Anyone holding these? Evil K drove the price right down and now they seem to be recovering---are they worth considering now they seem to have sorted out their finances?

Consolidation may therefore be an arguement for hanging on to your stock instead of realising a big loss.
Fortunately, I sold most of my SBT before the bad news, but still hold some. If they were to be re-issued as ?????? (Maybe 888) then that would not be such a bad outcome. So long as they don't become worthless, of course, which is another possibilty, though unlikely imo.

Things are about to get a whole lot better with the US banks on our side!

'The Independent Community Bankers of America (ICBA), a leading trade group in Washington D.C., is fighting against the proposed law that would block electronic transfers between U.S. gamblers and Internet casinos, Onlinecasinocrawler.com has learned.

"ICBA recognizes the concerns that some of your colleagues have raised about Internet gambling," a spokesman for ICBA said. "We urge Congress to recognize that the nation's banks have already taken on major responsibilities to help detect and prevent terrorist financing and illegal money laundering. Attempting to monitor and block gambling transactions, particularly given the limits of the current payment technology, could detract from those efforts."


A letter voicing these, and other, concerns, was presented to Senate Banking Committee Chairman Richard Shelby (R-Ala.) and Senate Judiciary Chairman Arlen Specter (R-Pa.). A copy of which was provided to Onlinecasinocrawler.com

The association said that smaller banks simply do not have the capability to stop gamblers from using paper-checks to move money into gambling accounts. The proposed law might require them to do so, however.

Although the Internet Gambling Prohibition and Enforcement Act (IGPEA) would require more regulation of banks, the Federal Reserve and the Treasury Department would have to devise a way to make complying with the law not overly burdensome, said Rep. Jim Leach (R-Iowa), sponsor of the bill in the U.S. House of Representatives.

Constant Updates

Banks, if the law was passed, would need a continually updated lists of names of online casino operations to comply with the law, somewhat akin to what is done to monitor payments to alleged terrorist organizations and would-be drug dealers.

According to the ICBA, unlike credit card transactions, which include a code that identifies the type of business receiving payment, uncoded transactions -- electronic payments and personal checks -- don't provide this information. Though it's feasible to monitor and block certain types of credit card transactions, a bank cant do so with completely uncoded transactions.


Another reason the ICBA opposes the bill is that the legislation will subject banks and electronic processors to criminal liability for routine processing of financial transactions which today is their core business operation'

Lots of buys after the bell today, perhaps tomorrow we will find out why.

could very easily be bears locking in profits

why don't they investigate put options a few days before 911...i bet Frist had a few on airline stocks along with Bush and his cronies

maestro - Let go mate! It will only eat you up inside!!!

Daily Telegraph - 05/10/2006

Credit card punters face online betting ban - By Simon Goodley


Millions of UK credit card users could be blocked from betting online in the wake of the US Congress passing laws curbing payments for internet gambling in America. Two of the UK's most popular credit cards - MBNA and Capital One - have refused to rule out barring customers from gaming sites.

The news emerged after weekend moves to outlaw payments to online gambling sites by US-based banks and credit card firms - a development that saw the value of online gambling companies listed in London drop by 3.5bn on Monday.

APACS, the payment industry's trade association, predicted that some American companies operating in the UK could now look to impose a ban.

"They may take the decision because of corporate structure, if a chief executive knows that he risks arrest next time he steps off a plane in the US," said Sandra Quinn, the director of corporate communications for APACS.

A spokesman for MBNA, which has seven million credit cards out of a total British market of 69.9m, declined to rule out a policy change. "We're watching the developments in the US regarding the new legislation. It is a bit too early to say anything at the moment, but we will keep an eye on it," he said.

Meanwhile, Capital One, which has headquarters in Falls Church, Virginia, and has more than four million UK customers, said it was unable to make a comment, although Morgan Stanley insisted it had no plans to introduce a ban.

Despite online betting being completely legal in the UK, American Express blocked its card holders from placing online bets 10 years ago. Citibank followed lead two years ago when it justified its actions by saying it was applying "best practice established by Citi Cards in the US".

At the time, it added: "We believe that our action will help limit potential risks of fraud, money laundering and the often undesirable financial impact that gambling on credit may have on individuals, and is therefore in the best interests of Citi Cards UK and its customers."

Nice rise in the sp today, after large buys after the bell yesterday.
Oversold and the market getting back in with the mm's winners again.

False spike. Fund managers still to sell.

The market is starting to consolidate already.
UKB have been approached by someone. Could be SBT, PRTY or 888.

