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Congressman Frank's next attack on the UIGEA is nigh
According to Reuters reports as the week ended, the next substantial attack on the controversial Unlawful Internet Gambling Enforcement Act 2006 could commence as early as mid-March 2009.
Spearheaded by Congressman Barney Frank, who chairs the House Financial Services Committee, the proposal will seek to repeal the disruptive and much-criticised three-year-old U.S. ban on Internet gambling financial transactions that has caused billions in losses and hurt US trade ties with the European Union.
"I'm going to be pushing it," Frank told reporters at a press conference to lay out his agenda for reforming U.S. financial regulation.
One of Frank's aides added that work on drafting the legislation should be completed soon.
Advocates of overturning the UIGEA say it is an unwarranted impingement on personal liberty, and point to independent estimates that the United States could raise nearly $52 billion in revenue over the next decade by taxing and regulating Internet gambling instead of trying to prohibit it.
Controversial "carve-outs" in US law that permit online gambling in the horseracing, fantasy sports and state lotteries sectors have also been heavily criticised as inequitable, leading to major World Trade Organisation decisions going against the USA.
Adding fuel to the fire, the London-based Remote Gambling Association has accused the U.S. Justice Department of singling out European online gambling companies like PartyGaming, Sportingbet and 888.com for prosecution while allowing similar U.S. companies to operate freely through the Internet. This has resulted in a European Commission investigation, the results of which are expected to be released soon. Insiders claim that the report will confirm that there are grounds to take further action against the United States at the World Trade Organisation, although a negotiated resolution would be preferred.
Bail-out critical American tax-payers will also be interested to learn that other items on Congressman Frank's agenda include a March 24th hearing with the U.S. Attorney General, FBI, SEC and bank regulators on potential criminal and civil prosecutions of "...those responsible for irresponsible loans, securitization and the resulting U.S. financial crisis." He will also push for legislation to restrain securitisation, anticipating that $7.6 billion of TARP (Troubled Asset Relief Program) bailout money will be returned to the U.S.
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Mybet Earnings Struggle -
The statement this week reveals that Mybet continued to be hampered by negative trends from historic quarters, making its original performance estimate "unrealistic".
Tom Horn Awarded Malta Gaming License -
Online gambling software provider Tom Horn Gaming has been awarded a Malta Gaming Authority license that permits the company to host and manage Malta-based gaming operators.
Calvin Ayre invests in new Antigua Business Center -
Ayre joined with government officials this week in a ground-breaking ceremony for a five-story centre on Antigua which will be home for the venture. The "green" building will be solar powered and provide employee-friendly services like catering, a gym and child care.
Attack of the Zombies Slot -
Online gambling games developer Genesis Gaming has unveiled its latest game, with a theme based on a horror story of the undead, exploiting the current trend....and just in time for Halloween.
Why is FullFlush Poker Still Down -
Its now almost a month since Full Flush Poker went offline "for a platform upgrade" and stopped communicating with its reportedly many unpaid and unhappy players. All trace of the operator - and means to communicate with it - have vanished.
Time Running Our For Pennsylvanian online gambling -
Hopes that this week would see the Pennsylvanian Senate voting on an online gambling and DFS legalization bill already passed by the House four months ago dwindled Wednesday when no progress was made and the legislatures season officially closed.
Yggdrasil Gaming Expanding -
The Swedish online gambling games developer Yggdrasil Gaming is to establish a new parent company and expand its Stockholm office as it bolsters its presence in Sweden with a raft of new hires.
FanDuel and DraftKings Settle With NY Attorney General -
Speculation earlier this week that daily fantasy sports market leaders FanDuel and DraftKings were about to agree a settlement on consumer fraud suits prepared by the New York AG was confirmed Tuesday when a $12 million settlement was announced.
Stan james Now Live With EPOS -
The company switched to the Optima server less system across its entire estate in July after previously using Optima EPOS technology. The switch was completed early this (October) month and has already delivered noteworthy savings for the company.
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