Sportingbet predict black market

After taking a hit of £210m on the sale of its US business, Sportingbet has warned that the US is encouraging a development of a black market through its online betting ban.

Although having seen profits rise by 75% to £71.5m in this morning annual report, they predict next year will be very different. Last week they sold their US operations for $1 to an Antiguan company and now plan to focus on Europe and the rest of the world.

Sportingbet has said the Act relating to online gambling as “somewhat ambiguous”, and that the legislation would “serve only to drive the industry underground and compromise the ‘social responsibility’ objective that is stated as the driving force behind the legislation.”

Extending from the loss it has taken following their exit from the US market, Sportingbet said it would have to pay out £10m for restructuring, including possible redundancies among its staff of 350.

Editor, - 2006-10-20 11:28:27

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