
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bettor45
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bettor45

Re: Samvo appears to have shut down; still owes me
« Reply #4 on: June 29, 2018, 10:20:37 AM »

what negative surprise
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christianj
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christianj

Re: Samvo appears to have shut down; still owes me
« Reply #5 on: July 03, 2018, 10:01:10 AM »

They didn't shut down, I believe they went bankrupt...but I cannot confirm it 100%.


This got me really scared, how can i broker get bankrupted, i was thinking that brokers are not bookies themselves instead act as middle men for bookies. They get commission on accounts that bet on volume through them, win or lose.

so how can they get bankrupted or am i just naive
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pythonic
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Re: Samvo appears to have shut down; still owes me
« Reply #6 on: July 03, 2018, 10:06:38 AM »

Brokers sometimes have deals with bookies where they take a percentage of the risk. Or maybe they just spent the money. No idea.
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Alfa1234
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Alfa1234

Re: Samvo appears to have shut down; still owes me
« Reply #7 on: July 03, 2018, 12:16:21 PM »

Brokers sometimes have deals with bookies where they take a percentage of the risk. Or maybe they just spent the money. No idea.

Yep, or they simply chose to take part of the action for themselves if they have classified the player as a long time loser.  Or they could simply have too few clients and too much fixed costs (office, employees...).
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