In an unbelievably fast turn around, Sportingbet.com has become a business everyone wants a piece of since they no longer are under investigation or in dispute with US authorities over their online gambling business. A huge surge in Sportingbet shares were initiated yesterday once word was reported that a $33 Million settlement was reached between the DOJ and Sportingbet officials. Now investors believe the group will become a centerpiece for a takeover bid looking to ready themselves for the opening of the US online gambling market.
The company Sportingbet.com agreed to pay the DOJ a $33 million settlement in return for not being prosecuted for their dealings in the US for the years of 1998 through 2006 in which they processed online gambling payments for their internet gaming sites. After extensive negotiations, this settlement was completed yesterday and immediately shares rose from 7bp to 77bp.
Different opinions have been reported on what may be next for Sportingbet.com now that they are free from any charges in the US and are also free to operate in the US now once online gambling becomes legalized, with Party Gaming being one of the names thrown out there that may have an interest in their company. Sportingbet Chief Executive Andrew McIver said that even though only the firm, not the directors of the company were exempt from prosecution, the DOJ have given no indication that they had any interest in launching more actions against the company or its directors. McIver said this rise in shares gives Sportingbet more power and stronger currency enabling it to buy other entities.By Patricia C. Senior Editor casinoplayersreport.com