Gambling News by Gambling Headquarters

AUSTRALIAN online gaming company Betcorp has suspended its United States operations after the enactment there of restrictions that effectively ban some forms of internet betting. Melbourne-based Betcorp said it had suspended its US operations after the Unlawful Internet Gambling Enforcement Act of 2006 was signed into law by US President George Bush. The act makes it illegal for US banks and credit card companies either to take payments from or make payments to online gambling sites. Betcorp said it had "suspended the accounts of United States residents with immediate effect", in response to the enactment of the new gambling regulations. "The group continues to trade with residents of 87 other countries in which it has customers," the company said. The company is also listed on the London Stock Exchange's small cap AIM exchange, and is set to delist from the Australian exchange this month in order to concentrate on its British operations. Betcorp said it was "unable to sell its US operations prior to the act coming into force", given that both the ASX listing rules and AIM's rules require that any such transaction be conditional upon shareholder approval. Last month, Betcorp decided to stop accepting telephone bets from US customers, citing regulatory uncertainty.