Sportingbet takes hit after American exit

Paradise Poker firm Sportingbet today revealed first-quarter losses of £241.4m (€357.6m) after selling its US business for $1.

Paradise Poker firm Sportingbet today revealed first-quarter losses of £241.4m (€357.6m) after selling its US business for $1.

The firm took an exceptional charge of £252.4m (€374m) in first quarter figures, following the disposal of its US sports betting and casino operation just hours before President Bush approved a law banning internet cash gaming.

The company added in the results that it was disappointed with the lack of support the industry received from the UK government prior to the law coming into force.

It also said there had been “little real progress” in defining a framework that would encourage online gaming firms to base themselves in the UK.

Despite the issues, said its ongoing European and Australian businesses and the non-US element of Paradise Poker had traded well.

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