Sportingbet Chairman Arrested

[Santo]

Sept. 7 (Bloomberg) -- Sportingbet Plc said Chairman Peter Dicks has been detained by U.S. authorities, the second time in less than two months that a manager of a U.K. Internet sports- betting company has been held.

The London-based company, which owns Paradise Poker, made the announcement today in a Regulatory News Service statement after requesting a suspension of its shares. A company spokesman said he couldn't make any further comment.

Sportingbet stock slid 44 percent in two days in July after David Carruthers, then the chief executive officer of U.K. Web bookmaker Betonsports Plc, was held and charged with crimes including racketeering and fraud. The U.S. government views online gambling as illegal under a 1961 law that bars the use of telephone lines to make interstate wagers.

Shares of PartyGaming Plc, the world's biggest Web poker company, slid as much as 22.5 pence, or 19 percent, to 94.75 pence in London today and were down 10 percent at 105 pence at 11:20 a.m. local time. Stock in 888 Holdings Plc, the largest online casino operator, slid 26 pence, or 15 percent, to 145 pence.

[jjgold]

Its getting scary now

[chano]

The offshore Industry is officially unstable. Get out now. Do not leave your money offshore , you are truelly gambling if you do. BEWARE!!!

[Santo]

It's only unstable if you're dumb enough to fly to the US..

[Hulu]

This is getting a bit scary. If anything though...this will now get the poker player organizations involved a bit more and they must be quite a force by now with the recent popularity of online poker.

[chano]

How would you feel if you had any funds in Sportingbet Plc. What do you think is going to happen to them? Sit back and watch the fireworks go off. The U.S. means business. Did you think it was only for BOS ?

[Santo]

I often have funds in Sportingbet, but do not currently. I know many people who have.. TBH I would be surprised if SBT. went the route of BOS and shut down.. very surprised, they've seen there's nothing to be gained going down that route.

I would expect them to continue as they were, and challenge the US's juridstiction.

[LGBoots]

I often have funds in Sportingbet, but do not currently. I know many people who have.. TBH I would be surprised if SBT. went the route of BOS and shut down.. very surprised, they've seen there's nothing to be gained going down that route.

I would expect them to continue as they were, and challenge the US's juridstiction.

I agree, there is no way Sportingbet will just roll-over like BOS did. Still makes for a very unstable off-shore gaming climate though

What on earth was this guy playing at flying to the US on the opening day of the NFL season

Talk about asking for trouble

[rezster]

In the future, I suspect you will see fewer online sportsbooks taking wagers from US citizens.

[JoshW]

I have to think this won't go down like BOS. But they are a very much US customer dependent book. Obviously I would withdraw any money you have with them while you can.

Guy is arrested in Dallas on his way to Costa Rica? They don't fucking fly to Costa Rica except through Dallas? WTF

I guess he was in US on non-Sporting related business so the CR thing doesn't apply, still surprised any of them are taking risks this time of year.

[SquareShooter]

Where did all those "this won't happen" talks go?

[JoshW]

I am with you Square. All those people who cheered them going after BOS, that is your right and maybe they deserved it. And maybe you can say Sporting deserved it with its poor customer service. But if the DOJ is able to cause the two largest facing US sportsbooks to go down, the industry as a whole is royally screwed IMO. Yes people will always place bets, but if you are going to run a sportsbook, you better be happy living on whatever island or Central American country you choose and just plan to ride out indictments as they get to you.

The Paradise Poker connection might finally draw some outrage from the poker community. The DOJ likely to scared of backlash to go after FullTilt and Party.

[Santo]

I doubt that SBT. will shut down their sites, BOS proved there's nothing to gain doing that. I fully expect them to fight juridstiction..

Let's wait and see what he was charged with before we get carried away.. He wasn't going to C.R. from what I understand, he's also on the board of 1 or more NASDAQ companies..

[patswin]

Need to find out what he is being charged with...don't they have to have a reason to detain him?

[Santo]

They have to charge him at this hearing that started 40mins ago I expect. You can usually detain 1 night without charges

[Hulu]

I am thinking of starting an express airline service with daily flights from London to San Jose. I can't believe that any one of these guys would take a chance and connect through the US right now.

Maybe he was only detained for being intoxicated and obnoxious on the plane. LOL

[Brick Tamland]

It's only unstable if you're dumb enough to fly to the US..

right...how stupid is this guy??? all books know they arent suposed to be in the us but these blokes from englan are clueless

[InSpades]

I thought BOS not paying people had to do with not having enough funds. Was it directly due to the DOJ indictement?

