Sportingbet Settles For Nearly One Quarter of PartyGaming Forfeiture Deal
Sportingbet has settled with the US Justice Department for just $30 million in an agreement deal entered into late Monday. Contrast that with the $105 million that will be paid out by competing online gambling firm PartyGaming.
The father and son tandem of Barry and Stuart Slotnick represented Sportingbet.
Stuart Slotnick spoke to Gambling911.com late Monday.
“As legal counsel for Sportingbet we tried to get them the best deal,” Slotnick said. “The market will look at the number positively. It is a great settlement and Sportingbet can now move forward without fear of prosecution.”
The deal is non-binding with the states, however.
In 2006, Sportingbet Chairman Peter Dicks was stopped and subsequently arrested at New York’s JFK Airport for an outstanding arrest warrant issued by the state of Louisiana. Authorities there claimed that Sportingbet had illegally targeted citizens of that state. Dicks was quickly released by New York authorities, who refused to have him extradited to Louisiana. He later settled with authorities in that state.
Should something similar occur in the future, Slotnick noted that “the Department of Justice would bring to the state’s attention that they entered into this agreement.”
And the non-prosecution agreement paves the way for Sportingbet to enter the U.S. online gambling market.
Gambling911.com obtained a copy of the agreement which reads:
“Nothing in this agreement shall prevent Sportingbet from offering Internet gambling services in the U.S. should the law subsequently be changed to allow this.”
Slotnick added: “This was overly prolonged and very tough negotiations with the Department of Justice and we are satisfied with the outcome.”
Christopher Costigan, Gambling911.com PublisherSubmitted by C Costigan on Mon, 09/20/2010 - 20:18 -->