Another Offshore Big In U.S. Custody

[LaughAndBeMerry]

LONDON, Sept 7 (Reuters) - Online bookmaker Sportingbet Plc (SBT.L: Quote (http://today.reuters.com/stocks/overview.aspx?symbol=SBT.L&WTmodLoc=InvArt-C1-ArticlePage1), Profile (http://today.reuters.com/stocks/CompanyProfile.aspx?symbol=SBT.L&WTmodLoc=InvArt-C1-ArticlePage1), Research (http://today.reuters.com/stocks/ResearchReports.aspx?symbol=SBT.L&WTmodLoc=InvArt-C1-ArticlePage1)) said on Thursday its chairman, Peter Dicks, had been detained by U.S. authorities, causing shares across the sector to dive as investors feared a crackdown on online gaming.

Analysts said the detention mirrored the detention in July of the CEO of another company that took online sports bets from the United States, Costa Rica-based BETonSPORTS (BSS.L: Quote (http://today.reuters.com/stocks/overview.aspx?symbol=BSS.L&WTmodLoc=InvArt-C1-ArticlePage1), Profile (http://today.reuters.com/stocks/CompanyProfile.aspx?symbol=BSS.L&WTmodLoc=InvArt-C1-ArticlePage1), Research (http://today.reuters.com/stocks/ResearchReports.aspx?symbol=BSS.L&WTmodLoc=InvArt-C1-ArticlePage1)).

BETonSPORTS former Chief Executive David Carruthers and seven others pleaded not guilty to racketeering and other charges. The company has since said it is closing its U.S. business.



Sportingbet said it had sought immediate temporary suspension of its shares pending clarification of the situation. Shares in the company were down 1.8 percent at 238-1/2 pence at the time of the suspension.


http://today.reuters.com/news/articleinvesting.aspx?view=CN&storyID=2006-09-07T103741Z_01_L07862255_RTRIDST_0_LEISURE-SPORTINGBET-UPDATE-1.XML&rpc=66&type=qcna

[PlanB]

Whatever happened to letting market forces? Where are they now in these
adult gambling issues? Maybe there is NO such thing really when you think
that laws, all laws passed or sanctioned, sort of rule our lives. Laws determine
market forces? I don't know the complete answer.

[BIG49010]

His parents should be jailed for his name. Peter Dicks :lol:

[LaughAndBeMerry]

His parents should be jailed for his name. Peter Dicks :lol:

Didn't notice that. Yeah, that is pretty bad.

[JustRalph]

It's better than Nascar Driver "Dick Trickle"

[Whirlaway]

The founder of Party Poker is named Anurag Dikshit.

[andicap]

My question is whether betting exchanges will also fall under government scrutiny. Technically they are not bookies but future markets. They claim to not fall under Internet gambling laws. But Betfair doesn't take bets here while Intrade and Tradesports does.

interesting.

[bigmack]

The State of Louisiana wants to visit with Dicks, not the Feds, but it sends a signal that the Feds have no problem "helping out" when it comes to jousting with the OffShores

[bigmack]

By the way, other books that are within the Sportingbet/Party Gaming hat include:

52Bet ABCsportsbook Aces AllHorseRacing AllProSportsbook AllStar AztecGaming BetInVegas BetUK BetUSA CasinoVenture CasinoWelt ClubVipCasino EuroSportWetten Gambling.net GamingCosmos Hollywood
Iwager Linesmaker MySportsbook Parier PlaceMyBet PlayersOnly ProBets
Racebook SB28 ScoreOnSports SportFanatik SportingBet SportingBetUSA
SportingOdds SportingParlor Sports Sportsbetting Sportsbook Sportsbooks
SportsWager SuperBahis SuperBook SuperSportsbook TakaraCasino TheBestBet USDbet WagerTonight WallStreet WallStreetBets Win4Real

(if you're "in" you might "out")

[highnote]

I found this newsflash at http://www.sportsbookreview.com/

09.07.2006 (07:46 AM CST)

Sportingbet Plc Chairman detained; company freezes shares

Statement regarding Chairman

Whilst visiting the US on non-Sportingbet business, Mr Peter Dicks, aged 64, Non-Executive Chairman of Sportingbet Plc, was detained by US Authorities at approximately 2.00am BST on Thursday, 6 September 2006.

