2006/10/14 - Update by Ira Nanson

On October 12th 2006 Sportingbet made the strategic move to sell their US operations to their own management team "Jazette Enterprises Limited". As reported by SBR, Sportingbet received the cash consideration of US$1 for shares and related asset and discharged access liabilities for the approximate sum of US$13.2 million. The Board estimated that the cost of closing the operations and severance would have cost US$14 million and so potentially they have saved a massive $27.2 million.

In a statement, Chief Executive Designate Andy McIver said : "We are saddened to have to dispose of such a fantastic business as a result of political actions in the US congress."

Now operating as a private company with offices in Dublin, Antigua, Vancouver and Costa Rica the new operations Jazette Enterprises Limited seem to have breached the terms of agreement which is to service the US market . Adversely they cancelled the winning future wagers of US account holders, specifically those customers who reside in states that have definitive laws against gambling.

Sports Gambling Review will continue to monitor the decisions made by both companies.

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