Interview with James Chu, CEO of CRsportsBet

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Category: Gambling Industry

Created: Tuesday, 05 May 2015 12:46

SportsbookSOS was able to get an exclusive telephone interview with the CEO of CRsportsBet.ag which has recently been mentioned on the OSGA and several other websites online about a possible connection with BetMayor. 

The article on the OSGA suggests about a possible player bailout even though BetMayor denies that they are closing their doors and that all players will be paid in the next 60 days due to a merger with Media-Tech Inc.

After reading the article on the OSGA, Mr. Chu reached out to SportsbookSOS in order to get the record straight.

According to Mr. Chu, there is no connection with CRsportsBet and BetMayor except that his new sales manager used to work for BetMayor.

Below is the transcript of the interview and we will let you make your own opinion.

SportsbookSOS:   Mr. Chu, let’s start with the question that is on everyone’s mind.  Are you in anyway related to BetMayor?

James Chu: Absolutely not.  I had never heard of that sportsbook until I hired Kennedy a couple of weeks ago.

SportsbookSOS:  If that is the case, why are you offering a bailout to the BetMayor players?

James Chu: Wow, hold on there, there is no bailout of any kind going here.

SportsbookSOS:  If that is the case, then why are you offering BetMayor players the choice to play in your sportsbook and transfer over their balance they currently have at BetMayor?  No offense intended but it sounds like you know more about what’s going at BetMayor than everybody else.

James Chu:  I am saying it again, there is no bailout.  After I hired Kennedy, he talked to me about having doubts about BetMayor being able to pay its players and wanted to know if I could help them out because he felt it is his responsibility to take care of his players.

Kennedy has known some of his players for 10 years now and most of them follow him when he takes a job with a different book.  He told me that his players were solid and that I could make a lot of money from the juice alone if I could entice them to play with CRsportsBet.

So I told him that I would match the balance they have at other books with a 10 times rollover if they opened an account with us.

SportsbookSOS:  That’s it? Free money just like that for Kennedy’s players?  It seems like it’s a bad way to start a new sportsbook.

James Chu:  Not really, CRsportsBet is new but it’s not an actual new sportsbook. The original sportsbook, which was just an IP address was created in 2013.  It was just something, Digimark Limited,  the company I work for created for our clients and their friends to have a safe place to bet on sports online. 

This year, we realized that we had about 200-250 players and thought that it might be a good idea to make the sportsbook open to the public.  So bought the domain name CRsportsBet, hooked up the bookmaking software to it and started hiring people with experience.

SportsbookSOS:  Still, giving free money away like that to Kennedy’s players must have been expensive.  I imagine that it will take you a long time to make any money off of them.

James Chu:  Look, I’m not a dumb ass.  I obviously put a cap on how much free money I was giving away and it’s not like Kennedy was bringing me thousands of players.  He said he only had about 50-60 players that would follow him anywhere he went and that most of them were not even from BetMayor.

So I told him that I would put a $500 cap on the balance transfer and that I would make few exceptions based on the type of players they are according to Kennedy and on what my risk management team advises. 

SportsbookSOS:  So basically, you are taking players that usually lose and the ones that lose a lot get to start in your sportsbook with a higher balance transfer.

James Chu:  Hey, I’m in for the money.  You have to understand that it’s a calculated risk.  You’ve been in the industry long enough to know that most of them will not make the 10x rollover and that out of 60 players, maybe 6 of them will actually take a payout which may initially cost me $10-$20,000 then so be it.  I’m looking at the big picture here.  I’m not gonna worry about nickels and dimes when on the long run, I’ll be making dollars.

We did a bit of digging around and Digimark Limited the company that owns CRsportsBet is a marketing company registered out of San Jose, Costa Rica but the official address of their company is in Mahe, Seychelles.

As we get more information about Digimark Limited and CRsportsBet we will be sharing it with you.  At the moment and for all practical purposes, it seems to us that CRsportsBet is another new online sportsbook that seems to have a legitimate backer but like with any new sportsbook, only deposit what you are willing to lose.

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