- Joined
- Jun 30, 1998
- Location
- Bierland
BETonSPORTS Remains Committed to Regulation
LONDON - In light of recent betting scandals and actions in the U.S. Congress, leading online sports betting firm BETonSPORTS plc (LSE: BSS) renewed its commitment as a strong advocate for regulation of the online gaming industry in the U.S. and remains vehemently opposed to any prohibition attempts in Congress.
"Prohibition has never worked in the U.S. for any activity," commented the company's CEO David Carruthers. "The idea that prohibition would suddenly work now on any aspect of the Internet is a falsehood and trying to shut out a multi-billion industry with the consumer demand of online gambling through prohibition won't work."
As a global presence in the online gambling industry with a wide range of brand offerings covering sports betting, poker, casino, and other forms of online gambling BETonSPORTS plc has a global reach with geographical focuses in North America, Asia, and Latin America. BETonSPORTS plc has long been an advocate of regulation for the industry and last month published a white paper on why regulation is needed in the U.S. and Carruthers echoed those sentiments this week.
"Everyone wants to point to news events of the last few weeks and argue that they only prove why online gambling should be prohibited in the U.S.," he said. "The reality couldn't be further from the truth. The recent scandals only drive home the fact that what this industry needs is regulation and tracking, not to be pushed even further in the shadows where organized crime and other less reputable individuals can carve out a niche for themselves."
"Congress has tried unsuccessfully for seven years to pass some form of legislation prohibiting online gaming," said Linda Goldstein, Partner at Manatt, Phelps & Phillips. "The legal obstacles to such a bill are no less compelling today than they were years ago. To the contrary, the increased globalization of our economic marketplace suggests that cooperation and regulation, rather than prohibition, will afford more meaningful benefit and protection to U.S. citizens."
David Carruthers believes the only way for companies like his, which is publicly traded on the London Stock Exchange, to fully cleanup the industry and put users at ease is by regulating them in the U.S.
"If consumers in the U.S. have a choice between a reputable brand like ours which is publicly traded, backed by a license and a regulatory body, and one that isn't and doesn't offer consumers those safeguards that come along with regulation, they will choose a brand like ours every time. In addition, under regulation, our industry could be taxed and generate new revenues to state and federal budgets."
Likewise, Carruthers argues, that if online sports books were regulated in the U.S., organized crime elements which opponents of the industry feel are prevalent, could be eliminated quickly.
"These stories of organized crime would disappear if the industry was regulated in the U.S.," he said. "We saw during prohibition of alcohol that organized crime controlled the liquor trade. Now, alcohol is a regulated industry and only the best and most reputable firms are at the top of it. The same thing will happen in our industry, so it is up to the Congress to decide which direction it wants to take."
To help further the argument for regulation Carruthers was picked to spearhead an independent advisory council in conjunction with the International Institute for Conflict Prevention and Resolution (CPR). The aim of the advisory council is to bring individuals from both sides of the argument together in hopes of creating operating standards that could be acceptable to everyone.
To read a copy of the BETonSPORTS white paper on why the industry should be regulated, click here:
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About BETonSPORTS: Established in 1995, BETonSPORTS is one of the largest licensed and publicly-traded online wagering companies in the world. Operated by BETonSPORTS plc (LSE: BSS.L), BETonSPORTS is licensed in Europe and the Caribbean with offices in London, Costa Rica, Antigua, Guatemala, Mexico and Malaysia. BETonSPORTS plc owns and operates 20 different online gambling brands, including the world's most dynamic sports book, a casino, and a poker room. Visit www.BOSplc.com for more information.
Safe Harbor Statement: Statements in this announcement that are not strictly historical may be "forward-looking" statements, which involve risks and uncertainties. These include risks and uncertainties relating to customer and supplier relationships and prices, competition, market demand, litigation and other contingent liabilities, the integration and operation of acquired businesses, and economic, political, governmental and technological factors affecting BETonSPORTS plc's operations, markets, products, services and prices, among others, as set forth in public filings.
