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BetOnSports.com Shuts Down 80% of Its Business

Monday August 14, 2006
BetoOnSports has closed down all of its American facing business formally canceling any potential access for American customers. The company had been the target of US Justice Department.

The shutdown follows the arrest in Texas last month of David Carruthers, the chief executive, and amid the continuing hunt for the company's founder Gary Kaplan. The company and its former directors are facing 22 charges related to alleged illegal gaming activities as a result of taking bets from customers resident in the US.

BetOnSports's is a publicly traded company trading on the London Stock exchange although they do no business in the United Kingdom. Their operations are in Asia, Argentina and Mexico. 80 percent of their business camefrom the United States where sports betting is illegal except in the State of Nevada.

Those trying to access the BetOnSports website are directed to webpage that says:

IN LIGHT OF COURT PAPERS FILED IN THE UNITED STATES, THE COMPANY HAS TEMPORARILY SUSPENDED THIS FACILITY PENDING ITS ABILITY TO ASSESS ITS FULL POSITION. DURING THIS PERIOD NO FINANCIAL OR WAGERING TRANSACTIONS CAN BE EXECUTED. FURTHER INFORMATION WILL BE POSTED ONCE THE COMPANY IS IN A POSITION TO DO SO.

Comments

October 1, 2006 at 8:18 pm
(1) Frank says:

How does one get their money back from the BetonSports Bank?

November 30, 2006 at 3:13 pm
(2) Kevin says:

I have been trying to recover my money that was in my account when the operations were shut down. I still am trying. Can you please tell me how I can get my money? Thank you

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