Feeds

Sportingbet flogs US arm for $1

But keeps European and Australian businesses

Combat fraud and increase customer satisfaction

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. ®

3 Big data security analytics techniques

More from The Register

next story
Dropbox defends fantastically badly timed Condoleezza Rice appointment
'Nothing is going to change with Dr. Rice's appointment,' file sharer promises
Audio fans, prepare yourself for the Second Coming ... of Blu-ray
High Fidelity Pure Audio – is this what your ears have been waiting for?
Did a date calculation bug just cost hard-up Co-op Bank £110m?
And just when Brit banking org needs £400m to stay afloat
Sorry London, Europe's top tech city is Munich
New 'Atlas of ICT Activity' finds innovation isn't happening at Silicon Roundabout
MtGox chief Karpelès refuses to come to US for g-men's grilling
Bitcoin baron says he needs another lawyer for FinCEN chat
Zucker punched: Google gobbles Facebook-wooed Titan Aerospace
Up, up and away in my beautiful balloon flying broadband-bot
Apple DOMINATES the Valley, rakes in more profit than Google, HP, Intel, Cisco COMBINED
Cook & Co. also pay more taxes than those four worthies PLUS eBay and Oracle
prev story

Whitepapers

Top three mobile application threats
Learn about three of the top mobile application security threats facing businesses today and recommendations on how to mitigate the risk.
Combat fraud and increase customer satisfaction
Based on their experience using HP ArcSight Enterprise Security Manager for IT security operations, Finansbank moved to HP ArcSight ESM for fraud management.
The benefits of software based PBX
Why you should break free from your proprietary PBX and how to leverage your existing server hardware.
Five 3D headsets to be won!
We were so impressed by the Durovis Dive headset we’ve asked the company to give some away to Reg readers.
SANS - Survey on application security programs
In this whitepaper learn about the state of application security programs and practices of 488 surveyed respondents, and discover how mature and effective these programs are.