BetOnSports PLC Shut Down US Operations
Bet on Sports had announced last Friday that it will halt all US operations. The company will focus its operation on Asia and Europe after indictment charges of racketeering and fraud in the United States.
BetOnSports PLC had announced last Friday that it is completely shutting down its US operations. The British online gambling and betting company is facing indictment charges of racketeering and fraud in the United States.
Bet on Sports is closing down their offices in Antigua and Costa Rica, where the company is accepting wages from US residents. The company said that it will focus its operations in Asia and Europe.
Meanwhile, Altium analyst Wayne Brown, said that the move of Bet on Sports might be the end of the company as the US market comprises three quarters of its business.
Bet on Sports had took seven hundred seventy five million bets and had fifty thousand active members.
Bet on Sports directors said that they intend to refund the customers wages but it will depend upon if the banks and money processors will release its money.
According to Brown analysis, the Bet on Sports Asian business is not likely to make it. The company’’s Asian market only provides five percent of the company’’s earnings.
The Bet on Sports shares were suspended the same day the company CEO David Carruthers was taken into custody by US authorities. The company was netted at two hundred thirty four million dollars when their stocks were removed from the trading floor.
Bet on Sports also announced that they intend to refund the customers” wages but it will again depend upon if the banks and money processors will release its money.