HOPE AT LAST FOR BETONSPORTS PLAYERS

19 October 2007

Crippled company gains access to Antigua-Barbuda funds


Bloomberg business news reports that Betonsports plc, the British Internet sportsbook that pleaded guilty to a US racketeering conspiracy charge, may be able to pay off some creditors after a court in Antigua and Barbuda unfroze the company's assets in that country this week.

The court lifted an order barring the removal of any Betonsports' funds from the Caribbean nation, according to court papers filed in St Louis federal court in the United States. The London-based company pleaded guilty May 24 and agreed to furnish evidence against its founder, Gary Kaplan, and 11 co-defendants.

Betonsports took in wagers in 2004 totaling $1.25 billion, 98 percent of which were allegedly sports bets placed by US gamblers using Betonsports' websites and US phone lines, prosecutors claimed. The company agreed to repay money owed to bettors as part of its plea agreement.

"The Antiguan court order creates the possibility that funds may be collected from the debtors of Betonsports which then could be used to repay some or all of the United States customers at least a portion of their claims," Betonsports attorney Jeffrey Demerath said in court papers.

Sentencing of the company was postponed to June 23 after Demerath petitioned for a delay. He argued for the continuance because it will take months to contact the creditors and verify their claims, he said. The Antiguan court ruling was included in an October 5 US court filing.

US District Judge Carol Jackson on Wednesday ordered Betonsports to file court reports on the status of the collection process starting December 20 and continuing every 60 days.

Online Casino News courtesy of InfoPowa