Online casino to spin into history - Saturday 4th of October 2008

NINE years after Lasseters opened the worlds first regulated online casino, that history-making casino is about to be consigned to history.

Its shares have been in suspension for almost a month following its $15.5 million loss last financial year, to allow the company to plead for a capital injection from its parent company, Lasseters International.

In the results, the auditors declared there was "inherent uncertainty regarding continuation as a going concern".

With Lasseters International yet to decide whether to invest more money, the listed Lasseters Corporation said it was no longer taking bets on its three casino websites, Lasseters Online, AusVegas and Lasseters Euro.

"A review of the viability of the online casino operations was made and the board of Lasseters is of the view that the ability of the online casino to turn around is very remote, despite continuous support from the parent company over the last two years," the company said in a statement.

"The online casino has suffered continuous losses and faces numerous constraints, resulting in the companys online casino not being able to remain competitive."

Lasseters took its last online casino bets yesterday.

The company has previously lamented the impact of a 2006 law in the US that effectively banned online casinos.

The only division still operating is the online sports betting operation, Lasseters Sportsbook.

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