Antigua to Help Online Casino Business

The once highly popular sports betting site, BetOnSports, based in Antigua and until recently serving many American gamblers, will receive assistance from the government of Antigua and Barbuda in collecting debts and paying bettors and employees alike. The governments decision to have its financial regulators help the company will in essence help the reputation and legitimacy of online casinos in general.

Cash flow problems have interfered with the sites' past efforts to repay its customers. With government backing and assistance, the problems are expected to be solved and debts resolved. The problems all began with the ban on gambling passed in the United States, from which much of its wagers were placed. In fact, it has been since August 2006 that the debt situation has only worsened. Until now that is. In this context it should also be reminded that the CEO, David Carruthers, was arrested when arriving in the US in July. Carruthers is in St. Louis under house arrest.

Unlike other companies that have altogether collapsed following the ban taking effect in the US, BetOnSports has survived, but only by suspending any real money gambling activities from American gamblers. This has caused a shortage of funds and started the whole debts issue rolling. The Antiguan government helping out with the issue is a good sign for those who are owed money, naturally, but also for the industry as a whole. It shows that with government backing, preferably via regulation and proper legalization, can help assure everybody walks away satisfied that the game was fair.