Thursday, October 05, 2006

Online gambling: regulations on payments

Shockwaves are rippling through the online gambling sector because of legislation passing in Washington, making it illegal for banks and credit card companies to make payments to online gambling sites.
This regulation has sent industry watchers and investors into a tizzy in the UK, and the Act only requires the signature of President Bush-and that is expected to happen within the next two weeks.
Stakeholders, already reeling from the arrest of David Carruthers of BetonSports and Peter Dicks from Sportingbet, had expected the legislation to fail.
When regulation of this sort comes about, one can instantly see ways around it, including the emergence of more 'underground' type operations. It will be interesting to see what happens.
For more, take a look at FT and the discussion taking place on this at Crooked Timber.


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