U.S. "NO" to UK offer to regulate online gambling

[Ian_go]

LONDON - Delegates from Britain, France, Germany, Spain, Italy, South Africa will attend a meeting outside London today to complete negotiations on a code of conduct for the online gambling industry.

U.S. officials were invited but decided not to attend, preferring an approach that bans Internet gambling. President Bush earlier this month signed into law measures barring credit card companies from collecting payments for online bets.

Online gambling more than doubled in the U.K. during the past five years, a study for the government showed. The research by RSe Consulting found about 1 million people place bets regularly online in the U.K., a third of the 3.3 million across Europe. The industry takes bets of $6.65 billion a year, with the average European online gambler betting roughly $2,000 a year.

"Online gambling is on the rise, and there is a need to do something about this at a global level," British Culture Secretary Tessa Jowell said in an e-mailed statement. "I want to secure international support for agreed standards of regulation."

A draft of the agreement seen by Bloomberg News last week indicates more

[tennis_balls]

a bit misleading as of course the US would not send representatives to such a meeting on a key election day.

and would such a meeting even occur if so many investors in gambling shares on London exchange hadn't taken a hit in the past months? i doubt it.

[jetset]

"and would such a meeting even occur if so many investors in gambling shares on London exchange hadn't taken a hit in the past months? i doubt it."

I don't believe that's a fair comment. This summit has been discussed on a number of occasions going back to last year....long before the advent of the UIGEA.

[tennis_balls]

"and would such a meeting even occur if so many investors in gambling shares on London exchange hadn't taken a hit in the past months? i doubt it."

I don't believe that's a fair comment. This summit has been discussed on a number of occasions going back to last year....long before the advent of the UIGEA.

yeah......you're right, jet......though recent events have certainly greased the skids to start the balls (and heads) rolling.