BETONSPORTS FACES LEGAL ACTION FROM ANTIGUA-BARBUDA REGULATOR

02 December 2006

Caribbean Net News
Friday, December 1, 2006

ST JOHN’S, Antigua: The Financial Services Regulatory Commission (FSRC) of Antigua and Barbuda on Thursday announced that it has filed an application for a restraining order in the High Court of Justice, against BETonSPORTS (Antigua) Ltd.

BETonSPORTS (Antigua) Ltd, an interactive gaming and interactive wagering service provider, under the order is restrained from, among other things, entering into any agreement or arrangement to sell, transfer or otherwise dispose of cash and assets within or outside of Antigua and Barbuda without the consent, management and supervision of FSRC.

The application also calls for BETonSPORTS to account for its assets and obligations and otherwise provide such information that will assist the FSRC in ensuring that BETonSPORTS consumers are protected to the maximum extent possible and that Antigua and Barbuda’s Laws and Regulations are adhered to effect the orderly closure of BETonSPORTS’ US-facing operations.

The application for the order comes on the heels of an announced settlement between the United States government and BETonSPORTS and its affiliates pertaining to criminal and civil charges levelled against the company by United States authorities earlier in the year.

These charges, which resulted in the high-profile arrest of BETonSPORTS former Chief Executive, led to wide-spread disruption throughout the international online gaming community and represented a new assault on cross-border competition for gambling and betting services by the United States government.

Kaye McDonald, the Director of Gaming for the FSRC, observed, “While the jurisdiction of the United States government over BETonSPORTS is questionable, by virtue of being the holder of an Interactive Gaming and Interactive Wagering license issued by the Antiguan and Barbudan authorities, BETonSPORTS has acquiesced to our international jurisdiction over the company and its assets. It is important for the protection of consumers that whatever assets BETonSPORTS has remaining be properly available to depositors and other creditors and not be dissipated on fines or penalties or otherwise improperly disposed.

MORE – READ THE COMPLETE ARTICLE AT Caribbean Net News

Related News

  • 05 October 2006

    US Bill on Internet gambling: Morality or Protectionism?

    CARIBBEAN NET NEWS Commentary Thursday, October 5, 2006 by Sir Ronald Sanders The value of publicly-traded Internet gaming companies in Britain and their subsidiaries in the Caribbean has been savaged by a Bill adopted in late September by the US Congress making it illegal for banks and credit card companies to make payment to foreign online gambling sites. Over US$7 billion was wiped off the market value of companies that were worth US$12 billion.

    Read full article
  • 09 February 2007

    UK Looks To Antigua and Barbuda In Developing International Online Gambling Regulations

    Caribbean Net News Friday, February 9, 2007 ST JOHN’S, Antigua: Antigua and Barbuda’s Financial Services Regulatory Commission, Division of Gaming has announced that the country expects to play a key role in developing international regulations and legislation for remote gambling following publication of the UK Government’s communique regarding the 2006 International Summit on Remote Gambling.

    Read full article
  • 31 January 2011

    eWalletXpress Has Money Seized

    In mid-November, we had a story about a rumored Federal warrant against eWalletXpress and possible seizure of money. Though at the time there were various reports of what was really happening and eWallentXpress, when contacted, just said they were having “technical difficulties” and everything would be up and running again soon.

    Read full article