• BETTING ON DOUBLE STANDARDS IN THE US

    09 October 2006

    Newspaper

    FINANCIAL NEWS / Online US
    Grant Clelland, Deputy Editor
    09 Oct 2006

    When a continental European country takes action to protect its industry from external competition, it is called economic nationalism. When the US does the same, we are meant to believe it is about preserving the fabric of society.

    Such was the justification used by US lawmakers for gambling regulations drawn up last month, making it illegal for banks and credit card firms to take payments and transfer funds to internet gambling sites. More than $6bn was wiped off the value of online gaming companies listed in London.

    The sudden profusion of such companies on the UK’s stock market, combined with oddly named companies from China, Russia and the former Soviet countries of central Asia, has given London a somewhat exotic look that is not to the taste of many fund managers.

    Investors should have seen it coming. The risks were clear in the prospectuses and this paper is one of many to have warned investors to steer clear of the sector. Those fund managers that invested should have known you can lose your shirt at the roulette table.

    But investors probably did not foresee the sector becoming a political victim of the forthcoming US congressional elections. For Republicans struggling to hold on to both houses, the gambling crackdown is an easy vote winner. Senator Bill Frist, architect of the regulations, said: “Gambling is a serious addiction that undermines the family, dashes dreams and frays the fabric of society.”

    Politically inspired legislation is hardly confined to the US, but the double standards on display are rivalled only by the French government. The law’s backers may rail about the pernicious effects of online gambling, but they seem happy with gambling itself. Groups such as Las Vegas Sands, Harrah’s and MGM Mirage are world leaders. Yet there has been no bill proposed to congress calling for the demolition of Atlantic City or Las Vegas.

    THE COMPLETE ARTICLE CAN BE READ AT THE FINANCIAL NEWS (www.financialnews-us.com)

    Related News

    • Spin to win with golden jokers double up

      New Online Slots

      Spin to Win with Golden Jokers Double UpIvan Stefanovic14 May 2022

      The fruit slot series has been a popular one ever since it was first released, and Golden Jokers Double Up is a welcome addition to the series. As the name suggests, this release is all about golden jokers, with classic fruit machine symbols and a simple base game. The highlight of the game is undoubtedly the double up feature, which allows players to gamble their winnings to potentially boost their prize pot. Game Options and Bonus Features

      Read full article
    • Microgaming established partnership with doubleup group

      Gambling News

      Microgaming Establishes Partnership with DoubleUp GroupIvan Stefanovic18 June 2021

      Microgaming has entered into a partnership with DoubleUp Group under which the game provider will distribute its set of games to Doggo Casino. They will integrate the online casino with the leading developer's platform, which enables them access to the most popular games in the industry. DoubleUp Group was established in 2020 and operates from headquarters in the Netherlands. The company has grown fast and now they are working together with the team in Malta.

      Read full article
    • Pragmatic play singed a new deal with wwin

      Gambling News

      Pragmatic Play Signs New Deal With WWinGamesAndCasino07 December 2020

      Casino content provider, Pragmatic Play, has partnered with Pin Projekt to make all of its slot content available under the WWin operator's brand. The sports betting brand will see its online casino based on the Pragmatic collection, including the newest game Christmas Carol Megaways, the Wolf Gold and Deluxe series. In addition, the deal will also provide WWin customers with access to a suite of player engagement tools that are designed to increase customer attention.

      Read full article