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A Divided Industry Enters the Prohibition Era

Discussion in 'Casino Industry Discussion' started by Casinomeister, Oct 24, 2006.

    Oct 24, 2006
  1. Casinomeister

    Casinomeister Forum Cheermeister Staff Member

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    A Divided Industry Enters the Prohibition Era


    by Chris Krafcik


    "I do think that more private company operators are now going to take U.S. money. If you're going to take U.S. money, and you want to work on this, you have to put your money up, because we financed everyone 'til today. Now, I think there's going to be a shift in responsibility, while we continue to take responsibility."
    - Mitch Garber
    PartyGaming



    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. Following the enactment of the U.S. Unlawful Internet Gambling Enforcement Act of 2006, most financially transparent public companies have flipped the switch on their U.S.-facing operations, while others wait and watch as the 270-day prescription period passes.

    Private companies, meanwhile, have been the subject of much discussion and speculation. Reports and rumors are circulating about the industry going "underground," that the new law will do little more than expel regulated, publicly traded companies, clearing the way for private gambling companies and offshore banks to gobble up U.S. dollars on untraceable transactions. Other reports suggest further that the U.S. legislation will, in time, render itself moot after billions in difficult-to-trace "financial instruments" find their way into crooked, criminal claws.

    "It leaves an opening for some of the more unscrupulous companies coming in from unregulated places," said Frank Catania, past director of New Jersey's Division of Gaming Enforcement and president of Catania Consulting Group.

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  2. Oct 24, 2006
  3. Auditor

    Auditor Dormant account

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    This should not be a surprise. Isn't this exactly what prohibition brings? When the US banned alcohol it did not stop Americans from drinking, it moved the industry underground. One thing to remember, these underground bootleggers who defied the law and made money while the large businesses closed shop, became industry leaders when prohibition ended. Ever heard of Seagram's?


    The results of the experiment [prohibition] are clear: ...organized crime grew into an empire; ...disrespect for the law grew; and the per capita consumption of the prohibited substance -- alcohol -- increased dramatically (McWilliams). It is obvious that this noble experiment was not so noble but rather a miserable failure on all accounts. Reasonable measures were not taken to enforce the laws and so they were practically ignored. People flagrantly violated the law, drinking more of the substance that was originally prohibited. The problems prohibition intended to solve, such as crime, grew worse and they never returned to their pre-prohibition levels. Not only was prohibition ineffective, it was also damaging to the people and society it was meant to help. Prohibition should not have gone on for the thirteen years it was allowed to damage society.

    Written by: Catherine H. Poholek

    May 6, 1998




    Auditor
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  4. Oct 24, 2006
  5. lots0

    lots0 Banned User - troll posts - flaming PABnonaccred

    Occupation:
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    It's already happening.

    I have also seen far too many existing outfits that were at one time great to do business with, think that this ridiculous proabition law is a free ticket to steal from Americans.

    Related: I think another dismal failure of proabition is the US proabition of some drugs, this proabition has caused far more problems that it ever fixed. After a 30 year proabition, there are more illegal drugs in the US than ever, more gang related drug violence and a 85% increase in our prison population (non-violent offenders) making the US Prison population larger than the rest of the worlds entire prison population put together...

    The only proabition that seems to be working is the proabition on some elected officials intelligence...
     

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