Casinos.co.uk: Casino News Archive
Friday 13th October 2006
Online Casino Legislation Benefits Private Companies
According to industry commentators, the impending ban on Internet gambling is likely to force many online casino operators to sell their US-facing businesses to private operators who aren’t as susceptible to extradition treaties, in locations such as Costa Rica, Antigua and Curacao.
The fear of extradition to the United States has forced UK-listed operators to turn away from their most lucrative market, some selling their US operations to counterparts in and around the Caribbean.
Sportingbet have today announced the sale of its US business to Jazette Enterprises following Chief Executive Nigel Payne’s address to Antiguans earlier this week, in which he reassured that the company would not downsize its operations.
Leisure & Gaming's US facing operations VIP and Nine.com are also likely to end up in private hands, with sale talks underway.
By contrast, privately-owned operators in and around the Caribbean, appear to be unfazed by the looming legislation. Calvin Ayre, founder of Costa Rica-based Bodog.com, said in a statement, 'We're confident that we've structured our business in such a way that we'll have no problems adapting. If anything, the pending legislation has validated our broad-based digital entertainment model and our decision to stay private.'
Source:OnlineCasinoNews
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