Feeds

Sportingbet flogs US arm for $1

But keeps European and Australian businesses

Choosing a cloud hosting partner with confidence

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. ®

Internet Security Threat Report 2014

More from The Register

next story
Bono apologises for iTunes album dump
Megalomania, generosity and FEAR of irrelevance drove group to Apple deal
HBO shocks US pay TV world: We're down with OTT. Netflix says, 'Gee'
This affects every broadcaster, every cable guy
Facebook, Apple: LADIES! Why not FREEZE your EGGS? It's on the company!
No biological clockwatching when you work in Silicon Valley
French 'terror law' declares WAR on the INTERNET itself, say digi-rights folks
Liberté, Égalité, Fraternité: Two out of three ain't bad
SCREW YOU, EU: BBC rolls out Right To Remember as Google deletes links
Not even Google can withstand the power of Auntie
Arab States make play for greater government control of the internet
Nerds told to get lost in last-minute power grab bid at UN meeting
Zippy one-liners, broken promises: Doctor Who on the Orient Express
Series finally hits stride, but Clara's U-turn is baffling
Don't bother telling people if you lose their data, say Euro bods
You read that right – with the proviso that it's encrypted
America's super-secret X-37B plane returns to Earth after nearly TWO YEARS aloft
674 days in space for US Air Force's mystery orbital vehicle
prev story

Whitepapers

Forging a new future with identity relationship management
Learn about ForgeRock's next generation IRM platform and how it is designed to empower CEOS's and enterprises to engage with consumers.
Win a year’s supply of chocolate
There is no techie angle to this competition so we're not going to pretend there is, but everyone loves chocolate so who cares.
Why cloud backup?
Combining the latest advancements in disk-based backup with secure, integrated, cloud technologies offer organizations fast and assured recovery of their critical enterprise data.
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?
Saudi Petroleum chooses Tegile storage solution
A storage solution that addresses company growth and performance for business-critical applications of caseware archive and search along with other key operational systems.