GOOD NEWS FOR BETONSPORTS ONLINE PLAYERS?

23 February 2007

Antiguan authorities call on payment processors to surrender funds for supervised payment to players

Ushering in a potentially positive situation this week is a press release from the Antiguan licensing authorities announcing that settlement of accounts by the online gambling website, BetOnSport (BoS), is to get underway shortly. The Financial Services Regulatory Commission (FSRC) of Antigua and Barbuda has apparently stepped in to assist and supervise BoS (Antigua) Ltd's efforts to settle debts.

BetonSports shut up its US shop last year following a legal trade wrangle with the United States involving online gambling for Americans. BoS agreed to a court order forbidding it to accept play from US Internet gamblers following the arrest of CEO David Carruthers whilst transitting the USA. BoS immediately fired Carruthers, who remains under house arrest in St. Louis pending an as yet unscheduled appearance in an American court.

"The payment process has been implemented under the supervisory authority given to the FSRC in order to give extra reassurance to organisations that funds returned that will be properly used in the settlement of creditors in line with legal requirements, as well as assuring that BOS creditors will be paid in a fair and balanced manner," the Commission advises in the press release.

"We are pleased with the agreement of BOS's Directors to cooperate with Antiguan and Barbudan authorities to ensure the proper discharge of creditors, namely players and employees in this difficult case. As regulators, it is our responsibility to ensure that licensees operate properly at all times even under adverse conditions.

"We expect that our involvement and the cooperation of BOS will encourage the prompt payment of amounts owed to BOS by payment processors and others, so that funds can be promptly returned knowing that they will be distributed properly," said Kaye McDonald, Director of the Financial Services Regulatory Commission, Division of Gaming.

"Presently, BOS has been unable to repay customers due to cash-flow constraints, along with legal and operational interruptions. A substantial amount of monies owed to BOS by payment processors and publishers have not been repaid and it is anticipated that the oversight of the process by the Commission will give these organisations the transparency and reassurance they are seeking in order to return funds, so they may be distributed appropriately."

The announcement goes on to detail the supervisory measures planned by the Commission under an order received by the Eastern Caribbean High Court of Justice. The Commission and BOS Directors will be communicating with all account debtors directly. After evaluating, and verifying the obligations to creditors of BOS, these funds will then be paid in the legally prescribed order by the Commission.

BoS director Clive Archer said: "We are pleased to be working with the FSRC to ensure that customers, staff and other creditors receive the money they are owed. We have been hampered by the slow return of funds owed to us and we hope that this process will give debtors the reassurance they need to swiftly pay, so that our creditors including our customers and staff can be paid.

"It is extremely sad that such a great business has been destroyed in this fashion but we are committed to ensuring to the best of our ability that it ends properly. We are happy to cooperate with the supportive staff of the FSRC and believe that they are best suited, as the regulatory authority to ensure that all are treated fairly. We know that the business is all about customers and staff and we want to ensure they are properly looked after."

Online Casino News courtesy of InfoPowa

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