Sportingbet sells for $1

[lpstong]

Sportingbet has sold for $1 but will retain the intellectual property of wallstreet.com, aces.com and sportingbetUSA.com. But said they will not use any for gambling.

But sportingbet is banking that President Busy will veto the Unlawful Internet Gambling Enforcement Act passed by Congress. If so they will kick up operations again in the US doing online gambling. They will buy back for $500,000.

Spotingbet has a $13 million debt and $14 million in operations cost of closing down business.

 

[B33R]

They sold their US arm, not their entire operation. Rival Leisure and Gaming also sold their US arm for the same nominal fee of $1. World Gaming went into administration after most of it's directors quit.

And according to BBC News, President Bush already signed into law an act making it a crime to accept proceeds from online gaming.

Now that the law has been passed outlawing internet gambling across the country, it's just wait-and-see time to find out who folds next. I wonder how this'll effect poker tournaments like the WPT, now that online satellites are presumably out of the question. :td:

 

[lpstong]

I know that the US lawmakers were trying to cover internet betting under the Wire Act Law of 1961. And since the internet is usually conducted via phone lines. The lawmakers had to cover the intenet hence bringing up this current law that Pres. Bush signed.

 

[hitchhiker]

its actually a little missleading, they also took on debt of over $14M . . . so the actual price is more like $14m