VIRTUAL CASINO NEWS

After the passing into law of the Unlawful Internet Gambling Enforcement Act (UIGEA) on October 13, Betcorp decided to sell its entire online gambling infrastructures in Toronto and Antigua to Bodog Entertainment Group SA for $11 million.

Betcorp took the decision to remove the company from the US market entirely, which means the 85 percent less of the company’s total online gambling revenue.

In the last few days Betcorp had to suspend all players accounts of United States players in response to the new law signed by President Goerge W.Bush and the company stock has fallen 77% in less than five days. Betcorp is only one of a high number of public companies in the online gambling industry that have seen their share prices and values dramatically decrease in the last few weeks.

The company is expected to receive a cash consideration of $9 million from Bodog.com, the giant Costa Rica-based company founded by Calvin Ayre.

As written by Casino City’s reporter Bradley Vallerius, many online gambling operators could change their software platforms to provide their services to players located in the United States.
In the light of the Unlawful Internet Gambling Enforcement Act (UIGEA), some gaming software companies like Playtech, Cryptologic, Boss Media and Ongame have announced their platforms can no longer take bets from US people. Some operators like Golden Palace and Full Contact Poker have a high US presence and they may need to switch to another software provider that would allow players from United States.

Full Contact Poker has already announced they will leave the Ongame poker network and they are in discussion with another software company.