Sportingbet takes £400m hit

Over £400 million was knocked off the value of Sportingbet as a result of the arrest of Peter Dicks and the growing uncertainty in the online gambling sector.

Mr Dicks, who last Friday was released on $50,000 bail, is scheduled to be hack in court this Thursday, when he will seek to stop an attempt by the state of Louisiana to have him extradited from New York state. Sportingbet said that it expected Mr Dicks to ‘vigorously contest’ Louisiana's request that he be extradited to face charges that he was involved in illegal gambling by computer.

Dicks’ lawyers are expected to argue that he should never have been arrested because he was a non-executive director and was traveling to a board meeting of the NASDAQ listed Standard Microsystems, of which he is also a director. Sportingbet were also keen to point out that Dicks has no input into the day-to-day running of the gambling giant.

Editor, - 2006-09-12 17:39:57

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