Sportingbet Sells US Online Gambling Sites For A Dollar - 10-13-06

October 13 - Where there is a will, there is a way. Online gambling giant, Sportingbet, has "sold" its US operations to a third party for the incredibly massively huge sum on one dollar.

The move is obviously based on some fancy footwork by Sportingbet to circumvent the online gambling bill, which is due to be signed by Pres. Bush today.

According to a report on Bloomberg, Jazette Enterprises Ltd. bought the company's U.S. sports betting and casino operations for $1.

The sale relieves Sportingbet of $13.2 million in liabilities (just what liabilities will be interesting to know!)

The deal includes the group's Sports betting operators, like Sportsbook.com but it excludes Paradise Poker which is expected to shut its doors to US players.

Herewith an extract from a Sportingbet press release:

"Under the terms of the Disposal, Sportingbet will retain the URLs and intellectual property of wallstreet.com, aces.com and Sportingbet USA though these will not be used for any US gaming purpose. In addition, JEL has agreed, for a period of two years, not to take bets from non-US residents and for a period of three years, not to take bets from customers outside the Americas region. Further, Sportingbet has retained the details of all non-US resident customers currently registered with the US Operations. Sportingbet will attempt to migrate those customers to its ongoing European business.

The Disposal is subject to a condition precedent that the Act is signed by the President of the United States and becomes law prior to the closing of the 109th Congressional Session. Should the Act not become law by the end of the 109th Congressional Session, JEL is entitled to payment of US$0.5 million, and the US operations will revert back to Sportingbet."

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