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Betting firm Jacktrade pleads guilty

  |   Nov. 28, 2012 at 4:00 PM
LAS VEGAS, Nov. 28 (UPI) -- Las Vegas gambling company Jacktrade LLC has pleaded guilty to violating the federal Wire Act, which regulates transmission of illegal gambling information.

The case against the company began in 2007, the Las Vegas Sun reported Wednesday.

The Wire Act is most often used against unlicensed gambling businesses. It is meant to stop gambling operations from re-routing bets to offshore companies. This is attractive to gamblers, who can either find different odds for a bet or take advantage of rebates.

"Such illegal gaming operations take business from legal gaming operations, preventing state and local governments from receiving important tax revenue, and serve as a major source of income for organized criminal groups," U.S. attorney for Nevada Daniel Bogden said in a statement.

Jacktrade, which was re-routing sports bets offshore, agreed to forfeit $2 million that was seized in an office raid in 2007, the Sun reported.

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