Online Casino Focusing on Debt

A recent US court order against BetOnSports is to remain in place for an additional 30 days, an order which will prevent the site from taking bets from US citizens. The extension, which was granted this week by Judge Carol E Jackson, is due to a procedural difficulty in serving notice to the London based company. It will also give the prosecution a bit more time to further prepare the case against the company which will be accused of failure to pay taxes on $3.3 billion in wagers. BetOnSports is only one of many sites out there in the US, and for the time being it has been singled out, and is forced to take care of its debt issue.

The site, which drew in many players because of attractive payoffs and better odds than the competitors, says that paying its debts is a top priority. The company wishes to pay its liabilities which include its US customer balances, and a $4.5 billion penalty by the American government. BetOnSports is facing a 22 count indictment, and is accused of racketeering and fraud. Former chief Executive, David Carruthers, remains under house arrest in the St. Louis area awaiting trial on the charges. Company founder and 15 percent shareholder Gary Kaplan remains at large but is being sought by federal authorities.

This order looks like the final nail in Bet on sports' US coffin, and it is truly a fatal blow, as it is believed that up to 80 percent of the company's revenues came from US players. It now will be busy returning deposits to gamblers, and guarantees that these will be returned between 60 and 90 days. The company hopes that when this is all over and done with, a move to Asia will get them on their way once again.