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BetonSports CEO Detained in US

17 Jul 2006

UNITED STATES – As reported by Bloomberg: "Betonsports Plc, a London-based Web gambling company licensed in jurisdictions including Antigua, said Chief Executive Officer David Carruthers was detained in the U.S. The shares dropped as much as 24 percent.

"The company is working to clarify the grounds on which the CEO was held by federal authorities as he changed planes, a Regulatory News Service statement released today shows. He was traveling to Costa Rica from the U.K., said Betonsports, which gets most of its business from running a book on sports including American football and also offers Internet casino games and poker.

"…The shares slid as much as 35 pence to 112 pence in London and were down 12 percent at 130 pence at 2:31 p.m. local time. Sportingbet, the Web bookmaker that owns Paradise Poker, declined 43.5 pence, or 13 percent, to 280.75 pence. PartyGaming Plc, the largest Internet poker company, dropped 4.5 pence, or 4.1 percent, to 104.5 pence.

"…Carruthers worked for about 25 years at bookmaker Ladbrokes before joining Betonsports in June 2000. The company raised 54.6 million pounds in an initial public offering in July 2004 and has expanded with acquisitions as well as signups of new customers..."

 
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