BetOnSports Founder Pleads Guilty

Gary S. Kaplan was the founder of the defunct Internet gambling company BetOnSports, but now he could be will be facing significant criminal punishment after pleading guilty to multiple charges of conspiracy to violate the Racketeering Influenced and Corrupt Organizations Act. He will give up $43.65 million and serve 41 to 51 months in jail.

Kaplan was originally charged with violating federal laws regarding interstate transmissions of wagers through wire. Indicted for the charges in 2006, Kaplan was eventually arrested in the Dominican Republic in March 2007, brought back to the United States, and has been in custody since then.

As far as Kaplan’s company, BetOnSports managed to bring in $1.25 billion in 2004, the vast majority of that money coming in from bets made in the United States. After Kaplan was indicted in 2006 for his crimes, the company, which was based in London, halted the trading of its shares on the London Stock Exchange.

Currently, Kaplan is in a binding plea agreement that the judge will either accept or deny in its entirety during Kaplan’s sentencing, which will take place on October 27.

Image: Flickr