IS

[JoshW]

InSpades, I would say it was a combination of things that took BOS doewn. Sportingbet should be in a position to pay everyone. But should doesn't mean much until players are paid.

[Santo]

right...how stupid is this guy??? all books know they arent suposed to be in the us but these blokes from englan are clueless

My problem with this is that the guy wasn't managing anything, he was purely a figurehead.. What next, will they arrest Joe Bloggs because he happens to own 0.00002% of SBT.?

It would have been like arresting Lord Glentoran from BoS. Of course had they done that there would have been a major diplomaic incident, so they didn't..

[InSpades]

It looks like I am going to decide what is more important.

Living in the United States or gambling.

IS

[Brick Tamland]

My problem with this is that the guy wasn't managing anything, he was purely a figurehead.. What next, will they arrest Joe Bloggs because he happens to own 0.00002% of SBT.?

It would have been like arresting Lord Glentoran from BoS. Of course had they done that there would have been a major diplomaic incident, so they didn't..

it doesnt matter if you clean the shit out of the compamys bathroom....if it will make enbough of a stink that stocks need to be freezed then YOU DONT GO TO THE USA

[Santo]

Agree, I was saying that's probably why he thought he was safe.. Both Cohen and Carruthers were operations guys from what I understand, rather than a figurehead.

[Justin7]

What if the DOJ gets a temporary restraining order against Paradise Poker? Orders them to stop letting US citizens game? There's no law to supoprt it, but the DOJ has routinely tried to overreach.

[Santo]

Sportingbet has no benefit by complying, so they won't imo.. they only need to look at BOS to show you get nothing positive by co-operating

[Willie Bee]

They should also arrest his parents. I mean, who in the hell names their kid Peter Dicks He should be very popular in the holding cell and eventually the Big House.

[InSpades]

I don't feel it is too much of a stretch to say that this is the beginning of the end.

IS

[Santo]

For all we know at the moment he had drugs on him ;o)

Let's not get carried away.

[LGBoots]

Peter Dicks
Non-Executive Chairman
Peter Dicks, aged 64, joined the Group in January 2000 as Sportingbet Plc's Non-Executive Chairman. Peter is the Chairman of Private Equity Investor and director of various UK and US companies including Polar Technology Trust and Standard Microsystems (NASDAQ). Previously, Peter was a founder of Abingworth Plc, which specialised in private equity investments

This from the Sportingbet PLC website.

As far as I can see this guy is on the board of numerous companies. So this arrest should not make any difference what so ever to SB continuing to operate normally

In fact the DOJ could have made a big mistake in targeting him as he is really nothing more then a 'Figurehead'.

Now we need Blair to stand up to Bush for once to stop this crap (& pigs might fly )

[Santo]

Sept. 7 (Bloomberg) -- U.S. authorities detained Sportingbet Plc Chairman Peter Dicks, the second manager of a British company to be held amid a clampdown on online gambling.

Dicks, 64, is scheduled to be charged after 6:30 p.m. in state court in Queens, New York, as a fugitive on charges related to another state, said a court clerk who declined to identify herself. A spokesman for the company declined to comment on his detention.

+100 it's Missouri?

[koko]

Why is SBR recommending that players cashout? The last thing we need in this situation is a paniced rush to cashout, when we don't even know what the charges are and/or what sportingbet plans to do.

What if this guy was wanted for drung? Or kiddie pron? You killing Joan Bennet Ramsey? Nonw of these things would have anything to do with sportingbet and required a massive rush on the sportingbet bank.

[Santo]

Warrant is from Louisiana... weird.

[Santo]

Casino City was there..

[marc]

Part of me would love to simply cashout. But I've got kids to feed. And this weekdn some of SBT's sites are offering 10%. SO lets all pray that everything is going to be ok, because I'm jumping back in. It's time to max out those credit cards again.

[LGBoots]

Part of me would love to simply cashout. But I've got kids to feed. And this weekdn some of SBT's sites are offering 10%. SO lets all pray that everything is going to be ok, because I'm jumping back in. It's time to max out those credit cards again.

I think this one will be ok. We need a Sportsbook to stand up & say 'F**k you' to the DOJ & all those idiots in congress.

I think that SportingBet will be the book to do just that