Gambling Scam Uncovered

The online gambling scam that has caught thousands in its net

This entire scam started back in 2013 when an entrepreneur out of Israel registered their domain in London that was called This betting site revolved entirely around stocks and the movement of the financial market. In a sense, it is sort of like putting money down on stocks without owning any part of a company, but rather betting on how well those stocks will do.

There were some oddities with the business right from the start. The company had registered in the UK but was being ran down in Israel where it sold products and offered services to customers that were located in the Middle East. It also sold to some places in Canada and even South Africa. It got a little fishier when the business moved its registration from Britain to Cyprus, and then later moved it on to Seychelles.

In a short time, span of just two years it was reported that the company had scammed people out of large sums of money, from $10,000 to hundreds of thousands of dollars. According to London based lawyers that were representing clients in this case that had been former customers of the business, the company had made millions in total revenue.
The owner of the site is Guy Galboiz, who is a 37 year old man that registered the domain under his personal name. He refused to comment on the case. When reporters tried to speak to the company itself they were unable to get an answer and none of the emails or voicemails received responses.

The company was unregulated and didn’t pay taxes on any of its earnings. When customers would try to withdraw their own funds they would usually face some sort of error or restriction that prevented them from doing so. The company would even move money around without the permission of the owners of the accounts. It would be expected that consumers would have reported the company for fraud, but it managed to move around so much that the delay in government action was enough to keep the company one step ahead of each jurisdiction that they were registered in. The jurisdiction gap was just what they needed in order to make millions of dollars from scamming people without facing any sort of government intervention.

Many countries have completely banned all forms of binary trading betting. These types of companies have a lot of scams and dishonest work surrounding them, and they receive a high number of complaints as a result.

The way they are designed to make money outside of directly scamming people is by having brokers offer a profit to the better. They might bet that Facebook stocks will rise within the next minute and bet $1,000 on it. The broker will put their money on the stock, and if it rises they pay back the bet plus 70 percent. If they lose, they keep the bet and basically don’t lose any money on the lost stock deal. It’s basically a way to never lose money on the stock market.