Online Casino News and Information

BBC NEWS
Sportingbet has reported quarterly losses of £241.4m ($470.6m), after selling its US business for £1.

The online gambling firm took a charge of £252m on exiting the US in October, shortly before new laws outlawing internet gaming came into force there.

But it saw gross profit from its other gambling operations rise 48% to £31.7m, in the three months to 31 October.

Sportingbet slammed the UK government for its “lack of support” for the online gaming industry.

It accused Britain of doing little to support the industry ahead of the US legislation, and said it had made “little real progress” in defining a “regulatory and fiscal framework” that would encourage online gaming firms to base themselves in the UK.

Sportingbet said it was looking forward to a “harmonisation” of gaming rules across the European Union.

The exceptional charge taken by Sportingbet included a £132.7m write-down of investments, a £106.3m “loss on disposal of investment” and a restructuring charge of £13.4m.

It said the sale of its US operation had enabled it to transfer over 450 employees, without incurring severance and closure costs.

READ THIS ARTICLE AT BBC NEWS

LONDON, November 28, 2006 - eCOGRA (eCommerce and Online Gambling Regulation and Assurance) www.ecogra.org, the online gambling industry’s player protection and standards authority, has appointed a highly experienced leisure and gaming financial executive as an additional independent director on the Board.

Chartered Accountant Bill Henbrey recently retired from BDO Stoy Hayward in London, where he was a partner and head of the betting & gaming and leisure & hospitality units, amassing over thirty years of experience in the business assurance and financial advisory fields for a wide range of tier one clients. The portfolios for the divisions he headed included UK and international companies both private and public involved in land-based gambling and, since 2000, online operations.

Mr. Henbrey was named “Best Business Adviser to Growing Businesses” by the CBI and Real Business magazine in 2000.

Bill Henbrey said, “I am delighted to be joining eCOGRA at the very time when online gaming standards and conduct are under immense scrutiny. This is an opportunity for me to assist the industry to raise its performance levels and ensure the highest degree of commitment to fair and responsible gaming”.

“We are very fortunate to secure the experience and commitment of such an accomplished financial executive for the eCOGRA Board,” said CEO Andrew Beveridge in announcing the appointment. “His expertise and impressive skills complement the high calibre regulatory and business talents of our three existing independent directors, Michael Hirst OBE, Frank Catania and Bill Galston OBE.”

Notes

eCOGRA, the independent standards authority for the online gambling industry, is committed to protecting online casino and poker players around the world. The non-profit organisation addresses the most important issues to players: fast payouts, fair gaming, responsive and efficient service and responsible operator conduct.

eCOGRA provides an international framework of best operational and player practice requirements enforced through inspections, reviews, and continuous monitoring by independent global audit companies. To date, over 100 sites comply with these requirements and have been awarded the coveted “Play It Safe” Seal that identifies to players the safest online gambling sites on the Web. For more information on how eCOGRA is constantly improving standards in online gaming for players everywhere, go to www.ecogra.org

iGAMING BUSINESS
24-11-06

The Gambling Bill proposed by President Vladimir Putin in October, which plans to set up four gambling zones in Russia, has been approved at its first reading by the Duma last week by a vote of 440-0 and one abstention.

The president had proposed the bill after the Interior Ministry launched an operation to check the financial, tax and sanitary-epidemiological documents of a variety of gambling establishments in the capital allegedly linked to the Georgian mafia.

The bill has been enforced to tighten control and ultimately ban gambling in Russia with the exception of the four designated zones by the start of 2009. The four special zones are to be located in unpopulated regions: two in European Russia, one in Siberia and one in the Far East. Federal authorities will grant five-year licenses for operation inside the zones.

The legislation has already been criticised for prohibiting activities such as betting on friendly card games in private homes, and for restrictions on online activities, with gambling businesses pushing to soften the bill’s provisions and extend the gambling ban beyond 2009.

