Monday, October 16, 2006

The post-crackdown value of web gambling companies in the US now have their
answer - $1 a pop. Sportingbet pre-empted expected broad restrictions on
gambling sites in the Unlawful Internet Gambling Enforcement Act by selling
its US operations for the price of a one-drink tip to an American bartender.
It also discharged $13.2 million worth of liabilities in anticipation of
George W. signing off the act today to protect citizens' morals' and
domestic gaming American businesses. "We are saddened to have to dispose of
such a fantastic business as a result of political actions in the US
Congress," said Sportingbet chief executive designate Andy McIver in a
statement. You bet, except in the US, that they're sad about this because a
ton of the company's value has just gone down the river courtesy of meddling
intermediaries keen to protect the morals of citizens. The exits of
Sportingbet and others from the US market is the final hand being dealt in a
session that started with the arrest of BetOnSports chief executive David
Carruthers in a US airport in July and led directly to participants losing
billions of dollars in value.