A hearing for Mr Dicks is scheduled for 2.00pm BST.

Pending clarification of the situation the Board has sought immediate temporary suspension of Sportingbet’s shares.

Further information will be issued in due course.

For further information please contact:

Smithfield (media) Tel: 020 7903 0669
George Hudson Tel: 07803 603 130
Link to Sportingbet Plc statement

Players who are adverse to risk may wish to withdraw their funds from all Sportingbet and World Gaming operated sportsbooks. SBR does not expect Sportingbet to follow the path of BetOnSports which did not have player funds in reserve. Trading is expected to resume shortly.

[TBG]

The State of Louisiana wants to visit with Dicks, not the Feds, but it sends a signal that the Feds have no problem "helping out" when it comes to jousting with the OffShores

The Feds don't have any problem jailing whomever they like. Then lying about it, and the really bad part is they get re-elected for it!!!

[twindouble]

I haven't made an effort to understand this whole mess, bits and pieces.

First off, how can the Federal government over night make legit companies illegal, aren't they listed on the stock exchanges? Don't they have to meet the laws before being listed? Second, off shore gambling has been around for a long time hasn't it? Explain to me how one State can allow casino's off shore but not on land? I thought the Federal Government had control of the waters for so many miles off shore, anything beyond that was international waters.

It seems to me with online gambling and the rapid growth of casinos the bookies were pretty much put out of business. So book making took the only road left, that's using today's technology legally setting up off shore. What I don't get is, how much these operations effect the racing industry as a whole in this country? Does it boil down to the Fed not getting it's share of taxes or is the racing industry up in arms about the rebates? How much of this money goes to the tracks and how will it effect them when the off shore books are gone?

Correct me if I'm wrong, the tracks have control of the product, isn't like a Microsoft CD or music CD that anyone can copy or any other electronic gadget and sell at a discount. So the question that begs is, why did the tracks allow some of these operations tap into their pools laying off money? The did didn't they?

Anyway, I don't know how these companies were legally structured to begin with or who the primary investors were. Are they just plain crooks operating within the gray of the laws or were they actually legit?

Clear things up for me,

Thanks,

T.D.

[Valuist]

I haven't made an effort to understand this whole mess, bits and pieces.

First off, how can the Federal government over night make legit companies illegal, aren't they listed on the stock exchanges? Don't they have to meet the laws before being listed? Second, off shore gambling has been around for a long time hasn't it? Explain to me how one State can allow casino's off shore but not on land? I thought the Federal Government had control of the waters for so many miles off shore, anything beyond that was international waters.

It seems to me with online gambling and the rapid growth of casinos the bookies were pretty much put out of business. So book making took the only road left, that's using today's technology legally setting up off shore. What I don't get is, how much these operations effect the racing industry as a whole in this country? Does it boil down to the Fed not getting it's share of taxes or is the racing industry up in arms about the rebates? How much of this money goes to the tracks and how will it effect them when the off shore books are gone?

Correct me if I'm wrong, the tracks have control of the product, isn't like a Microsoft CD or music CD that anyone can copy or any other electronic gadget and sell at a discount. So the question that begs is, why did the tracks allow some of these operations tap into their pools laying off money? The did didn't they?

Anyway, I don't know how these companies were legally structured to begin with or who the primary investors were. Are they just plain crooks operating within the gray of the laws or were they actually legit?

Clear things up for me,

Thanks,

T.D.

Gambling is legal in these countries. The guy who was arrested a couple months ago was a British citizen who's offshore operation was based out of Costa Rica. Gambling is legal in both the U.K. and Costa Rica. Sports betting is not legal here, except in Nevada. In their "wisdom", our government decided to target these offshores for either of two reasons: 1) the reason they state: "its morally wrong and bad for families :confused: , or 2) the real reason: they see U.S. money leaving the country and they want their slice.

