|Antiguan financial regulators will help online gambling company BetOnSports PLC collect its debts to pay bettors and employees, the Caribbean nation's government has announced.|
The struggling British-based gambling company's debtors will be compensated since BetOnSports has been unable to repay its customers due to cash-flow problems, the Monday statement said.
Clive Archer, BetOnSports director, said the company has been hampered by the 'slow return of funds owed to us and we hope that this process will give debtors the reassurance they need to swiftly pay.'
The British company said in August that it planned to stop operating in Costa Rica and Antigua – from where it accepted wagers from tens of thousands of customers in the US – following a US federal court order for the company to stop taking bets from the country and return deposits paid by American bettors.
In July, the company's former chief executive David Carruthers was arrested at a Texas airport. A 22-count indictment has been filed against him in St. Louis, Missouri, alleging fraud and racketeering against the company.
Several European-based online gaming companies collapsed immediately after the US decision to make it illegal for banks and credit card companies to settle payments to online gambling sites. PartyGaming PLC, the world's largest gambling company, and BetOnSports were among the others to suspend all real money gambling activities to customers in the United States.