SportingBet Plc has announced it has reached an amicable agreement with the St Landry District Attorney in the State of Louisiana which means "all related warrants issued by the Louisiana State Police have been cancelled with immediate effect".
Those warrants relate to the arrest of its former chairman, Peter Dicks, who was arrested in New York last September as the U.S began its crackdown on internet gambling. The following month, the Unlawful Internet Gambling Enforcement Act (UIGEA) was introduced, effectively banning online gambling in the country. SportingBet then sold its U.S facing operations for $1 after taking a £210 million ($411 million) hit from its withdrawal from the country.
Authorities tried to extradite Dicks back to Louisiana, but he was allowed back to Britain on September 29 after New York Governor George Pataki decided not to sign an extradition document.
With SportingBet now seemingly in the clear, they will become the subject of a takeover by the Austrian gambling company, Bwin, as they seek to consolidate following a favourable remote gambling ruling by the European Union’s highest court.
Following the announcement, shares in SportingBet reached a five-month high of 67.25p a share this morning, valuing the company at approximately £291 million.
Editor, Jackpot.co.uk - 2007-03-21 11:51:36