According to a company statement the sale was a result of the Unlawful Internet Gambling Enforcement Act, which has made for intolerable operating conditions in the online gaming market. The press release also stated that the timing of the sale was intended to give maximum value to shareholders.

Excapsa’s announcement was not unexpected, if anything it came later than most predicted. As a publicly listed company Excapsa was always going to have to follow the route taken by other PLC’s like PartyGaming, 888 and Sportingbet and pull out of the US market. Instead the company’s leaders decided to sell out, the only other option available to them.

The terms of the sale are that Last Off Ltd. will pay $10 million up front followed by monthly instalments of between one and two million dollars until the debt is paid off. Interestingly there is a condition that none of the money paid to Excapsa come from online gaming revenues generated within the US market, so it remains to be seen whether or not sites such as UltimateBet will remain open to the US public.