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This week's online gambling news headlines brought to you by OCR Live! Franks bill approved Thumbs up to Congressman Barney Frank! The Massachusetts Democrat has successfully passed a bill in the House Financial Committee refining UIGEA . The bill is now eligible for vote in Congress which means the issue of online gambling will be discussed in 2009, under a new administration. So who knows what could happen! Clarifying the new payment law Under current legislation, it's down to financial institutions to block gambling online. The new law aims to clarify exactly what constitutes as illegal gambling, taking the burden off the already beleaguered US banking system. Gamblers over 60 - beware A recent study has found that the majority of players under 60 see gambling as a form of entertainment, whilst senior citizens use it primarily to socialize with their peers. Apparently, these older players also place less emphasis on gambling strategy, putting them at a higher risk of developing problem gambling habits. And we're flying to Barcelona! And lastly CAP Euro is kicking off this weekend! We'll be there in Barcelona reporting from the event. We can't promise interviews with all 1,000 participants, but we will be bringing you footage of speaker presentations, interviews with industry big wigs and, of course, those famous CAP parties.
The recent turn of events in the State of Kentucky has definitely raised the industry's attention, as companies prepare to deal with a situation in which their domains will be forfeited by the state. Although keeping cool, the decision by Franklin County Circuit judge has caused some worries. The State will decide today, Thursday, whether they can and will seize the 141 domains singled out. Governor Steve Beshear will head a Commonwealth of Kentucky hearing on the issue, after the judge has handed him the domain names. Beshear wants these companies' tax money, he said. He continued and referred to them as "leeches on our communities" in a press conference earlier this week. What about the companies then? Referback have been one of the potentially affected companies to send out an update email. In it, they kept their comments strictly business, certainly avoiding such language as that used by the Governor. So far, the email read the .com sites are still up and running. No other casinos on the list were being closed at this stage, they said, apart from two sites that voluntarily closed the .com domains down. The industry will try to push for a "friendly" settlement, one that will allow casinos on this list to be keep their .com domains, providing that they close the doors to the State of Kentucky and do not allow any players (new and current) from this state to register and/or play. Lastly, there is no call for immediate action, as nothing, so far, has changed.
Nigel Payne, former Group Chief Executive at SportingBet was appointed as Non-Executive Chairman at GameAccount. Payne, 47, qualified as a Chartered Accountant in 1984. He is married with 2 young children. Payne is a native of the UK and has long been an outspoken critic of bans on online gambling. He is an ardent supporter of legalization and regulation of the industry. An ace table tennis player, he was once ranked 5th in the UK. GameAccount boasts a major list of shareholders such as Andrew Black, founder of Betfair, Dermot Desmond and the Smurfit family. Kevin Dale, CEO of GameAccount said, "We are delighted to have Nigel with us. He has wide knowledge and experience of the gaming industry and we look forward to working with him." A gambling career Payne originally joined SportingBet in 2000 as the Group Finance Director. He was appointed Group Chief Executive the following year. He held this post through 2006, steering the company through various expansions ending with a highly successful floatation on the London Stock Exchange. Company ID GameAccount offers a diverse portfolio of games which attracts both recreational and serious gamers. The company powers such leading online partners such as William Hill, Sportingbet Europe, Stan James, Victor Chandler International, BlueSquare, Boylesports, Paddy Power and Gala Coral. The company is based in London and is licensed by the UK's Gambling Commission to operate online games for real money prizes.
