UIGEA news!

dominique

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UIGEA NEWS ALERT
The office of US Congressman Barney Frank, who is chairman of the House financial services committee, has confirmed that he is currently working on legislation to repeal the Unlawful Internet Gambling Enforcement Act.

The news item appeared this afternoon on the Financial Times website and has been confirmed to eGaming Review by Franks press department. The details of how any repeal would take action have not been worked out and no timeframe was given.

Frank is quoted as describing last autumns Act as one of the stupidest laws ever passed and adds: I am working on legislation to cut back on this internet gambling thing I think its preposterous.

While rumours of Barney Franks support for a repeal of the Act had been circulating around the egaming industry in the past few weeks, Frank himself had not confirmed or commented on them. Shares in PartyGaming, 888 and Sportingbet were all up this afternoon.

The FT says the mid-term Democratic victory in the US Congress brought some hope to the online gaming sector and John Conyers, chairman of the House judiciary committee, is also considered sympathetic to the industry.

But while Frank and Conyers are powerful potential allies, it is far from clear that the lawmakers would have enough support to pass any meaningful legislation because it is not clear whether the votes would be there for a regulatory bill.

The FT adds that the US treasury is currently drafting the rules to implement the Act but that the deadline for presenting them has been missed and is now expected in April or May.
 

jetset

RIP Brian
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Nice to have some positive news again, but I gotta say that it seems to be largely hot air at the moment - maybe Frank is testing the water on the Hill before starting to move.

There is no apparent action plan in place or concrete strategy behind the announcement right now, so a helluva lot of work will have to be done before there is any real activity.

Still - if Conyers is still keen, a move on the congressional commission of enquiry into online gambling in the USA (which is supported by the AGA) could happen before the end of the year (hopefully) and that would be a good start to a new and more sensible approach.
 

dominique

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There is no apparent action plan in place or concrete strategy behind the announcement right now, so a helluva lot of work will have to be done before there is any real activity.

Agreed, it's just the beginning of an opinion making and support gathering phase.

It is quite encouraging though, our side will likely be heard a lot more because of it, and action is indicated in the future.

Also allows the lobbies to watch for support...
 

vinylweatherman

You type well loads
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Pity

Pity about all those casinos that exited the market, screwing over the newly "unwanted" players in the process, in the belief they didn't really matter as they would not be playing again!

It will just take the repeal of the amendment to the "Safe Ports" act to place the industry back where it was early last year, US banks are not going to waste money continuing to enforce measures that appear to be losing support, and could well be completely reversed in a year or two.
Hopefully, even this might be enough to unlock the stalled funds of US players that have become entangled in the current mess.

Barney Frank has poked his head above the parapet, politically speaking, and is probably waiting to see if any of his opponents try to shoot it off, before making more concrete moves on this.

Non-US players should also be pleased, as it means the possibility of a secure future for the better run operations, and the reign of the rogue jumping into the US fray could be short lived.
 

Rollo

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Barney Frank?

I'm glad to see the casinos are obviously lobbying now. I wish this were someone else than Barney Frank. I think he's a good legislator, but having Barney Frank be the public face of repeal efforts could do a lot more harm than good in conservative ole USA.
 

sdaddy

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AP is now confirming this.

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Rep. Frank Eyes Web Gambling Ban Repeal
Wednesday March 14, 6:49 pm ET
By Matthew Perrone, AP Business Writer
House Finance Chair Frank Considering Proposal to Repeal Online Gambling Ban in U.S.

WASHINGTON (AP) -- The chair of the House Financial Services Committee is considering legislation that would overturn the ban on online gambling passed last fall.

A spokesman for Rep. Barney Frank, D-Mass. said Wednesday the congressman may introduce a bill to reverse the Internet gambling law, but he stressed there is nothing concrete yet.

"There's no draft, no text -- this is very much still in the thinking stage," said spokesman Steve Adamske.

The Financial Times quoted Frank Wednesday saying that the law, formally known as the Unlawful Internet Gambling Enforcement Act, is "preposterous" and one of the "stupidest" ever passed.

Attached to a larger security bill last October, the act makes it illegal for U.S. banks and credit-card companies to process payments to online gambling businesses outside the United States. The legislation caught many British-based companies off guard, causing companies like Sportingbet PLC and Leisure & Gaming PLC to sell their U.S. operations.

Poker Players Alliance, a lobbying group pushing for a repeal of the ban, earlier this month hired former Republican Senator Alfonso D'Amato to chair its board. The group, primarily funded by online gaming businesses, was formed in 2005 to oppose regulation of Internet gambling in the U.S.

