Political changes could be good news for gambling

[jetset]

POLITICAL CHANGES IN THE USA COULD BE POSITIVE FOR GAMBLING


"We think it might be time to see if there is a way to regulate and control online gaming:" Fahrenkopf

The CEO and president of the American Gaming Association, Frank Fahrenkopf sounded a positive note on the wider industry this week in an interview with Reuters news agency on the political changes arising from the recent US mid-term elections.

The top gambling executive said that the new Democrat-dominated Congress will put pro-casino politicians in key leadership positions as the American Gaming Association considers a push to study the legalisation of Internet gambling.

"I think the change on balance is positive," Frank Fahrenkopf, a former chairman of the Republican National Committee told Reuters, adding that a major challenge of the trade group has been educating legislators about the business, and "the new leadership is familiar with our industry."

Sen. Harry Reid, a moderate Nevada Democrat and former casino regulator, was elected by colleagues this week as U.S. Senate majority leader for the 110th Congress that will convene in January.

"He probably knows our industry better than anyone," Fahrenkopf said.

The new Republican leader in the Senate is expected to be Mitch McConnell of Kentucky, a "gambling state" in Fahrenkopf's words.

Sen. Trent Lott, a Republican from Mississippi, where casinos dot the U.S. Gulf Coast, is angling for the job of assistant minority leader in the Senate.

In the House, there will be "dramatic changes in committee chairmanships," Fahrenkopf said. Rep. Charles Rangel, the New York Democrat expected to chair the Ways and Means Committee, has been to Las Vegas to tour the inner workings of casinos "many, many times," according to the head of the gaming association.

Rep. John Conyers, expected to head the Judiciary Committee, is from Detroit, where he has seen "how casinos can benefit the economy," Fahrenkopf said. Conyers was also the politician who attempted to interest Congress in a study of online gambling last year.

Fahrenkopf also noted that Bennie Thompson, expected to chair Homeland Security, is from Tunica, Mississippi.

And Massachusetts Democrat Barney Frank, who is expected to chair the Financial Services Committee, has a libertarian approach to gambling and does not believe that the U.S. should be telling people how to spend their money, Fahrenkopf said.

The Gaming Association is expected to decide in December whether to pursue legislation calling for an independent study of online gambling, says Reuters.

"We think it might be time to see if there is a way to regulate and control online gaming," Fahrenkopf said.

The arrests in the United States of executives from British companies involved in online sports betting and passage in October of a U.S. law barring banks from transactions involving Internet gambling have led most legitimate operators to pull our of the U.S. market, he said.

"The goal was to protect U.S. consumers, but I think the impact has been the exact opposite. The responsible companies have pulled out, only leaving about 2 000 fly-by-night Web sites," Fahrenkopf said.

[cipher]

POLITICAL CHANGES IN THE USA COULD BE POSITIVE FOR GAMBLING


"We think it might be time to see if there is a way to regulate and control online gaming:" Fahrenkopf

The CEO and president of the American Gaming Association, Frank Fahrenkopf sounded a positive note on the wider industry this week in an interview with Reuters news agency on the political changes arising from the recent US mid-term elections.

The top gambling executive said that the new Democrat-dominated Congress will put pro-casino politicians in key leadership positions as the American Gaming Association considers a push to study the legalisation of Internet gambling.

"I think the change on balance is positive," Frank Fahrenkopf, a former chairman of the Republican National Committee told Reuters, adding that a major challenge of the trade group has been educating legislators about the business, and "the new leadership is familiar with our industry."

Sen. Harry Reid, a moderate Nevada Democrat and former casino regulator, was elected by colleagues this week as U.S. Senate majority leader for the 110th Congress that will convene in January.

"He probably knows our industry better than anyone," Fahrenkopf said.

The new Republican leader in the Senate is expected to be Mitch McConnell of Kentucky, a "gambling state" in Fahrenkopf's words.

Sen. Trent Lott, a Republican from Mississippi, where casinos dot the U.S. Gulf Coast, is angling for the job of assistant minority leader in the Senate.

In the House, there will be "dramatic changes in committee chairmanships," Fahrenkopf said. Rep. Charles Rangel, the New York Democrat expected to chair the Ways and Means Committee, has been to Las Vegas to tour the inner workings of casinos "many, many times," according to the head of the gaming association.

Rep. John Conyers, expected to head the Judiciary Committee, is from Detroit, where he has seen "how casinos can benefit the economy," Fahrenkopf said. Conyers was also the politician who attempted to interest Congress in a study of online gambling last year.

Fahrenkopf also noted that Bennie Thompson, expected to chair Homeland Security, is from Tunica, Mississippi.

And Massachusetts Democrat Barney Frank, who is expected to chair the Financial Services Committee, has a libertarian approach to gambling and does not believe that the U.S. should be telling people how to spend their money, Fahrenkopf said.

The Gaming Association is expected to decide in December whether to pursue legislation calling for an independent study of online gambling, says Reuters.

"We think it might be time to see if there is a way to regulate and control online gaming," Fahrenkopf said.

The arrests in the United States of executives from British companies involved in online sports betting and passage in October of a U.S. law barring banks from transactions involving Internet gambling have led most legitimate operators to pull our of the U.S. market, he said.

"The goal was to protect U.S. consumers, but I think the impact has been the exact opposite. The responsible companies have pulled out, only leaving about 2 000 fly-by-night Web sites," Fahrenkopf said.

This is an excellent read. Thanks for posting it.

Have a good one.

[Forbin001]

One in particular that is good is Barney Frank being head of the finance committee. The Federal Reserve will have to ask congress for more cash to revamp the banking system.....and Frank was a staunch opponent of the gambling bill. I seriously doubt that Frank and company will pony up the cash for this.