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Sportingbet sold its U.S. sports-betting, casino business and poker operations to Antigua-based Jazette Enterprises Ltd. for $1, offloading $13.2 million of debt. Yes that’s right ONE DOLLAR.

The company said the sale saved it the $14 million cost of closing down the operations. The businesses have a total 500 employees.

Andrew McIver, Sportingbet’s chief executive designate, said in a statement that the company was “saddened to have to dispose of such a fantastic business as a result of political actions in the U.S. Congress.”

Sportsbook.com a subsidary of Sportingbet has released a statement saying it would now be operating as an independent company and would not stop taking bets from US bettors upon Bush signing the anti-internet gambling legislation into law.