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Bet on Sports Faces Bankruptcy at U.S. Federal Court Level
With the new decision of the U.S. district court to extend the restraining order on Bet on Sports, the betting company is facing bankruptcy.
The closing down of the U.S betting and casino gambling operations cost company stock 80%. In addition, the bettors demanding their refunds and stockholders are likely to sue the company which faces downright turmoil.
Analysts and Bet on Sports depositors awaited the result of last Monday's hearing on the restraining order extension issue.
Judge Carol Jackson of St. Louis Court claimed that she is extending the restraining order to give U.S. prosecutors time to notify Bet on Sports that it currently faces charges at the U.S. federal court level.
Up till then, Bet on Sports had snubbed the hearings in St. Louis in regards to the restraining order. Meanwhile, around 50,000 to 70,000 bettors of Bet on Sports have been demanding the return of their deposits.
TheOnlineWire.com will be meeting with other gaming representatives on Tuesday to look for common solutions for players that are currently affected by the shut down of Bet on Sports' operations.
Other sports betting companies are willing to help with relief plans in favor of the players, but the concept of all the players being aided remains in doubt.
15 February 2007
News Submitted by:
Jessica Kellerman
