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Thursday 12th October 2006

Online Casino Ceases US Trading

Betcorp Limited has become the latest casino to join the flood UK-listed online gaming firms planning to shut down their US operations, once a bill outlawing web-based gaming becomes law.

Betcorp, which owns casino, poker and sports gambling websites, issued a statement saying: ' The Board has concluded that, if the Act is signed into law by the US President as presently drafted, the Group will no longer be able to accept funds transfers from customers resident in the United States.’

Given that the US accounts for over 90 percent of revenues, Betcorp warned that the legislation left it facing a 'very material adverse impact' on future earnings.

Betcorp's shares lost half their value last Tuesday on news of the ban, mirroring the rest of the sector.

Source: OnlineCasinoNews

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