BusinessCompany NewsUS pullout costs SportingBet £310m

US pullout costs SportingBet £310m

Online gaming firm discloses massive write-down as the effect of US clampdown on overseas companies hits home

Sportingbet has announced a write-down of £310m directly relating to its
forced pullout from the US.

The company disclosed the figures in its final results, which showed that it
still generated revenues of almost £1.1bn, excluding discontinued operations.

The £310.4m write-down resulted from impairment losses connected with the
disposal of its US business, reorganisation costs and goodwill impairment of its
US-facing sports betting and casino business.

UK gaming companies were cut off from the lucrative American market after the
Unlawful Internet Gambling Enforcement Act was passed by US Congress last year.

Further reading:

Baker
Tilly joins bid to overturn US online gaming ban

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