Betcorp folds US operations
Betcorp, the Melbourne-based online gambling company is the latest group to suspend its operations in the United States in the wake of the new Unlawful Internet Gambling Enforcement Act signed by US president George Bush.
Although the company continues to trade with the customers of 87 other countries, a spokesman announced it had suspended the accounts of US residents with immediate effect in response to the enactment of the new law. Following the arrest of two high profile gaming executives, Betcorp had already labored through the fall of share prices in anticipation of the incoming measure. The company last traded on Friday at 45 cents, a drop-off of 75 percent since the Oct 2 announcement by US Congress.
The company which is set to de-list from the Australian Stock Exchange, has announced that it plans to concentrate its interests with its British operations. Despite the law excluding wagering on lotteries and horse racing, Betcorp announced it has cut its scale of operations by ceasing US marketing and slashing its workforce by approximately 33 percent.
The new US law prohibits credit card companies and financial institutions from making or taking payments from online gambling sites.
-Danny Davis
April 11th, 2008 at 8:41 am
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