Business

Switzerland, US split $50M after online gaming service bust

Posted November 24, 2015 6:00 am

The Associated Press

GENEVA (AP) - Switzerland and the United States have split the take of nearly $50 million following the break-up of an illegal online gambling service.

The Swiss Justice Ministry says the assets have been divided up following plea agreements in 2009 between the U.S. government and top executives of BetOnSports facing racketeering and other charges.

The ministry said Tuesday that funds squirreled away in Swiss banks were unfrozen and forfeited to the U.S. Treasury as part of the deal. The Treasury last week gave half of about 50 million Swiss francs ($49 million) to the Swiss government for its cooperation, becoming one of Switzerland's biggest asset-sharing cases.

BetOnSports ceased operation in 2006. The Costa Rica-based sports wagering business falsely portrayed Web-based gambling as legal and caused customers to lose millions of dollars.

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