SportingBet PLC Down 43% After Chairman Arrestposted by MR WAVETHEORY at 9/11/2006 03:55:00 AM
What I find very ironic is that Sportingbet admitted breaking US laws in an interview with the Guardian:
In July, the company admitted to the Guardian that it continued to take a small number of bets from the US by phone. "We are an online operator with 99% of our wagers in the US taken via the internet. However, there is a telephone service available to a select number of customers should they experience problems with the internet when trying to place a bet."
Update: This is a nice quote. Sportingbet's finance director, Andy McIver, said: "Until this is resolved I won't be travelling to the US." He added: "The Louisiana laws involved are incredibly wide-ranging. It covers practically any form of doing anything involving any sort of gaming and a computer." Andy, I think you have more common sense than your CEO. Since there are no other qualified or willing candidates, maybe it's time for you to get a promotion to CEO.
Regarding the second part of Andy's comment, it appears there is a gap between federal and state law. The SportingBet case may boil down to an issue of federalism - whether state laws supercede federal law.