Former BETonSPORTS CEO Freed on $1million Bond

David Carruthers, the former chief executive of indicted online gaming company BETonSPORTS, was freed on Wednesday on $1million bond with strict restrictions on his movements.

Carruthers, 48, must wear an electronic monitoring device and remain confined to a St. Louis, MO residence except for special circumstances until his trial on racketeering and fraud charges, according to the court-ordered terms of his bond.

BETonSPORTS fired Carruthers after his July 16 arrest during a layover at a Texas airport and last week announced it had shut down its operations in Costa Rica and Antigua serving U.S. bettors. The company and a dozen executives, several from related Florida companies, are the subject of a 22-count federal indictment in St. Louis.

The indictment against the London-based company, which charges it with failing to pay billions of dollars in excise taxes, sent a shudder through the burgeoning online betting industry -- for which the United States is a key market.

A judge in St. Louis has enjoined the company from taking bets from the United States through at least September 1 and ordered BETonSPORTS to repay bettors from their outstanding accounts.