BusinessBusiness RecoveryInternet gambling group in administration

Internet gambling group in administration

AIM-listed company collapses on eve of new US anti-betting laws

Antigua-based World Gaming, the online gambling group, has gone into
administration, just before a law that would bar it operating in the US was due
to be passed.

The company had its shares suspended on the Alternative Investment Market and
four of its top directors, including chief financial officer David Naismith, and
chief executive Daniel Moran, have resigned.

US business made up the ‘overwhelming majority’ of revenues, the firm said.

The new bill, signed by President Bush on Friday, effectively makes it
illegal to accept bets from US customers.

World Gaming – which traded under sites including sportsbetting.com and
betonusa.com – is the first betting firm to collapse as a result of the law.

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