Major Breakthrough for Online Gaming in US
Legislation outlawing online gambling has little chance of success following the failure of the latest attempt in the US Senate, according to two leading industry commentators.
The US Senate rejected a proposed amendment to an Appropriations Bill last week that would have forced banks and credit card companies to block egaming transactions.
It was the seventh time legislation proposed by Senator John Kyl has failed in the US, and analysts instantly reduced their appraisal of regulatory risk to egaming businesses with strong US custom. A research note by investment bank Cannacord Capital said the senate had shown “little appetite for anti-gaming legislation”.
And David Carruthers, chief executive of BetonSports, said he felt the latest failure from Senator Kyl was reflective of a lack of interest in prohibitive legislation. “The failure of the Kyl bill is symptomatic of where we are in the debate,” Carruthers said. “I don’t think there is any traction to internet gaming legislation in the US,” he added.
Bill White, chief executive of software firm Global Cyber GPS, told delegates at the Global Gaming Expo (G2E) in Las Vegas, a US egaming industry was on the way. “A legitimate, fully lawful Internet gambling industry is coming to the US, and soon,” White said.
But Carruthers said he felt talk of regulated egaming in the US was still some way off.
“I don’t think regulation is around the corner, we are at least five years away, but it is time to start having a serious debate.” Cannacord also added a note of caution to the positive assessments pointing out there is still the looming spectre of the World Trade Organisation (WTO) ruling. The US has to confirm by April 2006 if it plans to permit Antiguan egaming firms to offer services to US citizens or ban all forms of remote gambling in the US.
“This Bill is likely to “confirm” or “clarify” as opposed to “authorizse” the US view of online gambling,” Cannacord said.
Source: eGaming Review
Editor, Jackpot.co.uk - 2005-09-27 11:45:38