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Sportingbet Sells U.S. Operations for $1
It Keeps Paradise Poker and European Sports Assets
Sportingbet Plc has liquidated its US sport betting and casino operations for $1. It will retain Paradise Poker, but will not allow U.S. customers to play real money games on it.
Paradise Poker ceased accepting new deposits from US customers this morning, but will allow US customers with money already n their accounts to continue to play for one month.
The company sold its shares and related assets to Jazette Enterprises Ltd for $1. By doing so, the company discharged liabilities totalling $13.2 million. Sportingbet executives estimated that if the company closed its operations, it would’ve cost $14 million.
Sportingbet will keep its European poker, sportsbook, and casino operations. The company says that about 60 percent of its revenue had come from US customers.
Jazette Enterprises had to agree not to take bets from non-US customers for a period of three years.
Sportingbet plans on focusing on developing its European and Australian businesses.
courtesy of cardplayer.com
News Added: 14 October, 2006
Number of views : 199
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Disclaimer:
People from thousands of jurisdictions access the internet. It is impossible for us to stay current with the laws of every jurisdiction. Please make sure that any activities you engage in online are legal where you live.
We have reason to believe that it may be illegal to gamble online in: Illinois, Indiana, Louisiana, Nevada, Oregon, South Dakota, Washington, Michigan, New York, New Jersey and Wisconsin. If you live in one of these states, we advise you NOT to gamble online. |
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