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Liquidating an Online Casino

The liquidation company for BetonSports, Vantis plc is now encouraging any former BetonSports players to come forward as soon as possible if they are owed any money by the company. BetonSports was shut down as a result of several senior executives at the company either already arrested, or facing arrest if they step on U.S. soil. The United States cracked down on illegal online casino gambling operations in late 2006, but the BetonSports saga actually predates the UIGEA by several months. The U.S.’s problem with BetonSports comes from the fact that the online casino gambling group was not only illegally operating in the U.S., but also on a variety of other criminal charges related to racketeering and the such.

Vantis has spent more than six months now wading through the mess that is the BetonSports online casino gambling group, and at this stage of the game the company’s finances leave much to be desired. BetonSports’ finances right now are not enough to cover all of the company’s owed monies. According to Vantis, BetonSports owes gamblers at the former BetonSports online casinos multiple millions in account balances. A statement from Vantis noted, "A statement of the company's assets and liabilities provided by the Betonsports board of directors in February 2007, seven months prior to our involvement, shows assets of the company of $10million, and liabilities of $26.9million. Although the liabilities figure includes betters/players/customers balances of $6.8million, we now know that these players are owed over $15.8million (as per the company's database).”

BetonSports was financially stable when the former founder and CEO placed under arrest in Louisiana – and after the company’s U.S. facing online casino operations were shut down, the company was inundated with the related costs. Now that Vantis is working on fully liquidating the company (at the request of the Antigua Gaming Board), the company is asking that all players owed monies from the company file a claim immediately. There are still millions owed to online gamblers who have yet to file a claim, and the offer of compensation will only be on the table for a specific period of time – after that point players will lose the opportunity.