Online Casino Style: News - Sportingbet Settles with US

10/01/2010		Online Casino Style - News: Sportingbet Settles with US
Home History Games News Dictionary		Another online gambling company was able to come to terms with the US government this week with the confirmation by UK internet casino company Sportingbet.com that they had come to a settlement with the United States Department of Justice in regards to the activities in the American market prior to the passage of the Unlawful Internet Gambling Enforcement Act of 2006. Though they will have to pay out a hefty sum to account for their activities, the upside is the fact that they agreement stipulates that they only have to pay $33 million, significantly less than other online gambling site have had to dish out. The agreement between the government and online gambling firm was secured his week, and provides a much needed groundwork for Sportingbet to be able to legally operate in the US once regulatory law allows. The timing is ideal, as a bill that would effectively regulate the internet gambling industry in the US is already through Congress’ committees and awaiting debate on the main house floor. One lawyer for Sportingbet opened up to the press in regards to the deal, with Barry Slotnick calling it an ‘excellent agreement.’ It avoids the prosecution element of the case, and is beneficial not only for the firm itself but for shareholders as well. Manhattan US Attorney Preet Bharara signed on behalf of the government, who demanded that Sportingbet follow all US laws forthwith, and abstain from participating in the US market until such time that regulation for offshore companies is created. Sportingbet will also apprarenly be cooperating with the FBI in regards to ongoing investigations. The company has agreed to provide the US government with any requested documents, and to allow individual employees to assist in open inquiries. We spent three years coming to this ultimate conclusion,” affirmed Slotnick.

10/01/2010

Online Casino Style - News:
Sportingbet Settles with US

Another online gambling company was able to come to terms with the US government this week with the confirmation by UK internet casino company Sportingbet.com that they had come to a settlement with the United States Department of Justice in regards to the activities in the American market prior to the passage of the Unlawful Internet Gambling Enforcement Act of 2006. Though they will have to pay out a hefty sum to account for their activities, the upside is the fact that they agreement stipulates that they only have to pay $33 million, significantly less than other online gambling site have had to dish out.

The agreement between the government and online gambling firm was secured his week, and provides a much needed groundwork for Sportingbet to be able to legally operate in the US once regulatory law allows. The timing is ideal, as a bill that would effectively regulate the internet gambling industry in the US is already through Congress’ committees and awaiting debate on the main house floor.

One lawyer for Sportingbet opened up to the press in regards to the deal, with Barry Slotnick calling it an ‘excellent agreement.’ It avoids the prosecution element of the case, and is beneficial not only for the firm itself but for shareholders as well. Manhattan US Attorney Preet Bharara signed on behalf of the government, who demanded that Sportingbet follow all US laws forthwith, and abstain from participating in the US market until such time that regulation for offshore companies is created.

Sportingbet will also apprarenly be cooperating with the FBI in regards to ongoing investigations. The company has agreed to provide the US government with any requested documents, and to allow individual employees to assist in open inquiries. We spent three years coming to this ultimate conclusion,” affirmed Slotnick.