However, Frank likely would need more than a strong push from industry to overturn current law, says Anthony Cabot, a lawyer who specializes in gaming issues.

"It's very difficult to get legislators to support something that could be perceived as pro-gambling, particularly at the federal level," Cabot said. "I think the congressman has a difficult battle ahead of him."

A spokesman for Partygaming PLC, the largest online poker business in the world, declined comment on Frank's remarks.

The Gibraltar-based company released 2006 earnings earlier this month of $128.4 million, down $293.2 million from the prior year.

Shares of British gambling firms jumped Wednesday on speculation that they could eventually re-enter the U.S. online gambling market, which had revenues of $5.8 billion in 2005.

Shares of Sportingbet rose 3 pounds, or 5.4 percent, to 58.75 pounds ($113.70) on the London Stock Exchange while Partygaming rose 4.75 pounds, 12.5 percent, to 42.75 pounds ($82.76). Leisure & Gaming shares fell 25 pence, or 2.5 percent, to 10.25 pounds ($19.83).
 

tennis_balls

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I'm glad to see the casinos are obviously lobbying now. I wish this were someone else than Barney Frank. I think he's a good legislator, but having Barney Frank be the public face of repeal efforts could do a lot more harm than good in conservative ole USA.

i hear what you're saying, but Frank has already had his 15 minutes of sex-scandal fame and survived so he's actually less vulnerable to attack now as there is no Fox News shock value.
 

cipher

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Sorry to burst you people's bubble but this story is nothing but that, a story.

According to Barney Frank's office this morning they have no idea where this story came from and that none to reiterate NONE of it is true. It sure would be nice to have people start fact checking these stories for accuracy. Sheesh!

Have a good one.
 

Casinomeister

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Sorry to burst you people's bubble but this story is nothing but that, a story.
...

Have a good one.
Look what the cat drug in :D

Hey dude, you need to answer my PM.
 

jetset

RIP Brian
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Sorry to burst you people's bubble but this story is nothing but that, a story.

According to Barney Frank's office this morning they have no idea where this story came from and that none to reiterate NONE of it is true. It sure would be nice to have people start fact checking these stories for accuracy. Sheesh!

Have a good one.

Cypher, this story has been confirmed by Reuters, AP, EGaming Review and Casino City - all directly with the Congressman's office and in discussion with various key staffers there.

There may be nothing concrete yet, but he has definitely confirmed his intention to propose the repeal of what he calls with some justification "the stupidest law ever passed by Congress"
 

Rollo

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Hard to say, it not then my guess is that he probably spouted something off, it got blown out of proportion by the press, and then he quickly backtracked when he thought better of it. We'll see... it seems like something he would sponsor.

Anyhow, I don't think the Dems really want to be associated with pro-gambling legislation heading into 2008 as they stand a great chance of taking the whole government. I think they've learned to run, not walk away for social and cultural issues like gambling so my guess is don't expect any real help from them.
 

cipher

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Visalia, California
Cypher, this story has been confirmed by Reuters, AP, EGaming Review and Casino City - all directly with the Congressman's office and in discussion with various key staffers there.

There may be nothing concrete yet, but he has definitely confirmed his intention to propose the repeal of what he calls with some justification "the stupidest law ever passed by Congress"

Hi Jet:

I know there are an awful lot of people out there who wish this was happening (myself included) but it's not.

Have a good one.
 

dominique

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you forgot to include the date with that.

He did deny it some time ago when people were speculating, and recently confirmed it.
 

jetset

RIP Brian
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My thought, too Dom.

Do you have a date for that piece, Cipher? Because all of the publications I mentioned earlier are carrying the story - with confirmation from Frank's office - today.
 

lancia

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Date of story

Here is the whole story with the date. Got it
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Internet Gambling : Rumors of Frank UIGEA Appeal Unfounded
Yesterday Party Gaming stocks sored as rumors went around claiming that outspokern Congressman Barney Frank was going to repeal the Unlawful Internet Gambling Enforcement Act. However, today, Frank's press secretary denied the rumors.

"As you know, he is opposed to restrictions on online gambling," said Frank's press secretary Steve Adamske to Aaron Todd, a reporter from Casino City. "But there is nothing currently underway to repeal the restrictions on Internet gambling in the United States. There are a lot of reports coming out of Europe and I have no idea where they are coming from. There hasn't been anyone on our staff talking about that, including the Chairman."

