Online betting firms exit US for $2
Published October 14th, 2006
Online gaming firm Sportingbet has sold most of its US business for $1 (53p) hours before a law was passed outlawing internet gambling across the country.
Rival Leisure & Gaming has followed suit, selling its US operation to a new firm set up by its chief executive.
But the firm said the deal may breach market rules and the London Stock Exchange has launched an investigation.
On Friday, President Bush signed into law an act making it a crime to accept proceeds from online gaming.
Investors took the signing of the bill badly, with shares in gaming firms - which have been devastated since the law was announced - continuing to fall.
Sportingbet lost 10% of its value on Friday while its rival Partygaming saw its stocks slip 4.5%.
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