Betcorp cashes in its American chips

SYDNEY - Betcorp is selling its gaming operations in Antigua and Toronto for US$11 million ($16.6 million).

The Australian internet gaming operator agreed to sell the gaming operations to Bodog Entertainment.

The move follows new laws in the US that bar banks and credit cards from making payments to online gambling websites. Following the sale Betcorp will have fully exited the US market, which comprised 85 per cent of revenue in the past four months.

"The board believes that shareholders' best interests will be served by the return of funds to them," the company said. Betcorp shares last traded at A41c.

- AAP