The online betting group has sold its US facing operations for the nominal sum of $1, with the buyer taking on liabilities of $13.2m, presumably deposits from punters.
The company estimates that the sale has saved it approximately $14 million in severance and closure costs.
Andrew McIver, Chief Executive designate, commented: “We are saddened to have to dispose of such a fantastic business as a result of political actions in the US Congress. The sale, however, prevents significant closure costs which would have been both expensive and time consuming.”
“It also preserves the employment of those of our colleagues who have worked so hard to build the US operations into the highly profitable business it is today. Sportingbet will now focus on developing its business in other key markets of the world.”
The continuing operations of Sportingbet will consist of the group\’s existing European sports, casino and poker business, the Australian sports business and the non-US business of Paradise Poker.
In other news, the management team of Sportsbook.com has announced its successful leveraged management buyout of sportsbook.com and other US facing brands from Sportingbet Plc. Sportsbook.com will now operate as a private company with offices in Ireland, Antigua, Canada and Costa Rica.
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