Archive for September, 2010

Sportingbet settles with Department of Justice

Sports betting company Sportingbet recently reached a big settlement with the United States Department of Justice for legal troubles the sports betting company was having in the U.S.

Sportingbet made online sports betting available to American players from 1998 to 2006. In 2006 the sports betting company got themselves into legal trouble after the enactment of the UIGEA, which made the transfer of funds from a financial institution to online gambling sites like Sportingbet illegal.

The UIGEA forced most online gambling sites to stop accepting money from American players consequently meaning they could no longer allow American players to play at their sites.

For sites that continued to accept American funds transfers, legal troubles were sure to follow. Sports betting, casinos, poker, and many other forms of online gambling were affect by the UIGEA and several companies got themselves into big legal messes within America. Sportingbet’s CEO was actually arrested in 2006 and this led to Sportingbet closing their doors to Americans wanting to participate in online sports betting.

After the settlement Sportingbet has finally cleared their name in the United States following suit after Party Gaming had a similar but larger settlement the year prior which helped clear their name in the U.S.

Sportingbet paid out only $33 million in fines to help settle their troubles and clear their name for the sports betting they provided to Americans after the UIGEA. Many Americans fond of past times like poker and sports betting are eagerly waiting for the day a change is made to the UIGEA bill which allows Americans to once again transfer funds to their favorite online gambling.

It is possible that settlements like the one from the sports betting company, which helps clear their name, could mean hope for a change to the UIGEA in the not too distant future.