|A senior aide to Conservative leader David Cameron is facing an uncertain financial future of his own after previously boasting that US authorities had 'totally failed' to prevent his online betting firm making millions in America.|
Tory peer Lord Glentoran is a non-executive director of BetOnSports, which decided to abandon its lucrative American operations on Friday, following the arrest and subsequent impounding of former CEO David Carruthers. Lord Glentoran and his wife, Lady Glentoran, now stand to lose the majority of their shares in the company, which were at an estimated £50,000, with some City insiders forecasting the likely collapse of the firm.
Lord Glentoran, Shadow Minister for Northern Ireland, told a Lords debate in February that 'Over 75 per cent of betting today takes place on the internet and our company (BetOnSports) gets over 70 per cent of its betting revenue from the US, although it is illegal to use telephone wires to bet. The Americans have been trying for a long time to enforce their regulations and they have totally and absolutely failed.'
Lord Glentoran, an Olympic bobsleigh winner in 1964, was one of three directors who fired Scots-born Carruthers days after his arrest, which sent the value of online gaming firms crashing by £600million. Lord Glentoran was unavailable for comment.