BetOnSports.com Shuts Shop in US

Filed in archive Betting on August 11, 2006

Beleaguered online sportsbook, BetonSports.com has bowed to the pressure of the last few weeks and shut its doors completely to US players

The company has been charged with fraud and racketeering in the US, its now-former CEO, David Carruthers arrested and its shares suspended in London.

In response, BetonSports has decided to close its Costa Rica and Antigua properties which serviced its US customer base - essentially 75% of its current business - and trying to keep the company afloat by targeting on the European and Asian markets

They do intend to try to refund all monies owed to US players but even in that are finding difficulty

The company also pledged to refund the deposits of its U.S.-based customers, many of whom have uncollected winnings that must be transferred through third-party agencies based outside the United States.

The directors said they wanted to refund all customers' money, but cautioned this would prove difficult and "will depend upon the company's ability to persuade banks and cash processors to release its funds."

Article: BetOnSports.com Shutting Down U.S.-Targeted Operations