Organized Crime GamblingSports Betting Kicked Out of US 671

Who is Max Clifford. The John Gotti of the UK ?

John

============================================= Another one bites the dust. Their buttociates working on this public forum will soon disappear, too. To them, no romance without finance.

John

=========================================================== Sportingbet exits U.S. by selling out for $1 Fri Oct 13, 2006 4:54 AM ET By Pete Harrison United States ahead of a ban on Internet gambling by selling its U.S. operations to private investors for $1. "We are saddened to have to dispose of such a fantastic business as a result of political actions in the U.S. Congress," Sportingbet Chief Executive designate Andy McIver said on Friday. "Sportingbet received cash consideration of $1 for the shares and related buttets of the U.S. operations, and has discharged excess liabilities amounting to approximately $13.2 million," it said in a statement. The exit from the United States comes after Republican legislators delivered a heavy blow to Internet gambling this month when Congress unexpectedly approved a bill to enforce prohibition of online gaming. President George W. Bush is expected to sign the measure into law later on Friday. Sportingbet's shares rose by 5 percent to 68-1-2 pence by 0947 GMT, valuing the group at almost 290 million pounds ($540 million) -- down considerably on the group's value of 1.6 billion pounds in July before the U.S. started its clampdown on Internet gaming. "We think this is a good deal for Sportingbet shareholders, which removes a small level of uncertainty and should help conserve the group's net cash," analysts at Numis Securities said. The analysts said they had stripped out 13.1 million pounds of anticipated profit from Sportingbet's U.S. operations to give a new group pretax profit forecast of 20.8 million in 2007. The online gaming industry is now splitting between London-listed companies, which are pulling out of the United States, and privately owned businesses that are prepared to take illegal U.S. bets offshore. Sportingbet's U.S. operation, Sportsbook.com, was sold to Jazette Enterprises Ltd and will now operate as a private company with offices in Dublin, Antigua, Vancouver and Costa Rica. Sportingbet will retain its Paradise Poker business, but will stop accepting U.S. money later on Friday. "Had the business been closed, the board estimated that the cost of severance and closure would have amounted to approximately $14 million -- a total saving of circa $27.2 million," it added. --------------------------------------------------------------------- © Reuters 2006 =======================================================

John