Win Cash Live Freezes Customer Accounts Due to Financial Struggles

Win Cash Live Freezes Customer Accounts Due to Financial Struggles This Friday, customers at a popular UK gambling site Win Cash Live have found all their gambling and sportsbook accounts frozen on behalf of financial struggles that the owner company has found itself in.

According to eGaming Review, the owner Ashley Faull made a difficult decision to enter administration following an unsuccessful search for investors that started in March 2016. Despite accelerated buying strategy, Faull has also failed to secure an outright buyer for the company.

Win Cash Live's owner company Lean Forward Ltd informed players via notice posted on its site, that two insolvency attorneys have been appointed to try and solve financial issues and manage the company's affairs. In the meantime, the company will be reviewing its current financial position.

Ashley Faull did not specify how long it will take for the company to solve the problems, neither did he offer any reassurance regarding the fate of customer accounts. He said he is still hoping to find a buyer for Win Cash Live ''for the benefit of all its creditors including customers.''

While it was still up and running, the UK licensed gambling operator Win Cash Live offered live sports betting and live casino style games such as Spin Cash Live and Win Cash Dice. Back in February, there were no indications of a financial disaster as the operator announced Arena Media hiring to handle its seven-figure media account, since the company had signed 30,000 new depositing customers in only two months time.

  • I like playing Live Casinos (mostly, NetEnt, Microgaming, Evolution Live). I haven't try Win Cash Live. This is a bad new regarding the financial insolvency of Casino Owner. What would be the reason of this account lock of players. How much money have been won and lost by players ? I doubt that the insolvency have come from the regular operation of Casino site, but, probably there should be some other reasons caused by the owner company. It is lucky that I haven't played there. Probably, there should have been symptoms of closure like slow payments, recently. Thanks for the good news.
  • Just reading the limited details in this story, makes me wonder if the numbers were exaggerated to lure a buyer. For instance, the 30k new depositors, should have contributed a large amount of new income. Also, if there was a 7 figure media account with Arena Media, that could have been what broke the bank. Over-eager executives anticipating continued growth like experienced in that two month time frame, could have bitten off more then they could chew. I hope that any LCB members with accounts there are able to recover their balances before it is too late... Good Luck!
  • I feel like a bit of a rubbernecker, looking at a very, well...tragic, really...situation. That would mean that there might be 'the guy that hit seven hundred bucks' yesterday, and today woke up to 'too bad for you'...?!? Insolvent? What are the operating costs on that kind of endeavour, other than the payouts? Salaries for a few bosses, hourly wages for 5 to 500 employees (probably more like a dozen)...and website-software type costs, plus leasing the gaming itself, which would be paid for as the customers came in. Maybe I am too facile to understand it, but, lets see, you take two $20 bets, and pay out $30. That's, I think, what the whole thing is...chumpism, seems like, happened here.
  • What a cut throat business to be in. 30,000 new depositing customers and then for things to tank. Shaking my head. Hope they kept customer accounts separate from daily operation funds.

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