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TOW Industry Newswire
4/7/2007
Antigua's BETonSPORTS license in "good standing" despite insolvency
Antigua's BETonSPORTS license in "good standing" despite insolvencyThe hype caused by Antigua's recent victory on its WTO appeal against the United States is probably undeserved given Antigua's Gaming officials inability to have their licensees comply with allegedly binding regulations.
As to April 7 2007 BoS Antigua Ltd (BETonSPORTS) is listed on the Antigua Gaming web site as "active licensee", thus license holder in good standing.
“We are monitoring the situation very, very closely and we are going to be making recommendations to the board, so we can institute the appropriate remedial action if we find that BOS is in defalcation of the Act.” McDonald told the Antigua Sun at the end of November 2006.
"The Financial Services Regulatory Commission posted a Regulatory Notice to BOS (Antigua) Ltd. stating that in principle and accordance to the Interactive Wagering & Interactive Gaming Regulations 123 and its subsections, those customers or holders of accounts must have access to their account balances at all times." Cliff L. Williams, Regulatory Department Manager of the Antigua Directorate of Offshore Gaming said in a note to those players who lodged a complaint with the Antigua gaming commission.
"However, it has been recognized that BOS (Antigua) Ltd. is not in compliance with the Regulations." Williams added in his note to players, openly contradicting McDonald's statement according to which BoS has not been found "in defalcation of the Act."
Article 129 of the Antigua and Barbuda regulations concerning Interactive Gaming and Interactive Wagering states that "A license holder must, at the request of the registered player in whose name a player's account is established, remit funds standing to the credit of the account as directed by the player no later than five business days, if practicable, after the request is received." Exceptions to the rule and delay of payment are granted only if "if the license holder reports fraudulent activity to the Authority or reasonably suspects suspicious activity."
None of the two exceptions apply to the BETonSPORTS case yet BoS Antigua remains a licensee in "good standing.” even in light of breach of two subsections of article 38 that set the rules upon which Antigua shall revoke a gaming license.
Article 38, subsection (d) states that "(d) the license holder has failed to discharge financial commitments for the license holder's operations or the Authority has reason to believe that such failure is imminent." It is factual that BETonSPORTS hasn't paid any customer since July 19 2006 hence leading to breach of subsection L) as well. This subsection of article 38 states that a license shall be revoked if "the license holder has failed to meet commitments to players."
BoS Antigua is not the only Antigua licensed operator in open breach of the gaming regulation.
BETonUSA, another licensee appears to have its license in "good standing" despite some major violations. BETonUSA is temporarily operated by the Jazette Group (Sportsbook.com); However Antigua's official records show that BETonUSA operates under the Internet Empire Entertainment Ltd license. IEE ltd is a software provider sub-licensing BETonUSA.
Article 18, subsection (e) of the Antigua and Barbuda regulations concerning Interactive Gaming and Interactive Wagering states that "the license is not transferable and that sublicensing is prohibited." Jazette is therefore acting as sub-licensee in breach of said prohibition, a breach that leads to the licensed being suspended or revoked as sanctioned by Article 38, subsection J. which states that a license shall be revoked when "the license holder has sublicensed or assigned its license to a third party."
The last example concerns Antigua's most recently acquired gaming licensee, Coolidge Sports Ltd dba as Bodog.com. Article 14, subsections (a) and (b) of the Antigua and Barbuda regulations concerning Interactive Gaming and Interactive Wagering state that "(a) the applicant's good character, honesty and integrity; (b) the applicant's good business reputation, sound current financial position and financial background." are mandatory factors to be granted a gaming license by the Antiguan Authorities.
The Gaming Authority, lead by Director of Offshore Gaming Mrs. Kaye McDonald, found Coolidge Sports Ltd U.B.O., Mr. Calvin Ayre, suitable to be awarded a gaming license in Antigua. In 1996 Mr. Ayre agreed by consent to be prohibited from becoming or acting as a director or officer of any reporting issuer or any issuer that provides management, be prohibited from purchasing securities of a reporting issuer which are listed on the Vancouver Stock Exchange, resign any position that he holds as a director or officer of a reporting issuer and be prohibited from becoming or acting as a director or officer of any reporting issuer or any issuer that provides management, administrative, promotional or consulting services to a reporting issuer.
In the settlement agreement Mr. Ayre acknowledged that a number of irregularities took place while he was director of Bicer Medical Systems Ltd between June 18, 1990 and October 14, 1994. The full settlement report may be found here. A settlement Antigua's Director Mrs. Kaye McDonald must have carefully studied and positively reviewed as meeting Antigua's highest standards while evaluating Mr. Ayre's company suitability to become an Antigua Gaming license holder.
