Party’s Over
The Poker Party is over. The US Congress passed legislation on Sept. 30 making it unlawful for credit-card companies to collect payments for transactions with online-gaming sites.
PartyGaming, the world’s largest publicly traded online gaming company, and 888 say they will suspend business with U.S. residents when the law takes effect. PartyGaming generates 75 percent of revenue from the U.S, according to analysts UBS AG. And there is more.
The BBC reports that Congress has permitted online gaming by companies providing horserace betting, so-called fantasy games and lotteries. “And guess what?” asks the Beeb. “Most of them are US-owned… Which suggests that in the casino of globalisation, Congress may be engaged in old-fashioned protectionism – or rigging the game in favour of US companies.”
More to follow.
Posted: 10th, October 2006 | In: Money Comment | TrackBack | Permalink
