Following the U.S. Ban on Internet betting and the subsequent withdrawal from the American market, many of the online betting companies, both in the U.S. and abroad, have been working their way out of what many perceived as a financial nightmare. Sportingbet plc was one of the UK publicly listed companies that was most affected and hardest hit by the advent of the Unlawful Internet Gambling Enforcement Act (UIGEA), and was forced withdraw from the U.S. market which provided most of the company’s profits.

Since then Sportingbet pic has been gradually changing both its market focus and pace. This week, a company spokesman revealed that Spotingbet plc is set to surprise its investors. He revealed that despite the sudden upheaval, the company is expected to meet analysts' full-year earnings forecasts. This can be considered an all-round successful fight back, bearing in mind that the company has recently been forced to dispose of all of its former U.S. operations.

"Sportingbet is trading in line with market expectations," the company spokesman said.

Early in October, the U.S. Congress passed a law that criminalizes online gambling fund transfers. As a result, Sportingbet, like many other online gambling companies, had no choice but to exit the lucrative U.S. market. The company was forced to sell its sports-betting, casino business and poker operations in shortly thereafter to Antigua-based Jazette Enterprises Ltd.

In a recent article discussing the future effects of the U.S. ban, Associated Press reported that only 8 U.S. states currently have laws specifically prohibiting Internet gambling: Washington, Nevada, Illinois, Indiana, Louisiana, South Dakota, Michigan and Oregon.

Posted on: December 27, 2006

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