Sportingbet sells for a buck

Sportingbet pre-empted expected broad restrictions on gambling sites in the Unlawful Internet Gambling Enforcement Act by selling its US operations for the price of a one-drink tip to an American bartender. It also discharged $13.2 million worth of liabilities in anticipation of George W. signing off the act today to protect citizens' morals' and domestic gaming American businesses.

"We are saddened to have to dispose of such a fantastic business as a result of political actions in the US Congress," said Sportingbet chief executive designate Andy McIver in a statement.

You bet, except in the US, that they're sad about this because a ton of the company's value has just gone down the river courtesy of meddling intermediaries keen to protect the morals of citizens.

The exits of Sportingbet and others from the US market is the final hand being dealt in a session that started with the arrest of BetOnSports chief executive David Carruthers in a US airport in July and led directly to participants losing billions of dollars in value.

A question for US readers then: aren't you in favour of global capitalism these days? µ