More online firms suspend US gambling operations
10 October 2006
INTHENEWS – www.inthenews.co.uk
Tuesday, 10 Oct 2006 10:16
The new US law bans banks from processing online gambling payments
Two online gambling firms have announced that they are suspending their operations in the US ahead of the imminent implementation of new laws restricting internet gaming.
In separate statements released this morning, Fairground Gaming and Fireone said that they would immediately cease trading in the US once the unlawful internet gambling enforcement act had been ratified.
The legislation, due to be approved by US president George Bush in the near future, makes it illegal for banks and credit card companies to process gaming payments.
Online gambling firms, which make a great deal of their profits from the US market, have seen their share prices plummet since the new law was adopted by the US congress.
Fairground Gaming said that it would suspend the company’s online casino and poker games to its US-based customers following the implementation of the legislation, while Fireone said that only non-US internet gamblers would be able to use its multi-currency credit and debit card and FirePay electronic wallet processing facilities.
Both companies said that they were planning to restructure their businesses and cut costs in the wake of the US legislation.
Fireone said it expected the law to have a “significant negative impact” on its business and had “embarked upon a restructuring of its operations and cost base” as a result.
THE COMPLETE ARTICLE CAN BE READ AT INTHENEWS – www.inthenews.co.uk
31 August 2007NEW Date Set for iMEGA versus Gonzales (UIGEA)
NEW Date Set for iMEGA versus Gonzales (UIGEA)Honorable Judge Mary L. cooper will hear oral arguments on TRO and Government dismissal motions.The hearing originally set for September 4th, has been moved to September 26th, in the U.S. District Court of New Jersey, Trenton Division. The hearing date was a mutual agreement by the plaintiff whom is iMEGA and the defendants, who are, Gonzales, the U.S. Department of Justice, the Federal Trade Commission and the Federal Reserve Board of Governors.Read full article
10 October 2006LEISURE & GAMING JOINS FAIRGROUND GAMING AND FIREONE - EXIT US ONLINE GAMBLING MARKET
BETTING MARKET (www.bettingmarket.com) The passing of the Unlawful Internet Gambling Enforcement Act of 2006, which makes unlawful the receipt by a gambling business of proceeds or monies in connection with unlawful internet gambling, has led to three more companies announcing plans to exit the US facing online gambling market. Leisure & Gaming plc a holding company focused on the interactive betting and gaming sector operates a number of online sports betting and casino brands.Read full article
24 October 2006ONLINE GAMBLING AND ITS ENTITIES ENTERS THE PROHIBITION ERA
INTERACTIVE GAMING NEWS by Chris Krafcik H.R. 4411 – David Carruthers – Money laundering – Aiding and abetting – United States Congress – Bill Frist – Unlawful Internet Gambling Enforcement Act of 2006 – Prohibition – Exodus These and other words and expressions have permeated the idiom shared by the I-gaming industry, serving as palpable reminders of long-standing legal battles and financial woe, of furtive politics and changing interests.Read full article