In a recently released statement issued by Betsson, the Swedish online betting group, the company attempted to clarify its position regarding the latest anti-online gambling legislation passed by the U.S. Congress, which targets online gambling financial transactions.

According to the statement, Betsson, which has recently reorganized from the Cherry Fortragen Group, operates two distinct gambling businesses. One business, Net Entertainment, sells systems and software solutions for online gaming and the other, Betsson Online, provides online gaming opportunities to Internet gamblers.

Neither business receives significant income from the U.S. with Net Entertainment receiving less than eight percent of its income from the U.S. and Betsson Online receiving less than three percent. Both of Betsson Online's two major brands - Betsson.com and CasinoEuro.com – have not accepted customers from the U.S for a long time now. As a result, even with the passage of the bill, Betsson’s company income will not be significantly affected.

A previous decision by the Betsson board entitles Betsson shareholders to all the shares within the business area Net Entertainment.

Posted on: October 26, 2006

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