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BetonSports Hit by US Crackdown

24 Nov 2004

UNITED STATES – As reported by the UK Evening Standard: "BetonSports, the online gambling group, today became the third company recently floated by stockbroker Evolution Beeson Gregory to suffer a major share price slump.

"…Today, Betonsports, which raised nearly £55m at flotation in July, issued a major profit warning that triggered a 51% slump in the share price. Floated at 140p, today it fell 81 1/2p to 79p.

"Betonsports said a government crackdown on gambling in the US had caused radio stations to cancel about $10m-worth (£5.3m) of its advertising campaigns during the crucial American football season now under way.

"The Costa Rica-based firm does most of its business in the US, where running a betting book is illegal, although gambling is not. The Bush government has been attempting to stamp out this anomoly by encouraging the media, especially radio stations, not to air gambling ads…"

 
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