TOW Industry Newswire - Published April 7 2007, 5.30am EST - TheOnlinewire.com
TOW Industry Newswire
4/7/2007
Antigua's BETonSPORTS license in "good standing" despite insolvency
Antigua's BETonSPORTS license in "good standing" despite insolvencyThe hype caused by Antigua's recent victory on its WTO appeal against the United States is probably undeserved given Antigua's Gaming officials inability to have their licensees comply with allegedly binding regulations.
As to April 7 2007 BoS Antigua Ltd (BETonSPORTS) is listed on the Antigua Gaming web site as "active licensee", thus license holder in good standing.
“We are monitoring the situation very, very closely and we are going to be making recommendations to the board, so we can institute the appropriate remedial action if we find that BOS is in defalcation of the Act.” McDonald told the Antigua Sun at the end of November 2006.
"The Financial Services Regulatory Commission posted a Regulatory Notice to BOS (Antigua) Ltd. stating that in principle and accordance to the Interactive Wagering & Interactive Gaming Regulations 123 and its subsections, those customers or holders of accounts must have access to their account balances at all times." Cliff L. Williams, Regulatory Department Manager of the Antigua Directorate of Offshore Gaming said in a note to those players who lodged a complaint with the Antigua gaming commission.
"However, it has been recognized that BOS (Antigua) Ltd. is not in compliance with the Regulations." Williams added in his note to players, openly contradicting McDonald's statement according to which BoS has not been found "in defalcation of the Act."
Article 129 of the Antigua and Barbuda regulations concerning Interactive Gaming and Interactive Wagering states that "A license holder must, at the request of the registered player in whose name a player's account is established, remit funds standing to the credit of the account as directed by the player no later than five business days, if practicable, after the request is received." Exceptions to the rule and delay of payment are granted only if "if the license holder reports fraudulent activity to the Authority or reasonably suspects suspicious activity."
None of the two exceptions apply to the BETonSPORTS case yet BoS Antigua remains a licensee in "good standing.” even in light of breach of two subsections of article 38 that set the rules upon which Antigua shall revoke a gaming license.
Article 38, subsection (d) states that "(d) the license holder has failed to discharge financial commitments for the license holder's operations or the Authority has reason to believe that such failure is imminent." It is factual that BETonSPORTS hasn't paid any customer since July 19 2006 hence leading to breach of subsection L) as well. This subsection of article 38 states that a license shall be revoked if "the license holder has failed to meet commitments to players."
BoS Antigua is not the only Antigua licensed operator in open breach of the gaming regulation.
BETonUSA, another licensee appears to have its license in "good standing" despite some major violations. BETonUSA is temporarily operated by the Jazette Group (Sportsbook.com); However Antigua's official records show that BETonUSA operates under the Internet Empire Entertainment Ltd license. IEE ltd is a software provider sub-licensing BETonUSA.
Article 18, subsection (e) of the Antigua and Barbuda regulations concerning Interactive Gaming and Interactive Wagering states that "the license is not transferable and that sublicensing is prohibited." Jazette is therefore acting as sub-licensee in breach of said prohibition, a breach that leads to the licensed being suspended or revoked as sanctioned by Article 38, subsection J. which states that a license shall be revoked when "the license holder has sublicensed or assigned its license to a third party."
The last example concerns Antigua's most recently acquired gaming licensee, Coolidge Sports Ltd dba as Bodog.com. Article 14, subsections (a) and (b) of the Antigua and Barbuda regulations concerning Interactive Gaming and Interactive Wagering state that "(a) the applicant's good character, honesty and integrity; (b) the applicant's good business reputation, sound current financial position and financial background." are mandatory factors to be granted a gaming license by the Antiguan Authorities.
The Gaming Authority, lead by Director of Offshore Gaming Mrs. Kaye McDonald, found Coolidge Sports Ltd U.B.O., Mr. Calvin Ayre, suitable to be awarded a gaming license in Antigua. In 1996 Mr. Ayre agreed by consent to be prohibited from becoming or acting as a director or officer of any reporting issuer or any issuer that provides management, be prohibited from purchasing securities of a reporting issuer which are listed on the Vancouver Stock Exchange, resign any position that he holds as a director or officer of a reporting issuer and be prohibited from becoming or acting as a director or officer of any reporting issuer or any issuer that provides management, administrative, promotional or consulting services to a reporting issuer.
In the settlement agreement Mr. Ayre acknowledged that a number of irregularities took place while he was director of Bicer Medical Systems Ltd between June 18, 1990 and October 14, 1994. The full settlement report may be found here. A settlement Antigua's Director Mrs. Kaye McDonald must have carefully studied and positively reviewed as meeting Antigua's highest standards while evaluating Mr. Ayre's company suitability to become an Antigua Gaming license holder.
TOW Industry Newswire - Published April 7 2007, 5.30am EST - TheOnlinewire.com
