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DATE: May 26 2012
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Poker.co.uk - Poker News Archive

Friday 13th October 2006

Sportingbet Sells US Operations for $1

Troubled online gaming firm Sportingbet has sold its US sports betting and casino operation to Jazette Enterprises for the nominal sum of $1 (53 pence), prior to the impending passage of law to criminalise Internet gambling.

Sportingbet launched a review of its business earlier this month following both the US Congress decision, and events prior to that which saw its then chairman Peter Dicks arrested by Louisiana state officials at JFK Airport in New York.

Company Chief Executive, Andrew McIver, announced, 'We are saddened to have to dispose of such a fantastic business as a result of political actions in the US Congress. The sale, however, prevents significant closure costs which would have been both expensive and time consuming.'

Sportingbet reiterated that it would now focus on developing its business in European and Australian markets, whilst retaining its Paradise Poker firm, which will stop accepting US cash later today.

The news sent Sportingbet shares tumbling more than 13% after early trading on the London markets.

In other news, the management team of Sportsbook.com has announced its successful leveraged management buyout of sportsbook.com and other US facing brands from Sportingbet Plc.

Sportsbook.com will now operate as a private company with offices in Dublin, Antigua, Vancouver and San Jose, Costa Rica.

Source: OnlineCasinoNews

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