Feeds

Sportingbet flogs US arm for $1

But keeps European and Australian businesses

Security for virtualized datacentres

Following "a comprehensive legal and strategic review" Sportingbet has ditched its US betting, casino, and poker business.

The business has been bought by Jazette Enterprises Limited for $1. Jazette also takes on debts of $13.2m.

Sportingbet reckoned the cost of shutting the business down would have been $14m in severance costs on top of the debts - a total of $27.2m.

The US business employed some 500 people.

Sportingbet keeps the web addresses and intellectual property relating to wallstreet.com, aces.com and sportingbetUSA.com, but will not use them for US gaming purposes. In exchange, Jazette will not take any non-US bets for two years. Sportingbet keeps the details of all non-US resident customers.

The deal is conditional on the Anti-Gaming Act being passed into law. The Act is still waiting for George Bush's signature, but he is expected to sign it today. If this doesn't happen, Jazette gets a $0.5m payment and Sportingbet keeps the business.

Sportingbet will also keep its Paradise Poker business, but stopped taking bets from US residents from 11am today. US customers can keep playing using their existing account balances for a month, but after that they will not be allowed to place real money bets.

The board said it "has taken immediate steps to prevent customers from 10 US States where there is law prohibiting internet gambling from playing real money poker at Paradise Poker".

So that leaves Sportingbet with its European sports, casino, and poker business and Australian sports business.

Sportingbet's full statement is available here. ®

Providing a secure and efficient Helpdesk

More from The Register

next story
Facebook pays INFINITELY MORE UK corp tax than in 2012
Thanks for the £3k, Zuck. Doh! you're IN CREDIT. Guess not
Facebook, Apple: LADIES! Why not FREEZE your EGGS? It's on the company!
No biological clockwatching when you work in Silicon Valley
Happiness economics is bollocks. Oh, UK.gov just adopted it? Er ...
Opportunity doesn't knock; it costs us instead
Sysadmin with EBOLA? Gartner's issued advice to debug your biz
Start hoarding cleaning supplies, analyst firm says, and assume your team will scatter
YARR! Pirates walk the plank: DMCA magnets sink in Google results
Spaffing copyrighted stuff over the web? No search ranking for you
Don't bother telling people if you lose their data, say Euro bods
You read that right – with the proviso that it's encrypted
Apple SILENCES Bose, YANKS headphones from stores
The, er, Beats go on after noise-cancelling spat
prev story

Whitepapers

Cloud and hybrid-cloud data protection for VMware
Learn how quick and easy it is to configure backups and perform restores for VMware environments.
A strategic approach to identity relationship management
ForgeRock commissioned Forrester to evaluate companies’ IAM practices and requirements when it comes to customer-facing scenarios versus employee-facing ones.
High Performance for All
While HPC is not new, it has traditionally been seen as a specialist area – is it now geared up to meet more mainstream requirements?
Three 1TB solid state scorchers up for grabs
Big SSDs can be expensive but think big and think free because you could be the lucky winner of one of three 1TB Samsung SSD 840 EVO drives that we’re giving away worth over £300 apiece.
Security for virtualized datacentres
Legacy security solutions are inefficient due to the architectural differences between physical and virtual environments.