However, the mechanism for creating the zones would seem to be the key to the legislation’s success, as the current version does not outline if or how the zones might be enforced within residential areas, prompting some to speculate that the bill is likely to undergo change.

‘There is no doubt the bill will change beyond recognition,’ said Yevgeny Kovtun, a spokesman for the Gaming Business Association, whose members have been operating in Russia for the past decade.

The Association for the Development of the Gaming Business predicted that the national gambling industry, whose revenues surpassed $5 billion per year, could shrink by at least 70 percent by July 2007 if the bill is implemented.

THIS ARTICLE CAN BE READ AT iGAMING BUSINESS

(PRWEB) November 23, 2006 — TheRXCasinos.com, the first in a series of new online gambling portal Web sites from TheRX.com, announces its Web site launch today.

The well-established sports information Web site, TheRX.com promises its new Web site, TheRXCasinos.com to be the first of a sequence of new Web sites set to expand upon TheRX.com’s success, with each new site having its own distinct focus.

As the name suggests, TheRXCasinos.com will center itself upon the online casino industry. Features of the new Web site include up-to-the minute online gambling news and interviews with leaders of the online gambling industry. I-gaming attorney, Martin Owens will provide regular columns, and will answer questions pertaining to the rapidly changing online gambling legal landscape.

TheRXCasinos.com seeks to create a true feeling of community. To reach this goal, TheRXCasinos.com offers member discussion forums and chat rooms. Additionally, members of TheRXCasinos.com can create their own personal gambling-related blog. Helping to encourage bloggers will be the weekly and monthly cash prizes for the “Best Blog.”

Debbee Silverman, TheRXCasinos.com manager states, “We want our visitors to feel as if they’re at home, hanging out with friends at TheRXCasinos.com. We’d like our members to have a better understanding of the online gambling industry, who the important ‘movers and shakers’ are, and what makes the industry ‘tick.’ And of course, we want our members to have fun, so our frequent casino tournaments and on-site competitions should ensure a great experience.”

To learn more about TheRXCasinos.com and to become a member, visit www.TheRXCasinos.com. Membership is free.

About TheRXCasinos.com
A subsidiary of successful online sports gambling portal TheRX.com, TheRX Casinos.com serves as a universal online gambling portal and informational resource for gamblers worldwide. Built to encourage greater player interaction, TheRXCasinos.com provides online gamblers with a broader understanding of the online casino industry through discussions and industry news. Members of TheRXCasinos.com can choose from a vast number of gambling sites and have more direct contact with other players than previously possible.

THE REGISTER
By Burke Hansen in San Francisco
Tuesday 21st November 2006

Has the time actually come for Congress to read its own legislation?

In the wee hours before Congressmen could head off for their election year recess, they managed to churn out a mound of unread anti-gambling legislation. In their haste to vacate, the lawmakers added fuel to a smoldering trade dispute between the tiny island paradise of Antigua and the superpower to the north. While the conflict centers around online gambling, it could well end up disrupting the businesses of companies such as Microsoft and Google, if the US is unable to fend off the bully Antigua.

The legislation in question primarily sought to restrict access to online gaming sites for American players by criminalizing financial transactions between American financial institutions and the sites in question. It has, however, had the unintended consequence of strengthening Antigua’s hand in its dispute with America before the World Trade Organization (WTO) over the supply of cross border gambling services. As Mark Mendel, Antigua’s lead attorney in the case explained to El Reg:

The new legislation strengthens our arguments that the US permits domestic remote gambling but not foreign remote gambling, as it has a number of ‘carve outs’ for domestic operations that cannot apply to foreign ones. It is just further evidence of the discriminatory effect of US laws and the [American] government’s enforcement of them.

In its hurried attempt to penalize the foreign-based online gaming outfits without offending the American-based horse racing and Indian casino industries, Congress managed to bring into bold relief the crux of Antigua’s claim against the United States – namely that American law treats foreign suppliers of gambling services differently than its own. Such equitable treatment between trading partners forms the backbone of the WTO, and, if Antigua has its way, American intellectual property owners will ultimately pay the price for the American government’s refusal to open its market to at least certain types of internet gambling.

