Sportingbet Forfeits $33 Million in Deal With U.S. Prosecutors - Bloomberg

Sportingbet Forfeits $33 Million in Deal With U.S. Prosecutors - Bloomberg: "Sportingbet Plc rose after the U.K.-listed online betting company reached a non-prosecution agreement with U.S. authorities that would have it forfeit $33 million for its American Internet gambling operations between 1998 and 2006.
Chief Executive Officer Andrew McIver said the step should make it easier for the Guernsey-based company to raise funds, make acquisitions, and resume operations in the U.S. if it legalizes Web gambling. Shares rose as much as 16 percent.
Sportingbet and PartyGaming Plc are the only European online gambling companies to have signed agreements to avoid prosecution by the U.S. Sportingbet agreed to cooperate with the Federal Bureau of Investigation and a continuing probe by the Manhattan U.S. Attorney’s office, according to the agreement.
“It removes an overhang from the company,” McIver said in a telephone interview. “We exited the U.S. in October 2006. It’s putting the last of that to bed.”"

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