Sportingbet pays £21m to avoid US prosecution

Sportingbet has agreed to forfeit $33m (£21m) to settle a US investigation over alleged illegal Internet gambling, federal prosecutors HAVE said.

As part of the settlement, the US Department of Justice will not criminally prosecute Sportingbet and its units for any crimes, apart from tax violations, related to Sportingbet's Internet gambling business with US customers from 1998 and 2006.

"It has been 3-1/2 years of hostility, anger and ultimate negotiation," said Barry Slotnick, a lawyer for Sportingbet, in an interview. "We have reached what we believe to be an extremely fair resolution that benefits the company and its shareholders."