Shares in online gambling companies listed in London lost more than halftheir value immediately after a dramatic move by US authorities to banInternet betting.The market was taken by surprise when the US Congress unexpectedly rushedthrough the Unlawful Internet Gambling Enforcement Act on Saturday, dealerssaid.Meanwhile, US casino owner Harrah’s Entertainment Inc. said thatprivate-equity firms Apollo Management […]
Tag Archives: gambling
Internet gambling legislation passed late last week by the U.S. Congress,which led to a major sell-off of Britain-based online gambling stocksMonday, remains a concern to the U.S. banking industry but isn’t asburdensome as feared. “We got some language in the bill that looks like itprotects the financial services industry,” said Steve Verdier, director ofcongressional relations […]
Two global online gambling companies have halted U.S. operations after theU.S. Senate criminalized such activity, sending their shares plummetingMonday.Lawmakers early Saturday outlawed the processing of bets by U.S. residentsby banks and credit companies in a surprise assault on the United States` $6billion Internet gambling industry. That, in turn, prompted Britain`s 888Holdings and PartyGaming, the world`s […]
The ball landing on zero on the roulette wheel when you’ve bet your lastchip. That dead cert falling at the first, with all your wages in itsnosebag. Your pocket aces getting cracked while a pair of twos scoops thepot. Roll up all that bad luck into one big ball of misery and you might getjust […]
Online gambling companies in the U.K. took a huge hit Monday as investorsreacted to news that the U.S. Congress had passed legislation prohibitingthe use of credit cards, checks and electronic fund transfers for onlinegaming. Shares of British gambling companies, including Sportingbet andPartyGaming, were sharply lower Monday. CBS News reporter Vicki Barker inLondon reported that shares […]
Canadian online payment processing company Optimal Group Inc. said Mondaythat online gambling legislation passed over the weekend by the U.S.Congress will have a “significant negative impact” on its majority-ownedFireOne Group PLC unit. Congress passed the Unlawful Internet GamblingEnforcement Act of 2006 on Saturday, which when enacted, will prohibitgambling businesses from accepting credit cards, checks and […]
CryptoLogic saw its shares tumble after the maker of Internet gamblingsoftware said licensees of WagerLogic, its licensing unit, will no longertake wagers from U.S.-based players. The company cited new legislationexpected to be signed Monday by President Bush that outlaws the processingof financial transactions in the U.S. online gambling market. CryptoLogictried to take an upbeat view, […]
THE US Government stunned the online gambling industry over the weekend bypassing laws that effectively ban the services from their biggest market.The $US6 billion ($8 billion) industry went into meltdown over the news,with shares in UK-listed PartyGaming, 888 Holdings and SportingBet – whichhas operations in Australia – plummeting in early London trading overnight.Also in the […]
Nowhere in the language of a bill passed late Friday night to curb internetgambling is there any mention of gamblers being prosecuted for placing betsor playing poker online. In fact, the new bill does not apply to gamblersat all other than to make it a little more difficult to fund online bettingand poker accounts. Online […]
It took a backdoor move by the Senate Majority leader, but the bill designedto curb online gambling in the United States has passed. Sen. Bill Fristhelped get the Internet gambling ban attached to a defense bill designed toboost security at nation’s ports. The bill passed Saturday. The bill callsfor banks to work with the federal […]
Ligue 1 club Toulouse protested against a French ban on advertising forgambling by wearing the slogan “.com, censored” on their shirts during agame at Olympique Marseille on Sunday. It replaced the name of Toulouse’sshirt sponsors, online casino and poker firm 888.com. The FrenchProfessional Football League (LFP) on Friday banned its clubs fromadvertising any form of […]
AMERICA’s $6 billion (£3.2 billion) internet gambling industry is facingmeltdown after the US Senate pushed through a Bill at the weekend outlawingthe processing of bets by banks and credit companies. The surprise move,which is expected to spark a massive share sell-off, will promptLondon-listed 888 Holdings to announce this morning that it is halting itsentire US-facing […]
A newspaper poll finds Ohio voters support raising the minimum wage and curbing smoking in public places but not expanding gambling in the state. The Plain Dealer poll shows 73% of respondents support raising the state’s minimum wage to $6.85. Issue 2 on the November ballot is a constitutional amendment to raise the wage from […]
“This last minute deal reeks of political gamesmanship” says PPA, but thehorseracing business is delighted with its carve out. Most posters deploredwhat was seen as the “stealth” introduction of the measure by RepublicanSenator Bill Frist, who pulled political strings to attach a compromiseversion of a stalled anti-online gambling proposal to an essential portsecurity act, which […]