Gambling News

  • 01 March 2010

    Naples Man Held Without Bond In Online Gambling Probe

    Excessive shipments with Federal Express and excessive numbers of large checks being deposited against a company’s accounts, caused businesses to be suspicious and question the transactions. Those questions led to Michael Olaf Schuett, also known as Schutt, a German national, being held without bond in the Lee County jail. A federal judge ruled Monday that he was a flight risk.

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  • 25 February 2010

    Bi-Partisan Online Gambling Bill Introduced by Two Senators

    On 2-23-10 the Bipartisan Tax Fairness and Simplification Act of 2010 was introduced by Senators Ron Wyden (D-OR) and Judd Gregg (R-NH). A spokesperson for the Safe and Secure Internet Gambling Initiative stated that this legislation shows the growing support in congress for scrapping the ban on internet gambling and coming up with a new system that will protect the player and still regulate the industry.The provisions in the bill are similar to Barney Frank’s HR2267 bill, introduced last year.

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  • 23 February 2010

    Grand Prive Controversy Continues

    Recently, eCOGRA released its investigation of Grand Prive Affiliate’s Program closure. Their report stated that they were tasked by Grand Prive with investigating: the manner in which the program was terminated, determining the amount owed to claimants, determining a fair settlement for claimants, and to produce a full and transparent report for release to the public.

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  • 21 February 2010

    VISA Now Blocking All Online Gambling Transactions

    Only a few weeks after MasterCard blocked all online gambling transactions for United States players, VISA has also decided to block all online gambling transactions. VISA is the largest credit card supplier in the U.S. This is probably in response to the upcoming June deadline to start enforcing UIGEA regulations. MasterCard and VISA are just making sure that they are ready when UIGEA is enforced. Whether or not it will be enforced is still in doubt.

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  • 20 February 2010

    Virtue Fusion Purchased By Playtech

    Software developer Playtech Limited has purchased the gambling platform provider Virtue Fusion Limited for an initial payment of £29 million. This amount will be subject to a set of agreed working capital adjustments. There will also be an additional payment of up to £7 million in the first quarter of 2011 based on the performance of Virtue Fusion during 2010.Virtue Fusion was founded in 1999 and has a peak player base of more than 6000  players.

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  • 15 February 2010

    eCOGRA's Investigation of the Grand Prive Affiliate Program Report

    This breaking news!!! 15 February 2010 – Following a number of Internet-based allegations concerning the closure of the Grand Privé Affiliate Program (‘the Program’) on 1 December 2008, eCOGRA’s Compliance and Advisory Services department was engaged by the management of the company on 17 November 2009.

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  • 15 February 2010

    Update on Credit Card Crackdown for Online Gambling

    This last month has seen some interesting developments in the ongoing online gaming wars. Visa and MasterCard started getting gung-ho against their cardholders using their cards on egaming sites. The crackdown was the result of the soon coming implementation of the Unlawful Internet Gaming Enforcement Act (UIGEA) this coming summer. UIGEA is designed to prevent banks and other monetary processing companies from processing payments to online gambling sites.

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  • 12 February 2010

    Missouri Wants to Repeal PASPA

    Missouri State Representatives Jason Grill and Mike Colona have enlisted in the war on sports betting. They have put forth House Concurrent Resolution 22, calling on congress to repeal the Federal Professional and Amateur Sports Promotion Act (PASPA) of 1992. The proposal asks congress to repeal PASPA and allow states that wish to do so, to offer sports betting and thus partake in the economic benefits. This would include the estimated $81.5 million legally bet on last year’s Super Bowl.

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  • 11 February 2010

    Processor Set for US Online Gambling by EX-MasterCard Excecs.

    SecureTrading Inc., the new U.S. subsidiary of UC Group Ltd, has opened for business in expectation of legislation legalizing and regulating online gambling will soon pass in the U.S. UC Group is a United Kingdom based payments processing company. Chris Thom, chairman of SecureTrading Inc., is a former chief risk officer for MasterCard. SecureTrading says that it has many services which will be needed as soon as online gaming becomes legal.

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  • 10 February 2010

    New Jersey State Senate Committee Approves Sports Wagering

    On Monday, the New Jersey State Senate Committee on Government, Wagering, Tourism and Historic Preservation, approved a bill sponsored by Raymond Lesniak, calling for a referendum on sports wagering. The bill passed by a 4 – 0 margin. Can intrastate internet gambling be far behind?Lesniak, citing figures from the Press of Atlantic City, stated: “legalized sports betting would raise $100 million in new state revenues and generate $500 million for the casinos and racetracks.

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