"Internet Gambling Act Should Be Scrapped": Joe Saumarez-Smith talks to Bloomberg
Good article and decent summary of the current US regulatory framework and why it is doomed to fail in the long run. There is nothing really new here but worth reading nonetheless.
Joe Saumarez-Smith is the chief executive officer of Sports Gaming, a U.K. management consulting firm to the gaming industry.
Highlights below:
Internet Gambling Act Should Be Scrapped: Joe Saumarez-Smith
The biggest difference now is that the companies offering online gambling are privately held and operate out of countries where it is impossible to know who controls them; if you had a huge win, then the risk of not being paid is probably much higher. The major public companies that used to offer online betting to Americans, such as PartyGaming Plc, 888 Holdings Plc and Sportingbet Plc, all quit the U.S. market last October at a cost of several billion dollars to their shareholders.
What is a disgrace is that for all the pain and suffering inflicted by the UIGEA on shareholders of NLR, PRTY SBT and others is the fact that there are pretty much the SAME number of US players playing poker - it is just that they are doing it elsewhere and more dangerously (in terms of guaranteeing payouts etc.)
The daily number of poker players online worldwide was about 34,000 in September, down less than half a percentage point from a year earlier, according to Dennis Boyko at PokerPulse.com in Vancouver. Poker players online in the U.S. have dropped only slightly, said Boyko, who has monitored the number of online players since January 2003.
.
0 comments:
Subscribe to:
Post Comments (Atom)
