Casinos.co.uk: Casino News Archive
Friday 10th November 2006
BetOnSports Accepts Permanent US Injunction
The British based online gaming company BetOnSports has released a statement saying it has agreed to the permanent cessation of its US facing business as part of a settlement with the US Attorney’s Office in Missouri.
The permanent injunction replaces the temporary restraining order issued against the company in July, and represents a significant step in negotiations with the Department of Justice to settle the outstanding criminal action against it.
BetOnSports has reportedly said it will agree a plan with the Department of Justice for its Antiguan subsidiary to return cash to customers. However the firm's ability to refund customers still remains in question, as a company statement confirmed that repayments 'remain dependant on collection of monies from processors and other debtors.'
BetOnSports has already confirmed the sale of Hooball, an Asian online sportsbook and casino, back to the original sellers for $2.25 million barely six months after purchasing it for $22 million.
A BetOnSports statement read, “The company's inability to pay the outstanding consideration when it fell due or to fully integrate the business, as well as damage to the business caused by the legal action of the Department of Justice and its impact on customer confidence have driven the pricing of this sale.'
BetOnSports, which did not admit any wrongdoing, said it plans to continue focusing on generating some value for shareholders from its Asian operations.
Source:OnlineCasinoNews
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