The latest news about online casinos and the digital gambling industry from Beadsisters.co.uk
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Peter Mandelson, Trade Commissioner on behalf of the European Union, visited the United States last week to press claims regarding US defiance of signed regional World Trade Organization treaties. After returning from his trip, Mandelson commented on the expected problems that he foresees for the US economy if the country does not start regulating its online gambling industry. “What we really need is for the legislation to be put right and for foreign operators to stop being excluded and discriminated against in the way the present US legislation does,” Mandelson said.
Washington Democrat and Congressman, Jim McDermott, testified this week to the House Committee on the Judiciary and provided evidence that the United States was losing billions of dollars in potential online gambling tax. According to an independent study by an accounting commissioned by McDermott, the United States could be earning as much as $42-billion in the next ten years simply by legalizing the online casino industry.
The head of the Poker Player’s Association, Alfonse D’Amato is optimistic about the future of online poker in the United States and has stated that the industry may be legalized as early as 2009. During the Global Gaming Expo, which took place in Las Vegas early this week, D’Amato said that internal and external pressure on the United States would eventually be effective in bringing changes to the present anti-gambling legislation.
Harrah’s Entertainment Inc, the land-based US gambling company that owns the rights to the wildly popular World Series of Poker, has hinted that it may be interested in entering the European online poker market. This move comes in the wake of the easing of restrictions on the Continent and in the United Kingdom, compared to the tough sanctions imposed on the online gambling industry in the United States. “Those are areas that are very attractive to us,” noted Gary Loveman, CEO of Harrah’s Entertainment, speaking at the well-attended Global Gaming Expo in North America this week.
Playtech’s CEO, Mor Weitzer, expressed delight that the company has managed to produce such a ‘record-breaking’ performance report for the third-quarter of 2007. Playtech announced revenues of $26.9-million for this quarter – a significant increase from last year’s $14.9-million. Poker revenues for the third quarter also increased by an incredible 266% and were, in fact, higher than revenues that the company managed to pull in before the Unlawful Internet Gambling Enforcement Act last year. The company’s casino revenues also increased by over 50% since 2006.
The progressive online jackpots, in which numerous casinos network into a single major jackpot on specific virtual slot machines, continue to grow into multi-million dollar opportunities. This week the Microgaming Jackpot Network which introduced the progressives concept to Internet gambling announced that the Mega Moolah progressive jackpot reached the 4 million dollar mark.Mega Moolah is
The once legendary e-payment processing company, Neteller, has announced that it is still going ahead with its plans to target alternative markets, despite a dramatic plunge in profits as seen in its third quarterly financial report. The company showed total revenue of $17-million, compared to $67-million at the same time last year. Operating costs caused a loss of an incredible $146-million, it was learned.
The Canadian e-processor company, Optimal Group Inc. has blamed the Unlawful Internet Gambling Enforcement Act for its disappointing third quarterly performance. Optimal reported that the company only managed to bring in half the revenue that it had this time last year, and said that it did not foresee the situation improving in future financial reports.
After being issued with a European warrant of arrest at Amsterdam’s Schipol Airport, the CEO of the Swedish Unibet, Petter Nylander, was brought before a French judge and released on $288,000 bail. Nylander was charged with illegal gambling activities under France’s archaic gambling laws that only allow two state-owned companies to provide wagering services to the entire country.
