According to reports the bill, passed in congress on Friday, bans internet gamblers from using credit cards, checks and electronic fund transfers to settle their wagers in the US, and is part of a larger bill aimed at bolstering US security. Aljazeera, a news agency, said US analysts believe the industry is one of the […]
Tag Archives: online
AUSTRALIAN online gaming company Betcorp has suspended its United Statesoperations after the enactment there of restrictions that effectively bansome forms of internet betting. Melbourne-based Betcorp said it hadsuspended its US operations after the Unlawful Internet Gambling EnforcementAct of 2006 was signed into law by US President George Bush. The act makesit illegal for US banks […]
Federal Reserve Chairman Ben Bernanke said Monday that bank regulatorsshould search for ways to reduce regulatory burdens imposed on the financialsystem in the government’s efforts to battle terrorist financing and moneylaundering. There are some who believe Bernanke’s comments apply to arecently signed bill that would hold banking institutions responsible formonitoring and prohibiting online gambling transactions. […]
Even though President Bush has signed a law to curb Internet gambling,investors in the handful of U.S.-listed Internet gambling companies may notwant to fold their hands just yet. “There is growth in this industry evenwithout the United States,” said Blackmont Capital technology analyst WojtekNowak. “The drive into broadband Internet in Asia and Europe still makesthis […]
Brisbane-based online gambling company Global Approach’s share price hasslid a further 7% today despite assuring investors it is renewing its focuson European and Asian markets. The share price has slipped 60% sinceSeptember 11 to 4 cents, and a $2.1 million net profit projection for 2007is “unlikely to be achieved”.The company has now announced a major […]
The Unlawful Internet Gambling Enforcement Act of 2006 amends Chapter 53 oftitle 31, United States Code, by adding at the end the following:“SUBCHAPTER IV PROHIBITION ON FUNDING OF UNLAWFUL INTERNET GAMBLING”.Chapter 53 deals with Monetary transactions and is designed to; “increasethe strength of United States measures to prevent, detect, and prosecuteinternational money laundering and the […]
Antigua-based World Gaming, the online gambling group, has gone intoadministration, just before a law that would bar it operating in the US wasdue to be passed. The company had its shares suspended on the AlternativeInvestment Market and four of its top directors, including chief financialofficer David Naismith, and chief executive Daniel Moran, have resigned. USbusiness […]
Online gambling companies PartyGaming and 888 have both been demoted onprestigious FTSE stock indexes in the UK, following the unexpected passingthrough the Senate of a US bill which aims to make it illegal for US bankinginstitutions to process transactions to online gambling companies. PresidentBush signed the bill into law on Friday, and publicly-listed companiesPartyGaming and […]
The port security bill that President Bush signed Friday included aprovision severely restricting internet gambling. The law forbids Americanbanks and credit card companies from processing online bets. It’s been toughto enforce, but lawmakers say the new provision will take a big chunk out ofthe soaring Internet gambling industry. Americans account for half theonline gambling market. […]
Gamingking PLC, a provider of online gambling services, said Monday thatNicholas Watkins resigned as chief executive. Watkins is the latestexecutive of a British online gambling company to resign his role afterCongress introduced legislation to ban Internet gambling in the UnitedStates. Sportingbet PLC Chairman Peter Dicks resigned last month after beingdetained at New York’s JFK Airport […]
Betonsports Plc., the British Internet bookmaker indicted in the U.S. forillegal gambling, has reached a preliminary deal with prosecutors to end acivil suit seeking to ban the company from doing business in the U.S. U.S.District Judge Carol Jackson in St. Louis granted the parties one week tocomplete what Assistant U.S. Attorney Michael Fagan said was […]
In contrast to the United States government’s criminalisation of onlinegambling, the South African government is legalising the industry in anattempt to regulate and control it. Online gambling – said to be worthmillions — is currently illegal in South Africa, but the Department ofTrade and Industry has given a draft amendment Bill (which will allow forthe […]
Online gambling companies based in Britain began folding the cards on theirU.S. operations Friday as President George W. Bush signed a bill banningInternet gambling there. The closure of the most lucrative market in theworld is a severe blow to the nascent online gambling industry. At least onecompany collapsed from the high costs of exiting the […]
As widely anticipated, President Bush this morning signed a bill whoseprincipal purpose is to tighten security measures for the nation’s seaports. But attached to that bill at the very last minute — in order toprevent Democrats running for re-election next month from stopping it — wasa federal ban on banking institutions knowingly transferring funds tobusinesses […]