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Sportingbet CEO: US Should Tax Online Gaming



Printer Friendly VersionPost a CommentTell a Friend about this Article19 November 2005
Online gaming is licenced and taxed in 63 countries worldwide and the United States should be taking advantage of this $10 Billion market, said Nigel Payne, Chief Executive of Sportingbet PLC, in an interview to be broadcast Sunday November 20th on CBS 60 Minutes.

Sportingbet operates a number of brands, the largest of which are Sportsbook.com and ParadisePoker.com. The CBS 60 Minutes show looks at the size, scale and explosive growth of the internet gaming industry, particularly in the context of the unclear US legal and regulatory environment.

Payne, who heads one of the world's most successful publicly traded online gaming companies, makes the case that regulating online gaming is the safest way to ensure responsible gaming.

"Gambling has existed since the dawn of time," Payne has said during briefings with decision makers in Washington. "America is one of the largest gambling markets in the world with developed gaming in lotteries, casinos, horse racing, dog racing and sports. Gambling exists in every country in the world. The right thing to do, the responsible thing to do, is to regulate it and embrace proper social parameters through regulatory control."

In its results for the 12 months ending July 31, 2005, Sportingbet reported an operating profit before good will and exceptional items of $US105 million, up from $US 36 million the previous year. The number of customers worldwide using Sportingbet's facilities increased by 123 per cent to 2.7 million and the number of sports and gaming bets was up 51 per cent to almost 400 million from 265.5 million in 2004.

The 60 Minutes show on i-gaming airs on CBS channels across the United States Sunday Nov. 20 at 7pm, following NFL Football on CBS.

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