December 8 - After US authorities reached a plea bargain with BetOnSports
founder, Gary Kaplan, the State of Missouri turned its attention to the defunct
company.
In a recent ruling, BetOnSports was ordered to pay a fine of $28.2 million
and sentenced to five years probation.
Lawyers on both sides, as well as industry analysts agree that there is no
chance that the company will ever be able to pay the fine since it has more
liabilities than assets.
While a lawyer for BetOnSports said that the group owes US gamblers up to $8
million, many believe that the number is even higher since not all those who
were owed money have been through the verification channels.
BetOnSports, together with its founder and other employees was indicted by
the US authorities for running an illegal gambling operation in 2006.
One year later, the company agreed not to take any more bets from US players.
Kaplan was arrested and spent years under house arrest in a Missouri hotel
until he reached a plea deal with the Department of Justice.
He agreed to a 51 month prison term and a $43.65 million forfeiture fee.
BetOnSports was accused of misleading its customers by telling them that the
operation was legal under US legislation and that they could withdraw their
money at any time.
However, by the time the company had been shut down by the US DOJ, players
had lost millions of dollars in the process.
Sentencing on the former Chief Executive Officer of BetOnSports, David
Carruthers is still pending and should take place some time next year.
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