Looks like UKB and SBT have both been approached, since their sp both up by 12%.
When will SBT advise the market of this bid, RNS later today?

Nearly all gaming stocks are up today. GGK up 25%.
It's just speculation not necessarily confirmed approaches.

Looks like SBT is fighting back:

'Sportingbet chief executive Nigel Payne has been in Antigua since Tuesday afternoon and is understood to be meeting the Antiguan authorities to discuss the US legislation. Sportingbet has a licence in Antigua, which allows it to operate servers and customer support in Costa Rica for its US customers.'

Enjoy the ride today.

Better rise then expected, huge volumn today, somethings brewing?
Sould get good coverage in this weekends press

got a buy rec. on Tom W's new show today!!

Worth a read :

http://www.cardplayer.com/poker_news/news_story/1446?class=PokerNews

An interesting read, but the upshot is still the same. It will be very difficult for most people in the US to play online poker etc. There has been plenty of warning about the impending legislation (more than a year). It should be no surprise that stocks like SBT will need serious revaluing. SBT and similar stocks have plenty to fall yet.

sunday times online today announces that labour bids to put uk at teh heart of online gambling. Sportingbet have received takeover approaches for their us business. The firm have been contacted by several people wanting to buy its us operations, although a sales is not the only options been considers. Have a look there is more. Sorry I do not know how to download this article on to this thread. Good luck to all who still hold. Peter just out of interest did you buy yours back at a much lower price? Cynic I will be in touch later about the cfd details.

pity they didn't buy them before all the fuss...anyone would have thought they did it on purpose to get the prices down...surely christian loving yanks wouldn't be so devious?

Here is the Times artical, I'm looking forward to Monday!

The Sunday Times
October 08, 2006

Labour bids to put UK at heart of online gambling
Dipesh Gadher and Matthew Goodman

PLANS to turn Britain into a world leader in internet gambling have been drawn up by ministers, according to internal Whitehall documents.
In stark contrast to America, where online gambling has in effect been outlawed, ministers want to attract offshore companies to Britain.

New legislation will lift the current ban on online gaming businesses in Britain from next year. But documents obtained under the Freedom of Information Act reveal that a government charm offensive is well under way. They show that the Department for Culture, Media and Sport (DCMS), has lobbied the Treasury on behalf of online betting and gaming firms to introduce a favourable tax regime.

Over the past two years, ministers and officials at the department have met representatives of the internet gambling industry on 26 occasions.

In July, Richard Caborn, the minister in charge of gambling, travelled at taxpayers expense to Gibraltar, the headquarters of Party Gaming and 888.com. At the end of the month, Tessa Jowell, the culture secretary, will host an international summit of politicians at Ascot racecourse to discuss regulatory standards.

Officials from the United Nations, the European Commission and the major credit card companies have been invited.

The governments desire to take the lead in the online gambling sector is spelt out in a briefing note written for Caborn before a meeting in July last year with Mark Davies, managing director of Betfair, the online betting exchange.

The note says: It is government-wide policy, and that includes HMT (Her Majestys Treasury), that Britain should become a world leader in the field of online gambling, in order to provide our citizens with the opportunity to gambling (sic) in a safe, well-regulated environment.

The meeting took place as the Treasury was deciding a new tax regime for online betting exchanges, which are already allowed to operate onshore. Although bookmakers, such as Ladbrokes and William Hill, were arguing that online companies should pay higher rates of tax, Davies told Caborn such a move would kill Betfair.

Six months later, the chancellor announced a 15% tax on gross profits for online operators the same regime that applies to traditional bookmakers. The move apparently delighted Betfair, according to another DCMS document.

Documents released by the Treasury under the Freedom of Information Act showed officials are considering ways to attract betting firms.

Briefing notes for one speech said: The industry needs clarity on taxation issues, as this is a crucial factor shaping investment and location decisions, especially for remote operators.

Luring online poker and casino firms into Britain may prove difficult. The industry has told Caborn that anything more than a 2% tax on gross profits would be unacceptable. Some companies have asked the government to consider a system of secondary licensing, which would give them the British regulatory stamp of approval while retaining the tax benefits of remaining offshore.

Sportingbet, whose shares fell 64% last Monday in the wake of the new American law, has received takeover approaches for its US business.
The company has commissioned legal opinions to determine the impact of the American legislation.

The firm has been contacted by several people wanting to buy its US operations, although a sale is not the only option being considered.

Source: http://www.timesonline.co.uk/article/0,,2095-2393518.html