Nevada Sports Betting Fund Plagued by Complaints of Fraud
A Nevada sports betting fund is being plagued by complaints that it took clients’ money and then went silent. At least two clients of Matt Stuart have already filed complaints with Nevada Secretary of State and the Attorney General with regards to his conduct while running an entity betting firm called Bettor Investments. Three more former clients are said to be considering a similar move.
Bettor Clients was an operator in an obscure arm of the Nevada gaming business called entity betting. This form of gambling allows clients anywhere in the country to place their money with a Nevada-based entity betting firm, which will then wager their money on sports bets in a pool with other client money. Think of it like a hedge fund for sports betting.
Clients of the firm say that not only has Bettor Investments failed to pay them back their money when requested, it’s failed to respond to them at all. In an interview with the Las Vegas Review Journal, a former Bettor Investments client named Todd Thomas explained his issues with the company saying:
Myself and a great number of similar investors have been defrauded out of the money we put into Bettor Investments. Matt has defaulted on his monthly investor payments since approximately December and has gone radio silent to investors asking for their money back.
The Review-Journal went on to say that their attempts to contact Bettor Investments were unsuccessful and that both the company’s office and website have been shuttered.
While the idea of entity betting looked good on paper, it’s failed to capture the public’s imagination and issues like the ones brought up by Bettor Investments may be part of the reason why.