Two of the internet betting industry's well known online sportsbooks, BetOnSports and BetCorp, have announced they will both independently cease taking bets from U.S. customers if the Unlawful Internet Gambling Enforcement Act of 2006 is signed into law by President Bush, scheduled tomorrow. Although there are rumors emanating from Washington lobbyists that the possibility of President Bush sending the bill back to Congress is greater than originally thought, the bottom line is that the chances of the bill being passed into law, whether today or thirty days from now, is very likely.

If that is to happen, the Board of BetCorp announced that after considering extensive legal and financial consultation, the wisest choice would be to cease taking bets from U.S. customers and end all U.S. facing online gambling operations. Since BetCorp derives most of their revenue from U.S. bettors, the move would have a serious impact on future operations. BetCorp says they are currently investigating ways to help preserve the value of their stock and maintain shareholder value as much as possible.

As for BetOnSports, who is facing a Temporary Restraining Order at the hands of the U.S. District Court, not to mention Indictment charges following the arrest of their CEO, David Caruthers, the executive Board has already made it known of their intention to cease all U.S. facing online gambling operations based out of Antigua and Costa Rica. Even if the online casino gambling prohibition is not passed, BetOnSports has determined that no other course of action is possible without legal infringement.

The Board of Directors at BetOnSports have concluded that in addition to ending and their Costa Rica and Antigua operations as soon as is practical, they will continue putting in place protocols that will prevent their online operations from knowingly accepting bets from any U.S. customers. They also intend to release funds for paying out staff, creditors and all outstanding balances to U.S. customers. The time for which this to take place is not known, for it will largely depend on the willingness of BetOnSports' banks to release funds and for management to acquire revenue from non-U.S. facing operations. Considering American bettors made up a prodigious portion of their operations, outside profits will only likely help to a certain extent. In the meantime, updates are being posted on the BetOnSports website, which has essentially been shut down since the U.S. Department of Justice's intervening.