Thursday, October 19, 2006

Antigua-based World Gaming, the online gambling group, has gone into
administration, just before a law that would bar it operating in the US was
due to be passed. The company had its shares suspended on the Alternative
Investment Market and four of its top directors, including chief financial
officer David Naismith, and chief executive Daniel Moran, have resigned. US
business made up the 'overwhelming majority' of revenues, the firm said. The
new bill, signed by President Bush on Friday, effectively makes it illegal
to accept bets from US customers. World Gaming - which traded under sites
including sportsbetting.com and betonusa.com - is the first betting firm to
collapse as a result of the law.