Breaking News - Sportingbet Settles in US for $33 million

[alexpratt]

Official press release here www.justice.gov/usao/nys/pressreleases/September10/sportingbetnpapr.pdf

So this paves the way for an easy merger or aquisition....or maybe just their re-entrance into the US when its ready.....What do you think?

[joeyl]

Betonsports never settled and Carruthers is currently serving 33 months.

Pay up or to to jail.

I think they'd make more money alot easier if they regulated the thing properly, instead of extortion by beak.

[alexpratt]

There share seems to be already benefiting over 12% up already

[Anthony]

I think you have to pay to play.

[dhayman]

There share seems to be already benefiting over 12% up already

Yeah, they made more with the settlement, as a result of share rise, than the entire slap-on-the-wrist penalty (33 MM), and they were basically exhonerated. Sounds like they did the right thing, to get rid of the stupid DOJ.

[TheGooner]

The rise in the share price simply reflects more certainty in future events - the prosecution and unknown of any potential fine obviously worried shareholders.

Remember though that the share price rise and drop provides no material benefit to the company itself - merely to the shareholders.

---------------

As to whether paying a fine puts SportingBet in line to move in if/when sports betting is legalised is another question.

To have admitted guilt, and been fined as an organisation, surely still puts a black mark against the organisation - when compared to a company that has not been prosecuted at all?

[giggles7p]

100%true Gooner, and i remember reading that a new "clause" was added to HR 2267, and any gaming site/operator that conducted business in the US during UIGEA area, will not be allowed to apply for licenses once gaming becomes legal in the US.

So Pokerstars, Betson, Sportingbet, Full Tilt and i am sure many more will be locked out because of thier past dealings.

I also beleive the DOJ is getting freaking rich off of these cases and is in no hurry to legalize online gaming while the cash cow is working so well right now!!!

[Dominique]

Remember how a few years ago sportingbet sent out letters to players with incentives to play at a new platform, without mapping them over to the affiliates they were tagged to?

I still have a very sour taste in my mouth regarding that. I remember being in the Lobby of the Krasnapolski in Amsterdam getting ready to go in to speak at the forum session and two guys from sportingbet came in to the left and right of me, tight, and telling me it would be better if I didn't mention them...

I talked about it anyways, but to this day it leaves a sour taste in my mouth. I don't like being physically bullied!

[joeyl]

Did they now. Completely unsurprised by the way. The email was of the same ilk after all.

The speed affs and the industry forgave these guys, was simply unacceptable and set a bad precedent.

[Casinorep]

Remember how a few years ago sportingbet sent out letters to players with incentives to play at a new platform, without mapping them over to the affiliates they were tagged to?

I still have a very sour taste in my mouth regarding that. I remember being in the Lobby of the Krasnapolski in Amsterdam getting ready to go in to speak at the forum session and two guys from sportingbet came in to the left and right of me, tight, and telling me it would be better if I didn't mention them...

I talked about it anyways, but to this day it leaves a sour taste in my mouth. I don't like being physically bullied!

I concur.