BetCorp to Stop U.S Betting Services and Expand European Operations

BetCorp announced that it has stopped accepting phone bets from U.S. residents. The company said that it is analyzing U.S. betting businesses in the midst of the racketeering and tax evasion charges that plague its rival, Bet on Sports.

The U.S. betting market comprises 85% of the company's revenues and 9% of total bets.

Chief Executive, Colin Walker, stated that the company continues to monitor its American business and the ongoing ambiguity of internet gambling. Mr. Walker further stated that BetCorp has a license from Antigua.

BetCorp's shares dropped 40% after the arrest of David Carruthers, former CEO of Bet on Sports, in Texas last month.

Mr. Walker claims that BetCorp is taking the necessary precautions to minimize legal risks in association with the Asian market.

Despite the cancellation of betting operations in the U.S., Mr. Walker said that BetCorp is still income generative and intends to expand its market outside of the United States by focusing on the European gambling market.

According to the company, only a handful of employees will lose their jobs due to the end put to phone bets from U.S. residents. Nonetheless, the company expects to see overall profitability.

12 February 2007
News Submitted by:
Jack Silverman

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