BetOnSports suffers final loss
Posted by Carl Barnett on 04 Feb 2010 at 16:02
An online gambling site that has been shut down has been ordered to pay fines that run into millions of dollars.
BetOnSports.com have been put on probation and ordered to pay a fine of over $28 million, but lawyers on both sides of the dispute agree that the money will probably never be seen.
The founder of the company, Gary Kaplan, was last month sentenced to 51 months in prison, and he agreed at the time to give up over $46 million.
As regards the charges laid against him, Kaplan pleaded guilty to conspiracy, racketeering, conspiracy and violation of the Wire Wager act.
A federal judge slapped the fine on the company, and ordered probation of five years.
It soon became apparent, however, that the company cannot gather together such an amount, since it is a much higher figure than the combined assets the company has control of.
In addition to this problem, the lawyer for the company made it clear that the company still owes US customers a figure that stands at around $7 million.
The company once held the honour of being one of the world’s largest offshore online gambling concerns.
