Mark Blandford and Bob Holt resign from the Board

Another change at Directorate level has sent British business media into “surprise mode”. This follows the sudden departure from the Sportingbet plc board of directors of founder Mark Blandford together with fellow director Bob Holt.

“We have agreed to reduce the size of the board," said Chief Executive Andrew McIver in a rather vague company statement on the departures. Both Blandford and Holt intend pursuing other business interests, the company said.

It has been announced that Sean O'Connor, senior independent director, will assume the role of chairman of the audit committee, the position previously held by Holt.

President George W. Bush signed a bill into law on October 14, effectively banning online gambling after Congress added a provision to a bill aimed at improving port security. The bill makes it illegal for banks and credit card companies to transfer or settle payments to online gambling sites. The decision closed the most lucrative region in a market worth $15.5 billion last year in “spend” value - the amount gambling companies win from their clients, or the amount gamblers lose.

In another drama, Peter Dicks, 64, resigned as Sportingbet's non-executive chairman after being detained in New York on September 6. Customs officials discovered that he had an outstanding warrant issued covertly by the Louisiana State Police Gaming Enforcement Division. The warrant was issued in May, charging Dicks with gambling by computer, a felony punishable by up to five years in prison and a $25,000 fine. Dicks was later released when New York authorities refused to recognize the attempt to extradite Dicks to Louisiana.

The fallout caused by the Bill continues. A number of European based online gaming companies collapsed after the decision and those still operating continue to feel the pain from the costs of exiting the United States. Sportingbet plc and Leisure & Gaming PLC both sold their U.S. operations for a token $1.

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