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| | | August 11 - BetOnSports, the controversial online sports betting site that was
indicted last month in the United States on charges of racketeering, seems to be
cutting its losses, when it announced to its staff this week that it is planning
on closing most of its current operations and refocusing instead on the Asian
market.
BetOnSports spokesperson, Kevin Smith reportedly told over 800 BetOnSports
employees in Costa Rica and Antigua yesterday that most were likely to lose
their jobs, mainly due to the hard line the United States has taken towards
online gambling.
The company hit headlines last month after its then CEO, David Carruthers, was
arrested in Dallas-Fort Worth en-route to Cost Rica where the multi-billion
dollar online gambling business has its headquarters and operations, with
charges including racketeering and money laundering.
After his arrest, Carruthers was subsequently fired by BetOnSports but is still
currently being held in custody in the city of St Louis.
However, Smith's announcement has done little to put United States prosecutors
off the BetOnSports trail, as they are still seeking a $4.5 billion penalty
against the company and its executives.
According to online gambling insiders, Asia is reputed to represent the next big
opportunity in the online gambling sector.
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