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The Whole of the Saga

BetonSports has made quite a name for itself over the past several years – and not in a good way actually. The US Department of Justice has really come down hard on the former online casino offshore sports betting company and has put forth a lot of effort in jailing and now prosecuting the founder and the former CEO of the debunk internet betting company. BetonSports actually collapsed just the summer before the US government passed the controversial UIGEA and the collapse of the business cost US gamblers millions. The fact that BetonSports was unable to payout winning and wagers to gamblers is the brunt of the reason that the gambling company is in the hot seat.

There were a lot of online casinos and offshore gaming companies prior to the UIGEA but none of these companies collapsed in the market leaving US gamblers up the creek without a paddle. BetonSports however has a history of rich and rapid growth in the months and years leading up to the collapse. Kaplan has been involved in the offshore US online betting and gambling industry for years before BetonSports was founded and took off in the US market. The company was based out of Costa Rica and the key market was definitely US online casino gamblers. BetonSports made nearly US $1 billion in revenue as of 2004 from the more than $10 billion in bets that US gamblers were placing through the internet and telephone betting channels.

Just before the company collapsed BetonSports put up a public offering on the London Alternative Investment Market in a successful attempt to raise $100 million. But once the company collapsed there was no sign of that money and US online casino bettors were left without their money and winnings. Estimations indicate that the company owed US gamblers between US $7 million and US $20 million. That money will now be repaid to US gamblers from the $43.6 million that Kaplan agreed to forfeit.