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Archive for March, 2009

Last week American FBI agents arrested the CEO of one of the largest casino websites.

David Carruthers, the CEO of BetonSports which is a London based sports betting casino website was arrested on a layover in Dallas Fort Worth Airport. He was on his way to Antigua and Barbuda where the casino website is licensed.

American lawyers for the company advised BetonSports to close down the US branch of their casino website. This decision is likely to cost the company more that £4 million is lost revenue, approximately $7.4 million US.

For almost three years the Caribbean Island of Antigua and Barbuda has been petitioning the World Trade Organisation to investigate US laws as they argue that they don’t comply with the WTO rulings. They claim that the new clampdowns in America are discriminatory and jobs will be lost in nations like Antigua and Barbuda, where they are trying to create new jobs to diversify. The islands want a steady industry so its people don’t have to rely on seasonal work that the tourist trade gives them.

The restraining order that the US has imposed on BetonSports doesn’t just require the company to close down its US casino website. They require that the company takes out a full page advertisement in a US national newspaper that tells Americans it is against the law to gamble online. The government also requires the casino website returns all money to its US customers.

Many casino website proponents argue that it is unfair to also close the poker site of the UK Company in the US as poker is considered a game of skill and one US court ruled that games of skill over the internet are legal.

The majority of BetonSports business comes from US customers who generate over 90 per cent of its turnover. This amounts to £970 million or $1.78 billion US.

The shares of casino websites that do not offer sports gambling saw a rise this week as opposed to sports betting websites that took a considerable dive after the arrest.

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