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Parent Company Lost Hope

Lasseters Corporation officially closed one more of its operations last week with the announcement that the company’s online casino gambling site would now no longer accept bets and wagers, effective immediately. Lasseters Corporation is a subsidiary of Lasseters International and the although the Corporation asked for help from the parent company, reluctant support from Lasseters International forced the subsidiary to close its doors on the internet gambling site. The problem is, the sites run by Lasseters Corporation generated a huge A$15.5 million dollar loss last year and the online casino gambling company found the task of coming back from that loss too difficult; interestingly the sportsbetting side of the company remains up and running at present and there were no indications that Lasseters plans to close those doors in the coming weeks.

The decision was tough for the online caisno gambling group because executives and auditors at Lasseters Corporation were forced to make a decision on the long-term viability of the company if the parent company chose not to offer up additional capital. The online casino gambling division was hit particularly hard over the past two years because of the US’s UIGEA. Add to that increased competition in Australia and the global market and the internet gambling company was facing an uphill battle.

A report from Lasseters Corp. noted elaborated on the decision to stop accepting bets, “The online casino has suffered continuous losses and faces numerous constraints, resulting in the company's online casino not being able to remain competitive.” Lasseters was well-established in the industry and had been in operation for nine years.