Internet gambling group in administration
Antigua-based World Gaming, the online gambling group, has gone into administration, just before a law that would bar it operating in the US was due to be passed. The company had its shares suspended on the Alternative Investment Market and four of its top directors, including chief financial officer David Naismith, and chief executive Daniel Moran, have resigned. US business made up the 'overwhelming majority' of revenues, the firm said. The new bill, signed by President Bush on Friday, effectively makes it illegal to accept bets from US customers. World Gaming - which traded under sites including sportsbetting.com and betonusa.com - is the first betting firm to collapse as a result of the law.
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