• UK Online Gambling Shares Take A Beating After US Probe Announced

    22 January 2007

    Newspaper

    SCOTSMAN.COM
    By Pete Harrison

    EXCERPTS:
    LONDON (Reuters) – Shares in European online gaming firms tumbled by as much as 9 percent on Monday following news U.S. prosecutors had launched a probe into Internet gambling.

    Analysts said U.S. prosecutors were now probably trying to target founders and senior executives of Internet gambling companies, just as they did with the arrests of two NETeller founders last week.

    “They’re trying to make the founders sweat, as well as current management,” said analyst Tejinder Randhawa at Evolution Securities.

    Lawyer Clive Gringras, head of Olswang’s e-commerce unit, said the move would probably have a “chilling effect” on the industry amid fears other countries would follow the U.S. lead.

    “The only way an Internet company could really avoid risk and uncertainty would be to stop doing international business,” he said.

    “They seem to be on a mission,” said Evolution’s Randhawa.

    “Extradition requests are unlikely, but they’re not impossible, given what happened to the NatWest Three,” he added, referring to three UK bankers extradited to the U.S. on charges linked to collapsed energy giant Enron.

    “I would have thought the DoJ would have been more reticent, given that the legislation was ambiguous at best,” said Olswang’s Gringras.

    MORE – READ THE COMPLETE ARTICLE IN CONTEXT AT SCOTSMAN.COM

    Related News

    • 31 October 2019

      Red Rake Invites Punters to Worship the Wealth God in New Slot Game Cai Shen 88

      Casino supplier and game developer, Red Rake Gaming, is releasing a new slot experience inspired by and dedicated to the Taoist deity Cai Shen, the god of wealth and luxury. The game called Cain Shen 88 and comes with five reels and three rows and 25 fixed paylines. When it comes to design, it’s all about Far Eastern elegance with golden symbols that represent wealth and prosperity.

      Read full article
    • 18 October 2019

      Genesis Global Limited to Launch Kassu Online Casino with PayNPlay Focus

      The online casino space is growing globally at an exponential rate, and competition is fierce and merciless. Still, that doesn’t dissuade many companies from trying and one such company is Genesis Global Limited who has just announced the launch of a new online venue called Kassu Casino. Licensed in Malta and in the United Kingdom, and will be launched very soon. The newly revealed online venue has a trick up its sleeve and a definitive selling point that sets it apart.

      Read full article
    • 08 October 2019

      WinADay Casino Celebrates $188K Jackpot Hit with Special Bonus

      Another day, another jackpot hit at one of the world’s many online casinos. With so many available, it’s no wonder every now and then we hear news of yet another punter getting very lucky and walking away with a significant amount of cash. This is exactly what happened to one Kelly S, who walked away with a pretty sweet $188,000 dollars after taking a spin at the WinADay online casino.

      Read full article