Sportingbet PLC to Forfeit $33 million to Settle U.S. Online Gambling Charge
21 September 2010
UK Internet gambling company Sportingbet Plc agreed today to forfeit $33 million that it provided to US customers in a deal that they hope will allow the company to resume U.S. online gambling operations sometime in the future if the laws are changed.
According to a statement made by Sportingbet as part of this agreement with New York, the company offered online gambling to U.S. residents from 1996 to Oct. 2006. The company also admitted as early as 2001, they used payment processors to help disguise customers transactions from U.S. credit card issuers.
Barry Slotnick, a lawyer for Sportingbet has said,
“We spent three years coming to this ultimate conclusion. We do appreciate the fact that the Southern District of New York was concerned about a public company called Sportingbet and its shareholders.”
In a release from the United States Attorney’s Office of the Southern District of New York,
As part of the non-prosecution agreement, Sportingbet agreed to continue to cooperate with this Office’s ongoing investigation by, among other things, providing the Government with requested documents, and making employees available for interviews with Government investigators.
In the agreement, Sportingbet agreed to forfeit a total of $33 million, representing proceeds from the Internet gambling services that Sportingbet provided to U.S. customers. Sportingbet also agreed to maintain a permanent restriction on providing Internet gambling services to U.S. customers, in the absence of a change in U.S. law.
Also in the statement Preet Bharara, the United States Attorney for the Southern District of New York, gave 4 reasons why they decided to enter this non-prosecution agreement:
- Sportingbet’s cooperation with the Government’s ongoing investigation into the illegal online gambling industry;
- Sportingbet’s termination of all real-money Internet gambling services for U.S. customers in October 2006;
- Its agreement to disgorge $33 million;
- The negative effect that charges against Sportingbet would have on the company’s innocent employees and legitimate activities.
You can read the whole statement release here.
01 February 2017US Attorney General Pick Sessions May "Revisit" Online Gambling
One of the most important pieces of legalese that has come down in the United States for online gambling in the United States was a 2011 opinion about the Wire Act of 1961. The Wire Act was previously used as evidence that online gambling is illegal in the United States (and is the other major US law affecting online gambling from the UIGEA).Read full article
10 January 2017Virtual Reality Online Casinos in 2017
If you go back a couple of years, Microgaming was the first company to present a virtual reality casino game that included current technology. It was a roulette game shown at industry trade shows, and it got a tremendous reception. A lot of players thought that smartwatch apps were going to be the next big thing for the online casino industry, but instead, it's virtual reality, or VR for short. How VR Online Casinos Work There are two main components of a virtual reality casino.Read full article
31 December 2016Net Entertainment Enters Bulgaria
Net Entertainment has made a lot of news in 2016 for entering newly regulated markets. With the year winding down, no one really expected news of yet another entry like this, but they pulled it off. In the last couple of weeks of the year, this company has entered the Bulgarian market thanks to a deal with National Lottery Bulgaria, the single-largest gaming operator in the country. Details on This RelationshipRead full article