It didn't help that the guy (name escapes me) who was arrested two months ago was a very high profile guy, who'd spoke negatively about the U.S. stance on offshore gambling. Flying from the U.K. to Costa Rica, he had a stopover in Dallas and they caught him. I think by now, anyone who runs an offshore operation should just avoid coming into this country at all costs.

We also have to realize the recent anti-offshore gambling bill still hasn't passed the Senate. Its only passed the House, and the Senate has shot down similar bills in the past.

[highnote]

It must be an extremely lucrative business or else the gov wouldn't be so interested.

If I was running an offshore betting exchange I would sign up as many U.S. customers as possible and then never set foot inside the U.S. It's a big world. I'm sure I could find other places to visit. Plus, with all the money I'd be making I could afford to pay for my friends and family to come and visit me.

I encourage as many offshore exchanges to set up shop as possible. If there are enough of them, the U.S. gov will have no choice but to legalize them. It's kind of like the illegal immigrant situation. There is no way to stop it, so the gov just looks the other way. Every once in awhile they make some noise to placate critics, but by and large there is no way to stop it.

We all know how well Prohibition worked early last century.

Exchanges are here to stay. Now get over it.

[Valuist]

But if they were to legalize them, which I don't see happening in the forseeable future, you know they'd screw it up. Want to bet football at -120 per side? Instead of dime and nickle baseball lines, how about quarter or 30 cent baseball lines? You know they are greedy and the people who'd get screwed over would be the public. Ask a politician about gambling and all they see are tax dollars. To them, we're all addicts who'll play regardless of how outrageous a takeout/vig they would charge.

The offshores understand the business and know the margins. Gotta give them credit for offering rebates on racing and -104 type lines for football.

[bigmack]

Dicks is fighting extradition to LA. The real irony is that it's Louisiana! I've done business with some of the casinos down there and retrospectively they're not exactly squeaky clean

Article of interest here:
http://www.gambling911.com/Peter-Dicks-090806.html

It's kind of like the illegal immigrant situation. There is no way to stop it
Keep the faith. We're workin' on it

[twindouble]

Gambling is legal in these countries. The guy who was arrested a couple months ago was a British citizen who's offshore operation was based out of Costa Rica. Gambling is legal in both the U.K. and Costa Rica. Sports betting is not legal here, except in Nevada. In their "wisdom", our government decided to target these offshores for either of two reasons: 1) the reason they state: "its morally wrong and bad for families :confused: , or 2) the real reason: they see U.S. money leaving the country and they want their slice.

It didn't help that the guy (name escapes me) who was arrested two months ago was a very high profile guy, who'd spoke negatively about the U.S. stance on offshore gambling. Flying from the U.K. to Costa Rica, he had a stopover in Dallas and they caught him. I think by now, anyone who runs an offshore operation should just avoid coming into this country at all costs.

We also have to realize the recent anti-offshore gambling bill still hasn't passed the Senate. Its only passed the House, and the Senate has shot down similar bills in the past.

From what I understood that bill excludes horse racing. Correct? If sports betting isn't legal, why the new bill? How can I find it?


Thanks,

T.D.

[Valuist]

[/b]

From what I understood that bill excludes horse racing. Correct? If sports betting isn't legal, why the new bill? How can I find it?


Thanks,

T.D.

That's not really true. There's plenty of offshore wagering on horse racing. Obviously Kyl knows nothing about rebates or books like Pinnacle, BetCRIS, WSEX or any of the other offshores who take racing bets. If the feds were able to shut down any of those books, I don't think they'd say, "we'll let you still book the race bets." The race tracks like the bill because they want to keep the money away from offshore. But its naive to believe that the bill completely excludes horse racing.

[twindouble]

That's not really true. There's plenty of offshore wagering on horse racing. Obviously Kyl knows nothing about rebates or books like Pinnacle, BetCRIS, WSEX or any of the other offshores who take racing bets. If the feds were able to shut down any of those books, I don't think they'd say, "we'll let you still book the race bets." The race tracks like the bill because they want to keep the money away from offshore. But its naive to believe that the bill completely excludes horse racing.

I'm not being naive about anything, I'm inquiring. :)