10/13/2006

Sportingbet exits U.S. by selling out for $1

Filed under: — By Aviran Mordo @ 8:25 am

Britain’s Sportingbet Plc has pulled out of the 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 assets of the U.S. operations, and has discharged excess liabilities amounting to approximately $13.2 million,” it said in a statement.

Source: Reuters

 

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