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Online Casino News - October, 2008

Lasseters Online Casino Closes its Doors



  Seed Newsvine

by Devon Chappell, News Staff Writer

October 4, 2008

One of the first online casinos to take bets on the Web, Lasseters Online, is closing its doors. Following an announcement by the Lasseters Corporation that a last call for wagers at its famous online casino has been made, the final chapter to a story which some people said they saw coming, has come to an end.

While the passing of the Unlawful Online Gambling Enforcement Act certainly played a part in causing hardship for Lasseters, ultimately, it was likely a lack of proper oversight, management and overall vision for the online businesses. Many other online casinos who drew the bulk of their traffic from U.S. players, and have - post UIGEA - ceased taking U.S. bets, are doing fine for themselves, albeit financial losses were initially incurred. Those companies who especially made concentrated efforts to diversify business operations in countries throughout Europe are doing quite well.

Lasseters, however, apparently did not have all their cards played right. It took a $15.5 million loss in revenue last year, and an unwillingness to inject more funds for a bailout from their parent company, Lasseters International, for online business operations to come to terms with its bleak future. As a spokesperson for Lasseters said, "numerous constraints" and major financial losses are keeping Lasseters Online Casino from "remaining competitive". Following the completion of an auditor review, Lasseters Board determined it was highly unlikely to turn things around.

Lasseters' sports betting site, however, is a completely different story. That sector of online operations has been pardoned, and left online to continue taking bets on all manner of sporting events. One likely reason is because there are fewer constraints on the sports betting sector, which is precisely why Lasseters Online Casino could come back around at a later time if and when the UIGEA gets overturned or there simply are fewer restrictions as a whole on the online casino gambling sector.



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