They called it It may have been a long shot, but Paddy Power Plc predicted it: Barack Obama would lead the Democrats into the US Presidential elections. This flew in the face of old-school folks who believed that Senator Hillary Rodham Clinton would lead the party in the race for the White House. The perspicacious Irish bookmaker is now going a step further: Obama is going to win the US Presidency. What are the odds? Illinois Senator Barack Obama gets 4-to-9 odds and Arizona Senator John McCain gets 13-to-8 odds for winning the presidency. Previously Paddy Power predicted an Obama nomination for the Democrats and they're shelling out 50,000 euros in January for it. Positioning Paddy Power Plc has been toted to record rapid growth in coming years. They already have 60 shops in the UK and they're looking to expand 100% within three years. If all goes according to expectations this could see their PSE (per share earnings) increase by 15 euro-cents by 2010. This is according to top analyst from Morgan Stanley, Vaughan Lewis. He expects the stock price to rise 74% within 12 months, to a staggering 28 euros. The share price is currently hovering around 16 euros in Dublin trading. By 2010 earnings are expected to hit an ambitious 7.2 million euros. Online trading In order for Paddy Power Plc to cut intoWilliam Hill and Ladbrokes casino's market share, online trading has to be aggressively exploited. In fact 50% of their operating profits come from online operations, significantly more than the mere fifth equivalent of the log leaders - William Hill and Ladbrokes. To be fair they do own in excess of 2000 stores each. Slow economic growth has meant that the Irish company has had to expand into the online sector and foreign markets to gain advantage. Of all the UK bookies, Paddy Power Plc seems to be the safer bet.
In what can only be described as bizarre, Peter Ebdon was taken to the cleaners by Liang Wenbo in the 2nd round of the Northern Island Snooker Trophy Tournament on 26 August 2008. Ebdon, a former world-champion, was whitewashed 5-0 by Wenbowho is ranked 40. In and of itself, the whitewash is entirely possible. Ebdon may simply have had a bad day: a couple of bad breaks and poor positioning could do that - but what are the odds? Cashing in Well, several punters felt very strongly about the odds and made a nifty profit off their hunches. During his 17-year career Ebdon has coined it from Snooker - some £2.7 million. In 2008 alone he has raked in £78,000 - so what went wrong? On the day in question, few spectators would have suspected a crushing 5-0 whitewash of Peter Ebdon. It happened and spread bettors, of all people, seemed to favor such a result. The Gambling Commission is looking into allegations of match-fixing - its second inquiry in 7 months - but Ebdon maintains his innocence and denies any involvement in such matters. Betting odds of 100-1 for a Wang whitewash of Ebdon were on the cards. Punters were wagering £100 to £200 bets and their numbers came in. Bookies were eager to take the cash, but are now crying foul and reluctant to pay out. With odds that high and winnings so large, a few people got pretty nervous and just a tad suspicious. 2005 Gambling Act When Ebdon failed to rack up more than 32 points off his breaks and he lost 5-0, everyone started wondering. Under the 2005 Act, two players have been banned for sports-related betting - Peter Francisco (5 years) and Quintin Hann (8 years). However there is as yet no formal investigation into the Ebdon-Liang match. Ebdon maintains his innocence and denies any connection to spread-betters.
Presumably accompanied by an audible sigh, either of relief or of disappointment, legal online poker arrived in Italy at the beginning of September. Playing online poker is not new in Italy but to date it has been an illegal pastime. And gambling is not new in Italy either - it seems to have posed a social threat in ancient Rome where the people were such avid gamblers that the main game, dice throwing, was restricted to the week-long festivities surrounding the Saturnalia, the festival we know as Christmas and New Year. Now online poker has been legalized and is being strictly regulated by the government who, no doubt, will soon be collecting taxes on winnings and earning. In return, the government will oversee customer protection. It is estimated that two million Italians have already played online poker, albeit against the law. The numbers of new online poker players is expected to rocket now that the police are out of the picture.
Recap It took tremendous resolve on the part of Representative Barney Frank (D-MA) but finally the Payment Service Protection Act (PSPA) was passed. At its core, the bill will define exactly what is considered illegal online gambling. This to a large degree invalidates the Unlawful Internet Gambling Enforcement Act (UIGEA), which was a blanket ban on online gambling, by seeking to clarify exactly what should be considered illegal. Now the Federal Reserve and Department of Treasury will need to be informed - regarding which online gambling activities are deemed illegal - by a formal judgment from an administrative judge. This marks a radical departure from the previous status-quo. The House Financial Services Committee will now act based on specifics, not blanket categorization of all online gambling. PPA reaction Former US Senator and Poker Players Alliance (PPA) chairman Alfonse D'Amato is thrilled by the progress being made. He hailed the PSPA for bringing clarity on what should be deemed illegal and what not. While D'Amato and the PPA have not won approval of online poker yet, the PSPA has effectively rendered the UIGEA a toothless tiger - for now. For the new bill to make its way through, it will need to pass through the House and then the Senate. D'Amato heaped praise upon both Democrats and Republicans for working together to secure the bill.
