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Betcorp Sells Gaming OperationsThe Australian betting company, Betcorp Ltd, has announced that it will sell its gaming operations. Bodog Entertainment Group SA, from Costa Rica, has bought the gaming operations for $9 million.This follows the signing of the Unlawful Internet Gambling Enforcement Act by US President George W Bush. The US legislation makes it illegal for wagers to be accepted over the Internet and for payments from online gaming firms to be processed by credit card companies. The new legislation also has placed restrictions on financial transaction processing. When the legislation was passed, Betcorp suspended US accounts. Since then, Betcorp's shares have fallen more than 70 percent. Betcorp decided that it could not be profitable without the US side of the business. They say that 85% of their business came from its operations in the US. In order to remain profitable, they say they would need to invest in marketing and brand development or acquire existing non-US operators, in order to increase their trading volume .They say they did not have the funds that would be needed to do this. The Betcorp board estimated that the cost of closing down the gaming operations would have been approximately $6 million. Bodog will pay $3 million when Betcorp's sale of the gaming operations and operating infrasture in Antigua and Toronto is completed. Bodog will pay the remaining $6 in four quarterly payments, to be made in the twelve months following the completion of the sale. Bodog will also take responsibility for the current liabilities of Betcorp, which is $2 million. Bodog founder, Calvin Ayre, says that they do not believe they will have any problems in adapting to the new US laws. They will be developing their own brand in the European and Asian markets. The agreement states that Bodog will not be able to use any intellectual property to provide services to people in the US. |
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