"The Internet gambling community is looking for any glimmer of hope that its not all over," said online gaming analyst Robert Glazer. "But the reality is that the situation is going to continue to get worse before it gets better."

As of today the popular Microgaming, Cryptologic, and Playtech gaming software companies are all but non-existent to US players. Doyle's Room, a popular poker site, has announced it is ending its acceptance of new US players, and sportsbooks are having many troubles paying out their players and affiliates.

There are still places US citizens are playing, and actually thriving, such as at Golden Casino and SuperSlots Casino, and Full Tilt Poker is doing better than they ever have. It is unknown, though, how long the success of these sites will last once the 270 'grace period' of the UIGEA is over come summer time.

February 22, 2007
Posted By Larry Rutherford
Staff Editor, CasinoGamblingWeb.com
 
Last edited:

jetset

RIP Brian
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Feb 22, 2001
Location
Earth
Frank ponders UIGEA repeal
March 15, 2007
by Ryan McLane

Congressman Barney Frank (D-Mass) is contemplating an attempt to repeal the Unlawful Internet Gambling Enforcement Act, but reports stating Frank is actively working on this front are misleading.

"It's still in the thinking stage," Frank spokesperson Steve Adamske said.

Rumors about Frank's intentions have been floating around Internet gambling forums for weeks and came to a head yesterday when the Financial Times reported that Frank said he was gearing up for a repeal.

The rumor sent online game stocks soaring in London yesterday. PartyGaming, who dropped out of the U.S. market immediately following the UIGEA's passage, saw its stock rise 13 percent. 888 Holdings and Sportingbet also saw gains.

Frank is openly opposed to the UIGEA and holds a powerful position as the chairman of the House Committee on Financial Services. He railed against UIGEA's passage last October because he believes the law is an invasion of privacy.

But as for an actual repeal, or an attempt to allow online gambling to become a regulated U.S. industry, none are currently in the works, Adamske said.

Adamske did not say whether the Congressman might actively push for repeal anytime soon, but confirmed that Frank called the UIGEA "one of the stupidest laws ever passed" in the Financial Times.

The Congressman told Casino City last April that he didn't believe it was the government's job to tell people what they're allowed to do on the Internet.

"There is a combination of enduring Puritanism in America, along with a sense among liberals that gambling is tacky," Frank said. "They don't approve of it, so they want to ban people from doing it. It's totally inconsistent with the freedom of the Internet. Some people are going to spend too much money on gambling, and some people are going to spend too much money collecting coins on eBay. Why does the government have to get involved?"

and from Aodotas

Massachusetts Rep. Reconsidering Online Gambling Ban
Written on March 15th 2007

Following the House of Representatives legislation last July to ban financial transactions in online gaming, which was eventually put into law by President Bush in October, U.S. Rep. Barney Frank is now considering repealing the bill.

On Wednesday, Steven Adamske, a spokesman for the lawmaker, said, Chairman Frank is considering legislation.

The Massachusetts Democrat, who chairs the House of Representatives Financial Services Committee, has not drafted a bill nor have there been any formal actions towards the repeal.

Last year, Frank stated, Prohibition didnt work for alcohol. It wont work for gambling,....
 

Simmo!

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it is far from clear that the lawmakers would have enough support to pass any meaningful legislation because it is not clear whether the votes would be there for a regulatory bill.

Surely thats irrelevant? If you dont have the support, don't you just tack it on a Bill that does at the last minute? :confused:
 

dominique

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WASHINGTON (Reuters) - Rep. Barney Frank said on Thursday he will give details in the coming weeks on possible legislation to repeal a ban imposed last year on online gambling.

In an interview, the chairman of the House of Representatives Financial Services Committee said he is in no hurry and plans to consult with others on the matter.

"I'm not ready to give you more details, but I will be by next week or so. We'll talk more about it later. There's no urgency on it," he said.

Internet gambling in the United States was effectively banned last October when President George W. Bush signed legislation outlawing gaming financial transactions.

A spokesman for the Massachusetts Democrat said on Wednesday Frank was considering legislation to repeal the ban but had not drafted a bill and had no timetable for action.

The ban has hammered the stocks of online gambling companies such as Britain's PartyGaming Plc.

PartyGaming shares jumped sharply on Frank's remark on Wednesday but gave back gains on Thursday to close down almost 5 percent at 40-3/4 pence on the London Stock Exchange.

U.S. prosecutors have launched a probe into Internet gambling. The U.S. Department of Justice has demanded information from some of the world's biggest investment banks as part of the investigation, according to banking sources.
 
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