Sporting bet, an online casino specializing in sports betting, has sold most of its US business for a nominal fee of $1 last week following the legislation banning online casinos and gambling online in the US. The business has been sold to Jazette Enterprises for the mere amount of money. In the jolly old days, the online casino had more than 2.5 million registered customers in 200 countries, which placed more than one million bets a day on online casino, poker, sports and virtual games.
The sale comes as a serious blow to the online sports betting giant, as a large percent of its profits come from the US, and analysts and investors alike are wondering where the online casino will go next in the face of the loss of its core market. Ever since news of the crackdown swept the online casinos as well as shareholders, Sporting bet's value of GBP 2 billion, have plummeted to GBP 273 million on Friday.
Sporting bet has been feeling the heat ever since its former chairman Peter Dicks was arrested in September. Dicks has since been released and the arrest was part of a series of moves made by the authorities in an effort to discourage online gambling operators. State officials in Louisiana had issued a warrant accusing him of "gambling by computer" however a New York court refused to sanction Dicks being extradited to Louisiana. |
