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Ex-CEO of Gaming Giant 888 Summoned by French Authorities

February 28, 2007

Former chief executive of gaming company 888 Holdings John Anderson has been summoned by French authorities for possible questioning. The firm said Tuesday it is not clear about the charges against him and that it is seeking legal advice.

Anderson, who stepped down as chief executive officer of the firm in December, continues to be an independent director on the board of the company.

Speculation about the questioning centered on the question of legality of internet-based betting in France. 888 said its revenue and income from France constituted an immaterial percentage of its total business.

News reports in London talked about the arrests of two founders of an Austrian gambling company Bwin in Monaco, Manfred Bodner and Norbert Teufelberger. They were later charged with violating French gambling laws in relation to their sponsorship of Monaco's soccer club. They were later released on bail.

888 had a sponsorship arrangement with Toulouse football club. While the sponsorship had been cancelled in December 2006, the French government had suggested some of the advertising campaigns as part of the sponsorship were illegal.

888 shares fell 6.8% in afternoon London trading. Shares of other gaming companies, notably PartyGaming and Sportingbet, too slid following the news.

Online gambling has also suffered in the U.S. after authorities introduced laws that ban banks from transferring money to and from gambling websites.

-- EarthTimes.org

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