MORE…

EDITORS NOTE: THIS IS AN INTERESTING AND INFORMATIVE ARTICLE THAT SHOULD BE READ IN ITS ENTIRETY AT THE REGISTER

THE ANTIGUA SUN
Monday November 20 2006

As speculation about how the upcoming change in the make-up of the US Congress and House of Representatives may impact on Antigua & Barbuda’s economic interests, at least one senior diplomat is holding out hope that some changes might come about on key issues.

Ambassador Colin Murdoch, permanent secretary in the Ministry of Foreign Affairs said he expected some progress in negotiations on the gaming issue, once power shifts into democratic hands in January, when newly elected representatives take office in both houses.

“I do not necessarily believe that there is much difference in the democratic and republican administrations. In fact, some of the harshest blows that the Caribbean has received in recent times, we got from the democrats – like bananas. That was done under a democratic administration.

“Having said that, I believe that when it comes to Internet gaming, I believe that there will be some new opportunities, with the new Congress, after January, to explore with them some change to the legislation that has been passed. Either a repeal or an amendment of that legislation,” Murdoch told the Antigua Sun.

MORE - READ THE COMPLETE ARTICLE AT THE ANTIGUA SUN

LAS VEGAS SUN
By Liz Benston
November 19, 2006

While the gaming industry is heralding the appointment of casino-friendly Democrats to key positions of power in Washington, experts warn that it could take many years before Congress will be willing to consider regulating online gambling.

“If it comes up again, they’re going to say, ‘We’ve already dealt with that issue,’ ” said David Stewart, a Washington attorney who advises the American Gaming Association. “They were exhausted by this latest effort.”

The American Gaming Association didn’t fight or support the Unlawful Internet Gambling Funding Prohibition Act, a bill signed into law last month that further criminalizes Internet gambling - a legally suspect business conducted by non-U.S. companies. The association’s two largest members, Harrah’s Entertainment and MGM Mirage, want to legalize Internet gambling in this country, but other members have been lukewarm to the idea. The group expects to decide at a board meeting next month whether to push for legislation that would study legalizing Internet gambling. Rep. Jon Porter, R-Nev., introduced such a bill in the last session of Congress that gained support from more than 40 co-sponsors.

Among a slew of Democrats perceived as friendly to the industry is Rep. Barney Frank, D-Mass., an outspoken liberal who will head the Financial Services Committee and who voted against the Internet gambling prohibition bill that originated in his committee under its chairman, Jim Leach, R-Iowa.

Even if more libertarian minds prevail in the online gambling debate, Stewart says it could take at least a decade for Congress to legalize Internet betting - dooming a $12 billion industry that has earned a place in mainstream culture to black-sheep status.

“They don’t have the appetite for it,” he said of members’ desire to pursue a debate.

MORE - READ THE COMPLETE ARTICLE AT LAS VEGAS SUN

LAS VEGAS SUN
By Liz Benston
November 19, 2006

Passing bills in the dead of night without a lick of debate was business as usual in President Bush’s Republican-controlled Congress. But the details behind the October passage of a controversial Internet gambling prohibition bill was enough to make even jaded political observers’ hair stand on end.

At the world’s largest casino convention this week, casino insiders of both political persuasions buzzed about how the bill passed in the final hours of the pre-election congressional session.

The Unlawful Internet Gambling Funding Prohibition Act - cumbersome, confusing and potentially ineffective - further criminalized an already illegal activity.

While the bill is unlikely to curb the public’s appetite for online gambling, the legislation will make it more difficult for Americans to find reputable sites that will accept their money.

The real purpose of the bill, conventiongoers said, was to pander to religious conservatives. The House passed legislation authored by Rep. Jim Leach, R-Iowa, but passage of a Senate compromise bill was unlikely after senators objected to a move by anti-gambling advocate Jon Kyl, R-Ariz., to fast-track the Leach bill to a floor vote in the Senate.

