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UK firms say U.S. anti-gaming bills doomed to fail



Printer Friendly VersionPost a CommentTell a Friend about this Article25 May 2006
As reported by: Reuters via Yahoo
Attempts in the United States to ban the multi-billion dollar online gaming industry from its virtual shores are doomed to fail, London-based gaming executives and analysts say.

Rep. Bob Goodlatte is the latest U.S. opponent to Internet gambling, which is estimated to generate about $12 billion a year globally through 2,300 sites.

His bill seeks to bar gambling businesses from accepting payment by credit card, cheque, wire or Internet, and will next be heard on Thursday. "Are they likely to succeed? I think not," said David Carruthers, Chief Executive of BETonSPORTS, which is listed in London, based in Costa Rica and takes most of its bets from the U.S.

Carruthers said the United States was likely to become fully open and regulated within five years.

"That view is based on the pure economic reality, and the emergence of regulation across the globe," he said. "The United Kingdom and other jurisdictions are setting the pace, and you can not ban this activity."

"There are far too many people participating, and the U.S. tax authorities are not going to pass up this opportunity of generating revenue," he added.
Article By: Reuters via Yahoo

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