Sportingbet sold its US facing sports betting and casino business and its US poker operations to Antigua-based Jazette Enterprises Ltd. for US$1, offloading US$13.2 million of debt. The company said the sale saved it the US$14 million cost of closing down the operations.
Sportingbet said it will keep its European sports, casino and poker business, Australian sports business and the non US business of Paradise Poker.
Sportingbet sold the operations after the US passed the Unlawful Internet Gambling Enforcement Act. If, as is thought unlikely, President George W. Bush decides to veto the legislation, Sportingbet said it would reclaim its US operations from Jazette for a payment of US$500,000 (€400,000).
