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UIGEA news!

Discussion in 'Casino Industry Discussion' started by dominique, Mar 14, 2007.

    Mar 14, 2007
  1. dominique

    dominique Dormant account

    Occupation:
    webmistress
    Location:
    The Boonies
    You must register/login in order to see the link.



     
    11 people like this.
  2. Mar 14, 2007
  3. kwblue

    kwblue Webmaster webmeister

    Occupation:
    Engineer
    Location:
    USA
    Finally - a step in the right direction!
     
  4. Mar 14, 2007
  5. jetset

    jetset Ueber Meister CAG

    Occupation:
    Senior Partner, InfoPowa News Service
    Location:
    Earth
    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.
     
  6. Mar 14, 2007
  7. dominique

    dominique Dormant account

    Occupation:
    webmistress
    Location:
    The Boonies
    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...
     
  8. Mar 14, 2007
  9. vinylweatherman

    vinylweatherman You type well loads CAG MM

    Occupation:
    STILL At Leisure
    Location:
    United Kingdom
    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.
     
  10. Mar 14, 2007
  11. Rollo

    Rollo Dormant account

    Occupation:
    Beekeeper
    Location:
    Tropic of Cancer
    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.
     
  12. Mar 15, 2007
  13. sdaddy

    sdaddy Meister Member

    Occupation:
    Retired
    Location:
    Arizona
    AP is now confirming this.

    You must register/login in order to see the link.

    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).
     
    1 person likes this.
  14. Mar 15, 2007
  15. tennis_balls

    tennis_balls Dormant account

    Occupation:
    fish n chips promoter
    Location:
    Albuquerque, NM
    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.
     
  16. Mar 15, 2007
  17. cipher

    cipher Banned member - being a jerk

    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.
     
  18. Mar 15, 2007
  19. Casinomeister

    Casinomeister Forum Cheermeister Staff Member

    Occupation:
    Homemaker
    Location:
    Bierland
    Look what the cat drug in :D

    Hey dude, you need to answer my PM.
     
  20. Mar 15, 2007
  21. jetset

    jetset Ueber Meister CAG

    Occupation:
    Senior Partner, InfoPowa News Service
    Location:
    Earth
    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"
     
    6 people like this.
  22. Mar 15, 2007
  23. Rollo

    Rollo Dormant account

    Occupation:
    Beekeeper
    Location:
    Tropic of Cancer
    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.
     
  24. Mar 15, 2007
  25. cipher

    cipher Banned member - being a jerk

    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.
     
  26. Mar 15, 2007
  27. dominique

    dominique Dormant account

    Occupation:
    webmistress
    Location:
    The Boonies
    you forgot to include the date with that.

    He did deny it some time ago when people were speculating, and recently confirmed it.
     
  28. Mar 15, 2007
  29. jetset

    jetset Ueber Meister CAG

    Occupation:
    Senior Partner, InfoPowa News Service
    Location:
    Earth
    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.
     
  30. Mar 15, 2007
  31. lancia

    lancia Full Member

    Occupation:
    Retired
    Location:
    Florida
    Date of story

    Here is the whole story with the date. Got it You must register/login in order to see the link..


     
    Last edited: Mar 15, 2007
    2 people like this.
  32. Mar 15, 2007
  33. jetset

    jetset Ueber Meister CAG

    Occupation:
    Senior Partner, InfoPowa News Service
    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,....
     
  34. Mar 15, 2007
  35. Simmo!

    Simmo! Moderator

    Occupation:
    Web Dev.
    Location:
    England
    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:
     
  36. Mar 16, 2007
  37. Mousey

    Mousey Ueber Meister Mouse CAG

    Occupation:
    Pencil Pusher
    Location:
    Up$hitCreek
    :thumbsup: :lolup: :lolup:
     
  38. Mar 16, 2007
  39. dominique

    dominique Dormant account

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    webmistress
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    The Boonies
    You must register/login in order to see the link.


     

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