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- Jun 30, 1998
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CONGRESSIONAL VOTE TO BAN ONLINE GAMBLING IS A WASTED POLITICAL EXCERCISE
BETonSPORTS SAYS REGULATION - NOT PROHIBITION - IS THE ONLY WAY TO
PROTECT CONSUMERS, CONTROL UNDERAGE AND PROBLEM GAMBLING
PROTECT CONSUMERS, CONTROL UNDERAGE AND PROBLEM GAMBLING
REGULATION WOULD GENERATE BILLIONS OF DOLLARS IN
TAX REVENUE FOR THE U.S.
TAX REVENUE FOR THE U.S.
July 11,2006 - LONDON -Following today's vote in Congress on the
Goodlatte-Leach Online Gambling Enforcement Act, HR 4411, BETonSPORTS
(LSE: BSS) renewed its commitment to regulate the online gambling
industry in the United States and reiterated its opposition to any
efforts to prohibit Internet gambling.
"We are determined to establish provisions for online gambling
businesses to be taxed in the United States and to create measures to
effectively control underage and problem gambling," said BETonSPORTS
CEO David Carruthers. "BETonSPORTS and other industry leaders share
these same concerns as Representatives Leach and Goodlatte. Efforts to
prohibit online gambling in the United States have failed repeatedly,
proving that prohibition cannot effectively or expeditiously address
these concerns. Instead, Congress should focus its energy and
resources on viable solutions through regulation to protect consumers
and to control underage and problem gambling and to ensure the United
States receives the billions of dollars in tax revenues it deserves
from Americans who wager online each year."
BETonSPORTS is committed to establishing effective measures to
protect consumers and the vulnerable in society. The company argues
that regulation - not prohibition - will control underage and problem
gambling. BETonSPORTS wants to license and tax online gambling
operators in the United States. The company shares the same concerns
with its critics. These interests include:
-- Preventing underage gambling - Industry leaders like
BETonSPORTS currently have mechanisms and practices in place
to help curtail underage gambling. Regulation could make these
practices more enforceable and extend their reach. New
technologies can provide regulators with better information,
including the ability to provide an audit trail for each
transaction or to block participation by certain players.
-- Deterring compulsive gambling - Currently, industry leaders
like BETonSPORTS use software to help their customers keep
track of their betting histories. The same software can be
used to impose cooling off periods when necessary. Regulation
could standardize these practices across the industry.
-- Controlling money laundering and fraud -By regulating the
online gambling industry, regulators can ensure that industry
operators and businesses uphold transparent and best business
practices.
-- Increasing tax revenues for the United States - Americans
contribute as much as 50% of the $10 billion in profits global
internet gambling companies will earn this year - revenue that
that could be added to state and local budgets in this
country, if companies were regulated, licensed and taxed.
BETonSPORTS is 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 earlier this year published a white paper on why
regulation is needed in the U.S.
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.
