SportArb Admin Gives Explanation For Closing Program.
After two weeks of silence, the Admin of SportArb has come forward and offered an explanation for the sudden closure of his program. In a nutshell, the reasons for closing the program included abuse of the referral system and competitors spreading false news about the company that led to many large investors withdrawing their deposits. More details are contained in the full text of the SportArb news release that we have reprinted below.
However, what is more interesting is that the Admin of SportArb will be opening a new HYIP that will be called BitArb.com. Like SportArb, it will be involved with arbitrage betting, but on cryptocurriencies rather than on sporting events. Whereas it is clear how the process of arbitrage betting works with sporting events, we have yet to see an explanation as to how it will work with cryptocurriencies. Perhaps the most attractive feature of this new program will be that the company will transfer the investment of anyone that lost money in SportArb to BitArb. The catch is that, in order to activate this “free” investment, you have to match it with an equal investment of new money. Not a bad deal, I suppose, as the company could have kept the investments of all the losers and vanished into the sunset. More details about BitArb are also given in the release that follows.
BitArb is scheduled to get off the ground on May 15. Stay tuned to Emily News for more information when it does.
Dear investors,
I am sure many of you have been waiting for this message and I sincerely apologize for the delay in sending it out. Two weeks ago, sudden changes forced the shutdown of SportArb for two main unexpected reasons I will write to you about. I ask that you please read through the following message with an open mind focused on the future, not in the past.
I’ve always believed in communication as a key to success and especially in hard times, it is important to maintain a high level of commitment to our core values. I’ve been managing for a while now and I’ve learned a few lessons on my way through this journey and SportArb was my way to turn this acquired knowledge into practical actions that reflect a substantial financial gain for all of you.
I want to be clear that the goal here is not to come up with excuses, but to give you a true perspective of what happened and what the future holds for me, for you, and for all of our partners.
The first reason our venture became difficult to manage was a strong abuse of our referral system with a large group of investors creating a multi-level scheme to take advantage of referral commissions by investing through multiple accounts, cancelling their deposits and taking advantage of the system. The creation of multiple accounts is strictly forbidden but many people have not respected this rule.
As you know, we make an average of 2% of daily profit from our bets and these affiliate commissions are paid with the difference from what we make and what we share with you through our plans. We share between 60 and 90%, and the remaining is, of course, our profit, and these referral commissions. This whole system became unstable due to the very high number of people abusing our referral system.
The second problem happened mostly in the United States and in Russia, where a group of competitors put all their efforts into spreading false news about SportArb, which led to very big investors dropping out of the program,, not to mention users who were blackmailed to leave SportArb. It is really frustrating to be at this stage, and I send you my most sincere apologies. I know many of you trusted me and we have been building up this trust over the past three months. IÕm still in shock with this group of people who used 100% of their down to do nothing but create bad advertising for SportArb, thinking this would benefit their business.
However, I will not go down to their level and expose these people. I genuinely believe that offering a fair and honest service is possible and I will not be involved with scammers like these, and this is the reason why I am writing to all of you.
I have been thinking what would be the best solution to overcome this issue for a few days now, and even though no solution will please 100% of you, I came up with the best solution possible to overcome this moment and continue following my dream of building this global community. Here is what I propose:
We are starting a new concept called BitArb.com. I will still be investing in arbitrage, my most solid investment knowledge, but dealing only with virtual currencies and not sports. Why? Fast turn-around time, instant transactions and ability to provide all of you with real-time proof of our trades.
I am sad that SportArb had to come to an end, but as a business person, failure means a lesson learned and my dream of creating this venture is yet to be completed. In SportArb, 62% of our members were in profit, and I am glad I was able to provide a new source of income and happiness for a large group of people, but I want more.
Those who did not make a profit in SportArb will have their balances transferred to BitArb.com, but there will be a rule, to use that balance, investors will have to put additional money to make SportArb’s balance active. For example, if you lost 200 USD at SportArb, you will get 200 USD in BitArb’s inactive balance. To activate it, you will need to put additional 200 USD and start earning from amount of 400 USD instead of 200. If you are unable to deposit as much as 200 USD, you can deposit for example 50 USD and activate 50 out of 200, and activate the rest 150 within 6 months from the launch of BitArb. I know this may not be the optimal solution for some of you, but time will show I am here to be trusted and I will go for the impossible to regain your trust.
In this new venture, we will be way more prepared to handle the reasons that led SportArb to an end. I could simply run away, not give you updates and start a new site with a new look, but I would never be able to sleep in peace if I did this. I know how hard it is to trust someone, and all of you rewarded me with your trust, this will not go unnoticed.
BitArb.com will open on May 15th and, until then, we will be 100% focused on implementing new measures on accounting, advanced IP tracking, instant withdrawal feature. The migration for those not in profit will be manual and handled by 5 dedicated account managers. You will be required to open a new account, and we’ll make sure everything is handled as fast as possible so we can all go back to earning again.
This new project has been fully designed to operate for at least 2,5-3 years without interruption and the reason why this is happening is because we are using a more conservative approach when it comes to marketing. There will be no crazy strategies looking for explosive growth, but a more steady and controlled growth that will allows to manage this venture more effectively.
I know you may be suspicious and skeptical about this, but trust me when I tell you I will be back. I have no reasons to lie and as a matter of fact, deposits have been stopped in SportArb to make sure you understand I am not trying to run away with your money. I learned a tough lesson here and will apply this learning in our new venture.
Once again, please accept my most sincere and genuine apologies for not delivering what I originally promised, but my new promise is to make it up for all of you. I hope some of you will support me in this new venture and trust me again.
I mentioned before that this not just an online investment program, but a lifetime dream coming true for me, and this means I will fight tooth and nails to achieve it. I have never given up a dream in my life and this is not the first time this is going to happen. I WILL build a global venture that will help other people achieve their financial freedom at the same pace I will achieve mine and we WILL prove that BitArb.com is above anything you have seen before.
For those who don’t believe, all I ask is a bit of patience. I understand you may be frustrated but time will prove I am not like anything you’ve seen before in this industry dominated by scams. Once again, this is not just a business, this is my life’s purpose and this is just the beginning of a global venture that will help thousands of people achieve their dreams as one big unified, valuable and trustworthy group.
It is with a lot of pain but a lot of hope that I write you this message, and I hope my words are able to express how I feel about these sudden changes. I hope you can see there is truth to what I am saying, and join me in this new exciting chapter of our history.
Thank you for reading, and thank you so much for being such a loyal partner to me. I will not let you down, not today, not tomorrow, not ever.
My sincere best wishes,
Ronald Wald
