Betonsports have sacked David Carruthers, the company's chief executive who is currently detained by US federal authorities facing racketeering charges.
The Costa Rican-based company said that Mr Carruthers' "continued detention" by US authorities meant that he "clearly" remains "unable to perform his duties", resulting in his dismissal.
The board of directors said it had not been in any contact with Mr Carruthers since his arrest last week along with 12 others including Betonsports founder Gary Kaplan, on a number of charges such as repeated mail fraud, wire fraud and money laundering.
"The board wish to make absolutely clear that none of the founders of the original business has any continuing role within the company," Betonsports said in a separate statement.
"The original founder has a consulting agreement with the company under which his role is non-management related which was an absolute requirement of the board for the float and thereafter."
Referring to suggestions from "some media reports" that senior Betonsports figures had conducted improper dealings during parties held on the company's Costa Rican business premises, the statement said: "All these allegations relate to the time prior to the acquisition of the business by the company and its July 2004 float."
Also implicated in the racketeering scandal, which US attorney Catherine Hanaway has said is "but one step in a series of actions" targeting the American online gambling industry, are three other companies, Direct Mail Expertise, DME Global Marketing and Fulfillment and Mobile Promotions, all of which are based in Florida.
Betonsports suspended trading its shares on the London Stock Exchange (LSE) the day after the arrests emerged, having lost 18 per cent of its capital in the intervening period.