BetOnSports Shuts Down U.S. Operations

BetOnSports becomes first major online wagering site effectively shut down in the U.S. The CEO was arrested a month ago in Dallas and the sale of their shares was halted on the London Stock Exchange.

(AP)In a statement issued to the London Stock Exchange, the board of directors said Friday that "after thoroughly reviewing possible alternative business plans, they no longer consider the U.S.-facing operations of the company ... to be viable."

The company also pledged to refund the deposits of its U.S.-based customers, many of whom have uncollected winnings that must be transferred through third-party agencies based outside the United States.

The directors said they wanted to refund all customers' money, but cautioned this would prove difficult and "will depend upon the company's ability to persuade banks and cash processors to release its funds."

If you are on a poker or wagering site, I would get your money out as soon as you can.