Interactive Internet gambling, long banned in South Africa, is now set to burst onto the stage. Recent legal action has moved the South African Government to embrace the idea of legalized online gambling. This approach, which is becoming the standard practice for most countries in the West, is seen as more preferable to the total lack of regulation that exists at present. In addition to creating a new source of tax revenue, government regulation will ensure that the new online casinos provide fair gambling practice to the South African populace. While much cross-border gambling does occur, the government believes that regulation will put an end to such illegal activity, bringing this wealth bearing sector under direct government control. One of key weapons that the government intends to employ is advertising. Currently, no gambling advertising is permitted inside the country. However, under the new legislation, legalized South African online casinos will be able to promote their services nationwide, which the cross-border casinos will be unable to do. The time frame for the new legislation is approximately 12 months, during which time the main players, including the country's land-based casinos will be jockeying for position. The land-based casinos, such as the ones in Sun City in the country's North West province, may decide to delve into cyberspace themselves. This is certain to increase competition, which can only be a good thing for the long-deprived South African gamblers.
Governor Charlie Crist may have struck an agreement with the Seminole Tribe of Florida in 2007, but that agreement has now been invalidated by the Florida Supreme Court. The implications are far reaching. The original agreement gave the tribe the right to operate Class III gambling machines - the likes of which are used in Las Vegas and Atlantic City. Invalid agreement In an apparent turnaround, it has been found that Governor Crist was acting outside of his mandate by entering into agreements that fell outside of state law. The Seminole Tribe of Florida continues to operate their casinos despite the ruling. State Attorney General Bill McCollum was determined to get Washington to respond. They did: it has been declared that "the tribe ceases its illegal activity until a valid compact can be consummated with the state of Florida." Implications Federal authorities have been slow to respond to the continued Class III gambling operations being conducted in Florida by the Seminole Tribe. However the historical links between America and the Native Americans run deep. Treaties between the tribal leaders and the United States allowed for legal loopholes to be created for the Native Americans. While reservations remain on American soil, the land itself is effectively an autonomous region over which the United States has gray authority. As such, gambling on Indian reservations is technically completely legal. For now there is nothing to suggest that the Seminole Tribe will close up shop - much to the dismay of the Attorney General Bill McCollum.
The crux Online gaming activity is set to top $24.5 billion by 2010 yet widespread global regulation of the industry has yet to take place. The online gambling industry is headquartered almost entirely outside the United States, but almost half its customers reside in the United States. While the United States prepares to open its doors to regulating online gambling, another lesser-known entity is already cashing in, big time. Alderney - a tiny island some 30 km off the coast of Guernsey- with a population under 2,500, has struck gold. They are now home to a regulated online gambling community and it's already paying dividends. Its Gambling Control Commission has contributed $6.2 million towards the development of its commercial quay and the money just keeps on coming. License fees for online casinos cost around £70,000 per annum, and the goal is to get 100 casinos signed up within 3 years. The number of licensed companies in Alderney spiked from 25 to 34 last year. Already gambling takings have translated into £4.2 million cash in the bank. The process If applicants can prove their games are fair and honest - with the protection of minors and addicts in mind, that their management is not linked to the underworld then they are eligible to apply. The benefits for getting regulated (white-listed) in Alderney: limitless bandwidth, zero-rated corporation tax, plus freedom to maintain a legitimate and profitable gambling operation. According to Robin le Prevost, e-commerce development head for the States of Alderney, "Interest in Alderney has never been higher." It is unrealistic to prohibit Internet gambling because regulation and internal compliance provides revenue and checks and balances on an industry that is experiencing unparalleled growth. Likewise the tiny island of Malta is set to have at least 147 online gambling companies regulated. Perhaps the time has come for other countries to take notice?
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