U.S. outlaws online gambling

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Saturday, October 14, 2006

Over the weekend, millions of Americans faced the new ban of online gambling.

The legislation was attached by Rep. Bill Frist to the Port Security bill.

Many of the public companies that offer online gambling have been quick to react and give their outlooks on the legislature. Party Gaming and 888 among others have said that they will shut down all U.S. operations if President Bush signs the bill into law. This sent online gambling stocks tumbling with Party Gaming leading the way with a 55% decrease in market value.

The people involved are awaiting to see what happens over the next few weeks.

Statements

Mitch Garber, Chief Executive Officer of PartyGaming:

"This development is a significant setback for our company, our shareholders, our players and our industry. While US horse race betting, state lotteries, fantasy contests and certain other online gaming activities have been exclusively protected under the new law, we are disappointed that the popularity and skill of poker in particular have not also been specifically protected. The Board respects the laws of the US Government, and will continue to analyse their applicability, but also continues to believe that a regulatory framework for online gaming, including poker and casino gaming is the only sustainable long term solution."

UltimateBet:

"UltimateBet continues to be available for play by all members of the online community worldwide, including US players. The new US legislation, expected to be signed on Friday, October 13, does not prohibit the online community playing online poker. At UltimateBet, it's business as usual. All players' deposits are held safely in a segregated account at a Tier 1 legal institution."

Sources

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