Sportingbet plc Announces Resignation Of Two Of Its Board Members

According to recent business reports to be found in the British media,  Sportingbet plc founder Mark Blandford is making a surprise departure from the board of directors, taking with him another director, Bob Holt.

Sportingbet plc CEO Andrew McIver stated in a somewhat bland statement regarding the move, that the company is continuing to advance company efficiencies through an agreement to reduce board size.

The company announced that the two board members, Blandford and Holt will be pursing other business interests.

A senior independent director Sean O'Connor, is said to be taking over the position of chairman of the audit committee, the job that had previously been held by Holt. These changes are to take place immediately.

When Congress added a provision to a bill directed toward the improvement of port security last fall, the United States government in effect put an end to online gambling. The new provision makes it against the law for credit card companies or banks to handle payments directed toward online gambling sites. On October 14th of last year the bill was signed into law by President Bush.

This put an end to the most lucrative market in a worldwide market valid at over $15.5 billion last year alone with regard to money spent by online gamblers in the form of losses to online gaming operations.

While a number of European located online gambling companies have already had to close as the result of this measure, others are still suffering from the cost to them incurred when they had to remove themselves from the United States market. Leisure & Gaming PLC and Sportingbet plc are examples of two companies that were forced to sell their U.S. operations for a token payment of $1.

Following his September 9th detainment in New York, sixty-four year old Peter Dicks, resigned as Sportingbet's non-executive chairman. Upon his entrance into the countrym the New York customs officials turned up an outstanding warrant against him that had been issued covertly by the Louisiana State Police Gaming Enforcement Division. The warrant, which had been issued the previous May, charged Dicks with gambling by computer. This is a felony charge that is punishable by up to five years in prison and a $25 000 fine. When the New York authorities later refused to recognize extradition procedures on the part of Louisiana authorities, he was released.

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