LONDON - In light of recent betting scandals and actions in the U.S. Congress, leading online sports betting firm BETonSPORTS plc (LSE: BSS) renewed its commitment as a strong advocate for regulation of the online gaming industry in the U.S. and remains vehemently opposed to any prohibition attempts in Congress.
"Prohibition has never worked in the U.S. for any activity," commented the company's CEO David Carruthers. "The idea that prohibition would suddenly work now on any aspect of the Internet is a falsehood and trying to shut out a multi-billion industry with the consumer demand of online gambling through prohibition won't work."
As a global presence in the online gambling industry with a wide range of brand offerings covering sports betting, poker, casino, and other forms of online gambling BETonSPORTS plc has a global reach with geographical focuses in North America, Asia, and Latin America. BETonSPORTS plc has long been an advocate of regulation for the industry and last month published a white paper on why regulation is needed in the U.S. and Carruthers echoed those sentiments this week.
"Everyone wants to point to news events of the last few weeks and argue that they only prove why online gambling should be prohibited in the U.S.," he said. "The reality couldn't be further from the truth. The recent scandals only drive home the fact that what this industry needs is regulation and tracking, not to be pushed even further in the shadows where organized crime and other less reputable individuals can carve out a niche for themselves."
"Congress has tried unsuccessfully for seven years to pass some form of legislation prohibiting online gaming," said Linda Goldstein, Partner at Manatt, Phelps & Phillips. "The legal obstacles to such a bill are no less compelling today than they were years ago. To the contrary, the increased globalization of our economic marketplace suggests that cooperation and regulation, rather than prohibition, will afford more meaningful benefit and protection to U.S. citizens."
David Carruthers believes the only way for companies like his, which is publicly traded on the London Stock Exchange, to fully cleanup the industry and put users at ease is by regulating them in the U.S.
"If consumers in the U.S. have a choice between a reputable brand like ours which is publicly traded, backed by a license and a regulatory body, and one that isn't and doesn't offer consumers those safeguards that come along with regulation, they will choose a brand like ours every time. In addition, under regulation, our industry could be taxed and generate new revenues to state and federal budgets."
Likewise, Carruthers argues, that if online sports books were regulated in the U.S., organized crime elements which opponents of the industry feel are prevalent, could be eliminated quickly.
"These stories of organized crime would disappear if the industry was regulated in the U.S.," he said. "We saw during prohibition of alcohol that organized crime controlled the liquor trade. Now, alcohol is a regulated industry and only the best and most reputable firms are at the top of it. The same thing will happen in our industry, so it is up to the Congress to decide which direction it wants to take."
To help further the argument for regulation Carruthers was picked to spearhead an independent advisory council in conjunction with the International Institute for Conflict Prevention and Resolution (CPR). The aim of the advisory council is to bring individuals from both sides of the argument together in hopes of creating operating standards that could be acceptable to everyone.
To read a copy of the BETonSPORTS white paper on why the industry should be regulated, click here:
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About BETonSPORTS: Established in 1995, BETonSPORTS is one of the largest licensed and publicly-traded online wagering companies in the world. Operated by BETonSPORTS plc (LSE: BSS.L), BETonSPORTS is licensed in Europe and the Caribbean with offices in London, Costa Rica, Antigua, Guatemala, Mexico and Malaysia. BETonSPORTS plc owns and operates 20 different online gambling brands, including the world's most dynamic sports book, a casino, and a poker room. Visit www.BOSplc.com for more information.
Safe Harbor Statement: Statements in this announcement that are not strictly historical may be "forward-looking" statements, which involve risks and uncertainties. These include risks and uncertainties relating to customer and supplier relationships and prices, competition, market demand, litigation and other contingent liabilities, the integration and operation of acquired businesses, and economic, political, governmental and technological factors affecting BETonSPORTS plc's operations, markets, products, services and prices, among others, as set forth in public filings.
