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With Former CEO in Jail, BetOnSports Closes U.S. 'Net Gambling Business

Authored by Mark Hefflinger on August 11, 2006 - 1:07pm.
London - Online gambling site BetOnSports.com, whose CEO was arrested last month by U.S. authorities on racketeering charges, announced on Friday that it will shutter its U.S. business, which provided most of its profits, Reuters reported. Nearly 800 employees at the company's operations in Costa Rica and Antigua will be laid off in connection with the closure. BetOnSports CEO David Carruthers and others with the company have pleaded not guilty to all charges, after the U.S. indicted Carruthers and others with the company under U.S. laws that the government says prohibit online gambling. The company, which terminated Carruthers as CEO following his arrest, said that it will take time to pay off creditors, staff salaries and deposits by U.S. customers because several monetary institutions -- including its online payment processors -- have ceased doing business with BetOnSports.

http://tinyurl.com/fcyy6 (Reuters)
http://www.betonsports.com
tags: Games | Sports | Law | Gambling | Law Enforcement | BetOnSports |

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