News from Australia -- An Australian business executive's gambling spree has cost U.K.-based Sportingbet £1.3 million. The accused crooked gambler, Denis Craig Telford, allegedly embezzled £8 million from the company K&S to support his gambling habit. Many of his bets, which at totaled, at times, up to £40,000 a pop were taken by Sportingbet Australia. The South Australia Supreme Court ordered Sportingbet to pay cash back to K&S, although Sportingbet is appealing the decision, claiming it inherited Telford's account when it took over Australia's Number One Betting Shop in June 2001. On Thursday, Sportingbet's shares plunged 25 percent after issuing a warning that the increased cost of processing credit card bets would hurt profits. The company said it still expects annual profits of £14.5 million.
News from Alderney -- The Alderney Gambling Control Commission on Thursday released its annual report for 2002, by far the most active year for the commission since its inception in May 2000. During the year the island passed regulations for interactive gaming and subsequently awarded licenses to four operators. In the report the commission said it brought in £410,650 in revenue during the year next to £363,513 in expenses and channeled roughly £250,000 into Alderney's economy. The commission also said it expects two of its licenses, Bonne Terre and Ritz Interactive to be operation by mid 2003.