Sportingbet

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Sportingbet PLC is an e-gaming operator traded on the London Stock Exchange's Alternative Investment Market (AIM) (symbol: SBT.L), as of late September 2006 Sportingbet had a market capitalization in excess of UK£ 750m. The company's CEO is Nigel Payne.

Sportingbet operates local-focused sportsbooks plus bingo and casino sites, and the online poker cardroom, Paradise Poker. Overall, the company has over 2.5 million registered customers in 200 countries, who place over one million bets (casino, poker, sports and virtual games) per day.

Sportingbet operates several websites. The largest of these are wholly owned and operated by Sportingbet. They also uses a system similar to a franchise, in which independent website operators use Sportingbet's centralized software, financial services, grading, and customer service under license. These web sites receive a cut of the profits their customers generate.

Sportingbet acquired Paradise Poker in October 2004. Between then and January 2006, Sportingbet's share price increased more than 375%.

Sportingbet's corporate offices are located in London, England. They also have offices and call centres in the Republic of Ireland, Costa Rica, and Australia.

On September 7, 2006 SportingBet reported that its chairman, Peter Dicks, was detained in New York City on a Louisiana warrant while traveling in the United States on business unrelated to online gaming.^[1] Louisiana is one of the few states that has a specific law prohibiting gambling online. The arrest comes two months after the arrest of David Carruthers, CEO of rival betting company, BetOnSports.com. On 29 September, Dicks was released from US custody and returned to the UK. Peter Dicks has since stepped down as Chairman of Sportingbet Plc.

In March 2007, all Louisiana warrants involving the company were cancelled.^[2]

In October 2006, Sportingbet announced Paradise Poker would stop taking deposits from US customers, although most would be allowed to continue to play for another month.^[3] Additionally, Sportingbet sold all its US-facing sportsbetting and casino businesses, including Sportsbook.com and Sports.com, to a group of private investors for $1, and an assumption of $13.2 million in debts.^[4]

In February 2007, Sportingbet announced it was eliminating its Paradise Poker software and migrating players from there to its Sportingbet Poker platform. Prior to this, the two platforms had approximately the same number of players, but the Sportingbet platform had higher liquidity because that platform was part of a larger network. The brand name of Paradise Poker will be retained.^[5]