More from The Times Online:
The first step towards a possible repeal of America’s internet gambling ban was taken yesterday when the Democrat chairman of the House Committee on Financial Services introduced a Bill to exempt properly licensed operators.Congressman Barney Frank, who recently described the ban as one of the “stupidest laws” ever passed, launched the Internet Gambling Regulation and Enforcement Act 2007 to establish a regulatory framework for the licensing of operators to accept bets and wagers.Mr Frank said: “The existing legislation is an inappropriate interference on the personal freedom of Americans and this interference should be undone.”Mr Frank drafted the Bill with UC Group, a British internet payment services provider, and Baker Tilly, the accountancy firm. Kobus Paulsen, chief executive of UC Group, said that last year’s ban had driven internet gambling underground, leaving consumers unprotected. “It is clear that prohibition in the US isn’t working for anyone,” he said.Internet gambling in the United States was effectively banned last October when President Bush signed legislation outlawing financial transactions involving online gambling. The law, which made it illegal for banks and credit-card companies to make payments to online gambling sites, prompted London-listed operators including PartyGaming, Sportingbet and 888 Holdings to sell or close their US-facing operations.Under Mr Frank’s proposals, licences would be granted only to operators with the ability to prevent underage and compulsive gambling as well as money-laundering and fraud. There would be an opt-out clause for individual states and Indian tribes as well as for professional sports leagues and college associations.Analysts said Mr Frank’s proposals had been well constructed to give the Bill an outside chance of succeeding, although most were agreed it could prove a tortuous process.
Posted by casino man in Gambling News at 8:41 AM BST
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Another story from the BBC:
Online gaming firm Sportingbet has sold most of its US business for $1 (53p) hours before a law was passed outlawing internet gambling across the country.
Rival Leisure & Gaming has followed suit, selling its US operation to a new firm set up by its chief executive.
But the firm said the deal may breach market rules and the London Stock Exchange has launched an investigation.
On Friday, President Bush signed into law an act making it a crime to accept proceeds from online gaming.
Posted by casino man in Gambling News at 8:43 AM BST
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More from The Times Online:
EXCAPSA, the AIM-listed internet gambling software company, became the first company in the sector to sell its US-facing operations, signing a $130 million (£70 million) deal last night with a private Maltese rival.
However, legal sources immediately claimed that the deal, a response to the impending US ban on internet gambling, was almost certainly illegal because $120 million of the price will be deferred until after the law takes effect today.
A source said that plans by Leisure & Gaming, a quoted internet gambling operator, to sell its US-facing business appeared to have foundered over the same issue. The source said: “Because of the deferred consideration this deal will open Excapsa to conspiracy and aiding-and-abetting charges charges under the new law. They would be making money out of an illegal operation.”
Posted by casino man in Gambling News at 8:22 AM BST
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More from The Times Online:
STANLEY LEISURE, Britain’s biggest casino operator, last night announced a recommended bid from Genting International, the Malaysian gaming operator, worth £639 million, or just over £700 million including debt.
Genting, already Stanley’s biggest shareholder with a 20 per cent stake, said that it had bought a further 5.5 per cent from Lord Steinberg of Belfast, the casino chain’s chairman, and that the peer had committed to accept the offer in respect of his remaining 5.3 per cent holding.
The Malaysian group is understood to be seeking to head off a possible bid from Harrah’s Entertainment, the American gaming giant that recently made a £280 million offer for London Clubs International (LCI).
Posted by casino man in Gambling News at 8:11 AM BST
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Another story from the BBC:
Leisure and gaming firm Hilton Group is to reward investors with a £4bn payout after selling its hotel business.
The news came as it unveiled a pre-tax profit of £394m for 2005, a rise of 5%.
The group will change its name to Ladbrokes on Thursday, following the £3.3bn sale of its Hilton International hotels business to Hilton Hotels Corp.
It will focus on its gambling business, and said the football World Cup this Summer would be "the biggest betting event ever".
Posted by casino man in Gambling News at 1:41 PM GMT
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Another story from the BBC:
A new multi million pound leisure casino will be officially opened in North Yorkshire’s Scarborough resort.
The facility is the first in the UK since deregulation and is one of only eight in the country which are privately owned.
The seaside project took three years to complete and has cost £7m. It hosts 11 gaming tables, a restaurant and bars.
Built on the site of the former Royal Opera House, it will employ more than 100 people.
Posted by casino man in Gambling News at 9:11 AM BST
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Another story from the BBC:
Interactive betting company Leisure & Gaming has bought the online casino arm of Stanley Leisure for £1.86m ($3.27m).
Leisure & Gaming said the purchase of Stanley Entertainment would boost its customer base and complement its recent purchase of online gambling firm VIP.
The two also agreed a link-up, under which Leisure & Gaming will develop any future Stanley online presence.
In return Stanley, which has 41 UK casinos, will recommend its members use Leisure & Gaming’s websites.
Posted by casino man in Gambling News at 3:11 PM BST
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