IS THERE A MOVE AFOOT TO CHALLENGE THE UIGEA?

23 February 2007

Talk on the London market boosts online gambling shares

Online gambling company shares listed on the London market received a brief fillip this week as talk circulated that a US Congressman could be about to challenge the Unlawful Internet Gambling Enforcement Act passed in October last year. The Act targets for disruption any online gambling financial transactions and has had an adverse impact on the American online gambling market.

The rumour was that US Congressman Barney Frank, who is chairman of the Financial Services Committee in Congress is preparing an attempt to have the legislation repealed, and on the strength of it Party Gaming shares surged by some 20 percent.

UK business media contacted the politician's office in Washington, only to be told by a spokesman that although Frank was "not in favour" of the restrictions facing online gambling as a result of the Unlawful Internet Gambling Enforcement Bill, there was “nothing on the agenda right now” to reverse the bill.

He refused to say whether the Congressman was considering such a move.

Other possible explanations for the revitalised interest in online gambling stock then emerged, including a theory that the Party Gaming group may be a bid target for both online betting groups and real-world bookmakers, or manouvreing ahead of PG's results announcement scheduled for next month amid talk that the company is growing market share as regular players seek out the busiest online poker tables.

Online Casino News courtesy of InfoPowa

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