BetOnSports Founder Receives Sentencing

Gambling News - November 3rd, 2009 - Written by Glen

Gary Kaplan, founder of BetOnSports, received his sentence after an investigation that had begun in 2001 and an arrest that occurred in March of 2007.

The fifty year old entrepreneur was sentenced to over four years in prison, and was required to forfeit $43.6 million dollars in illegally accumulated money. It has been reported that this is the majority of Kaplan's net worth.

Kaplan, along with owner David Carruthurs, had both been indicted, with Carruthurs withdrawing his guilty plea in early October. Gary Kaplan had plead guilty to RICO statute violations in August, and was expected to receive between 41 and 51 months in prison, which is approximately how much time he is due to serve. Kaplan has been imprisoned since 2007, and it has not yet been determined whether or not this time served will be credited to his overall judgement.

BetOnSports, which was one of the largest USA online sportsbooks, is now defunct. BoS was once a proud sportsbook that held over one million registered users, accepted nearly one billion dollars in 2004, and accepted more than 10 million bets in that one year alone. Due to the government's interdiction, a total of $16 million dollars was lost by bettors.

BetOnSports had grown to be publically traded on the London Stock Exchange, under the Alternative Investment Market. The Unlawful Internet Gambling Enforcement Act, as well as the Wire Wager Act, were the statutes that contributed to BetOnSports' downfall, directly or indirectly.

The Associated Press contributed to this article.

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