A HYPOCRITICAL INTERNET GAMBLING BAN
24 July 2006
THE HAMILTON SPECTATOR
Protecting American family values — or the offline industry? Gambling is one of the great successes of online commerce. Americans bet nearly $6 billion online last year, roughly half the global total
(Jul 22, 2006)
As someone paid to have a keen appreciation of risk, David Carruthers must regret his choice of travel agent.
The chief executive of BetonSports was flying to Costa Rica, but no sooner had he touched down in Texas to change planes than he was arrested and later charged, along with 10 of his associates and various companies, with racketeering, fraud and conspiracy.
This week the shares in BetonSports and other online gambling companies listed outside the U.S. plunged as the suspicion grew that, after years of inaction, prosecutors mean to close the industry down.
Much of Congress is on their side. Last week the House of Representatives voted to make it illegal to settle a bet with a credit card or wire transfer. Although the Senate is unlikely to make the bill law, the message is plain enough: Internet gambling is corrupting and illegal and should be stopped.
The congressmen’s eagerness to demonstrate their uncompromising moral stance is more ironic than impressive. For the American campaign against Internet gambling is tainted by hypocrisy as well as futility.
MORE – READ THE COMPLETE ARTICLE AT THE HAMILTON SPECTATOR
01 August 2006NOT GUILTY PLEAS ENTERED FOR BETONSPORTS CEO
bellevillenewsdemocrate.com JEFF DOUGLAS Associated Press ST. LOUIS – The former chief executive of one of the world’s largest online gambling companies, BetOnSports, will remain in federal custody after pleading not guilty Monday to charges of mail and wire fraud and racketeering. David Carruthers, 48, was one of several BetOnSports PLC employees and associates named in a federal 22-count indictment who pleaded not guilty.Read full article
14 September 2006Justice Department defends using 'dated' laws in gambling arrests
THE REGISTER www.theregister.co.uk High Wire Act By OUT-LAW.com Published Thursday 14th September 2006 19:04 GMT The US Department of Justice has admitted that the 1961 Wire Act which it uses to prosecute executives of online gambling companies is “dated”. The Department insists, though, that the law is sufficient for the prosecution of gambling executives.Read full article
25 September 2006INVESTORS LOSE BILLIONS ON ONLINE GAMBLING
FINANCIAL NEWS Tara Loader Wilkinson 25 Sep 2006 Regulatory crackdown and arrests in the US have hit pipeline of gaming flotations Investors in online poker should know they can lose their shirts on one bad hand. But they might not have expected such a sustained run of bad cards that has seen the value of online gaming companies collapse by 51% from this year’s highs.Read full article