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Online Gambling Ban---Read This

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  1. ICEMAN4-16 ICEMAN4-16 is offline

    Staten Island, NY
    United States

    Posts: 436
    Joined: May 05

    Jul 7th, 2006 (7/7/2006 5:32pm)

    PartyGaming Drops on Outlook for U.S. Gambling Bill (Update1)
    2006-07-07 11:46 (New York)

    (Closes shares in first, third paragraphs.)

    By Meera Bhatia
    July 7 (Bloomberg) -- Shares of PartyGaming Plc, the
    world's biggest Web poker company, fell 5.9 percent after a
    U.S. industry group said it expects a measure that would crack
    down on online gambling to win legislators' approval next week.
    The bill, sponsored by Representative James Leach, an
    Iowa Republican, would make credit-card companies' collections
    of payments for transactions with online-gaming sites unlawful.
    The measure ``probably will pass the House,'' Holly Thomsen, a
    spokeswoman for the American Gaming Association, which
    represents U.S. casino companies, said yesterday.
    PartyGaming stock dropped 6.75 pence to 108 pence in
    London today. Sportingbet Plc, the online bookmaker that owns
    paradise poker, slid 29 pence, or 7.6 percent, to 351 pence.
    Empire Online Ltd., the owner of the Club Dice brand, fell 2.75
    pence, or 3.2 percent, to 82 pence.
    Gambling on the Internet is a $12 billion-a-year business
    that is growing rapidly outside the U.S. Web-based companies such
    as PartyGaming that operate in locations such as Gibraltar are
    raking in billions from U.S. gamblers. U.S. companies including
    MGM Mirage and Harrah's Entertainment Inc. are lobbying Congress
    to study whether the country should legalize online gaming.
    Leach's bill may be combined with one sponsored by
    Representative Bob Goodlatte, a Virginia Republican, that would
    force U.S. banks to cooperate with federal law enforcement
    authorities in shutting down illegal gambling sites.
    The House Judiciary Committee approved the Leach and
    Goodlatte bills May 25. The Bush administration supports the
    legislation and has been prosecuting offshore gaming sites
    under a 1961 law against using telephone lines to place
    interstate bets.

    --With reporting by William Roberts in Washington. Editor:
    Weeks.

    Story illustration: For news about online gambling, click on
    {TNI INTERNET CNO BN <GO>}.

    To contact the reporter on this story:
    Meera Bhatia in London at (44) (20) 7073-3468 or
    mbhatia2@bloomberg.net.

    To contact the editor responsible for this story:
    Kimberly Kirner at (44) (20) 7073 3061 or
    kkirner@bloomberg.net.

    [TAGINFO]
    PRTY LN <Equity> CN
    EOL LN <Equity> CN
    SBT LN <Equity> CN
    888 LN <Equity> CN

    NI COS
    NI MOV
    NI US
    NI UK
    NI CONS
    NI CNO
    NI INTERNET
    NI EUROPE
    NI GOV

    #<582146.768190.2006-06-07T07:00:00.25>#
    -0- Jul/07/2006 15:46 GMT
  2. acecatcher26 acecatcher26 is offline

    AR
    United States

    Posts: 4,351
    Joined: Jan 06

    Jul 7th, 2006 (7/7/2006 7:11pm) in reply to ICEMAN4-16

    This is a little different but same topic, I didnt want to make a new thread. This is the response I got from my senator. He didnt say shit. he said he attached something about the ban, but all there was, was a link for his newsletter.

    Dear Jason:

    Thank you for contacting my office about Internet gambling.
    Several bills have been introduced in the 109th Congress pertaining
    to this matter. For your convenience, I have enclosed a
    Congressional Research Report detailing the proposed bills.

    Again, thank you for contacting me about this matter. I look
    forward to hearing from you again.
    Sincerely,

    Vic Snyder
    Member of Congress
    If you would like to sign up for my weekly e-newsletter, visit
    http://snyder.aristotle.net/newsletter.asp

    Edit: Question for Adam, what do u think the best way to respond to this will be??
  3. MKGB MKGB is offline

    Ithaca, NY
    United States

    Posts: 613
    Joined: Oct 05

    Jul 7th, 2006 (7/7/2006 7:36pm) in reply to ICEMAN4-16

    Wow, I read another article that said that several PartyGaming directors were selling a lot of their shares for 'tax purposes' and to 'diversify their portfolios.' This doesn't bode well....
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