Enter Majority Leader Bill Frist, R-Tenn., who approached Leach for his support of the Internet gambling measure. Critics say (and Leach disputes) that Frist agreed to shepherd the bill in exchange for Leach’s support in Frist’s potential presidential bid in 2008. (The Iowa caucus has been an indicator of which candidate will receive his party’s nomination for president.)

Frist’s support for the Leach bill was more than critical - it was necessary. Spurned by senators from two appropriations committees to attach the Internet gambling measure, Frist went behind their backs, attaching the language to a port security bill that was voted on after midnight.

No meeting, no reading, no debate - no problem. Many members of the Homeland Security Committee - not to mention most senators - hadn’t read the bill.

“There was only one vote on that bill,” Internet gambling expert and Whittier Law School professor I. Nelson Rose said in an interview. “Bill Frist doesn’t want to be president. He wants to be dictator.”
Liz Benston can be reached at 259-4077 or at benston@lasvegassun.com.

THIS ARTICLE CAN BE READ AT LAS VEGAS SUN

MONEYCONTROL (www.moneycontrol.com)
2006-11-18 11:29

The Forbes list of richest Indians is out and India’s top 10 have seen their net worth skyrocket almost 60 % in a year reports CNBC-TV18.

The top 10 Indian billionaires have added USD 64 billion to their net worth in a year.

Lakshmi Mittal, who is also the world’s third richest man, has been crowned the richest Indian once again this year. Mittal went on a fierce and controversial acquistion spree, but added USD 5 billion to his net worth of approximately USD 25 billion dollars.

Claiming the next two spots are the Ambani brothers, with Mukesh Ambani ranking second and Anil Ambani at the third position. Both have climbed up one spot from last year. Azim ‘Wipro’ Premji is now at number 4 on the billionaire ladder, down two positions from last year.

Interestingly, the list of the new barons on the block has seen five new faces this year. At number nine stands the surprise entry of Ramesh Chandra who cashed in on middle-class housing to garner a net worth of USD 5.3 billion dollars. The four other money magnates include Sun TV’s Kalanithi Maran, tractor tycoon Keshub Mahindra, India’s largest commodity exchange founder Jignesh Shah, and Infosys co-founder K Dinesh.

The list saw many upheavels, causing seven dropouts this year. One was Biocon’s Kiran Mazumdar-Shaw - Biocon shares fell by 26 % in the past year. But the biggest loser was Anurag Dixit, at number 29, who had set up the world’s largest online poker company, Partygaming. Shares in his firm tanked this year on regulatory issues concerning online gaming.

THIS ARTICLE CAN BE READ AT MONEYCONTROL (www.moneycontrol.com)

YAHOO NEWS

By RYAN NAKASHIMA, Associated Press Writer
Thu Nov 16, 12:37 AM ET

LAS VEGAS - Casino executives and a poker lobby group said that they hope a change in power brought by the midterm elections will help them overturn an Internet gambling ban rushed through Congress while Republicans were still in control.

MGM Mirage Inc. chief executive Terry Lanni said Wednesday that the measure is “ridiculous” because it was signed into law Oct. 13 as part of a larger port security bill — and because it exempted horse races and lotteries, and online bets placed while on American Indian land.

“It makes no sense whatsoever,” Lanni told gambling industry officials attending the Global Gaming Expo in Las Vegas. “Prohibition didn’t work, this isn’t going to work.”

Later, Lanni said he hoped Congress would commission a study into the effect of online gambling.

“We’re looking even in the lame-duck session to reintroduce this bill with some of our compatriots in the House and Senate to study (Internet) gaming,” said Lanni, who directs the world’s second-largest casino company.

“We think it can be taxed, we think it can be regulated, we think it can be licensed,” Lanni said. “With the new leadership, with the Democrats winning the House and the Senate, we think we’re going to have a much better opportunity to do that.”

READ THE COMPLETE STORY AT YAHOO NEWS