Paradise Poker's Sportingbet Stock Dives

Sportingbet PLC, the London-based Web bookmaker that owns Paradise Poker saw over 400 million pounds (US $727.27 million) of overall value vanish on September 11, according to a report in the U.K. Guardian.

The firm's shares plunged 40% to 142p as trading restarted on the London Stock Exchange for the first time since they were suspended last week, after non-executive chairman Peter Dicks was seized September 7th at New York's JFK airport.

The 64-year-old Dicks is wanted by the state of Louisiana as part of an investigation into alleged illegal gambling. Dicks was released last Friday after he put up bail of US $50,000 (27,500 pounds).

A hearing for Dicks is scheduled September 14th at New York City Criminal Court, to decide whether he should be extradited to Louisiana.

According to a statement from the supportive SportingBet, Dicks "intends to vigorously contest" his extradition to the state of Louisiana on illegal gambling charges. If found guilty, then Dicks faces up to five years in prison and a $20,000 fine.

Sportingbet, which boasted a 55% increase in first-quarter pre-tax profits to the end of April, said yesterday it was closely monitoring the legal situation, but stressed that it was continuing to operate as normal.

Click Here to see Related PokerPages Articles on Peter Dicks' arrest and detainment.