With
the vast majority of
publicly listed online
gambling companies trading
on the London Stock
Exchange, few Brits seem to
care about recent attempts
to make the activity illegal
in the United States.
In fact, the British internet gambling firms witnessed share increases immediately following Tuesday's announcement of a lopsided passage in the House. This could of course have something to do with extended news of that same day emphasizing the Senate has made a ban on internet gambling the lowest of priorities.
"We continue to believe that
the likelihood of the bill
passing the Senate is
remote," said Chief
Executive David Carruthers.
He told Reuters the debate
surrounding the bill had
also helped raise
BETonSPORTS's profile in the
United States.
BETonSPORTS shares were flat
at 147 pence by 0919 GMT,
against a broadly weaker
leisure sector, valuing the
group at around 132 million
pounds ($243 million).
It is fair to say that some
in England would welcome a
complete blockage of online
gambling in the States.
That's because the Brits
want to see their country
become the global centre for
online gambling companies.
They - unlike the United
States - realize some of the
great advantages.
After all, Brits alone bet
$40 billion wagering over
the internet.
The seventh reincarnation of this bill to ban online gambling really isn't much of a reincarnation. In fact, it's the same 'ol, same 'ol. Again, exemptions have been carved out for horse racing and lotteries, both of which are as addictive - if not more so - than other forms of gambling including poker and sports betting.
Not only do the British bet online, they bet on nearly everything under the sun, including this season's Big Brother, which has prompted a number of websites to list a link on their home pages specifically for the popular reality television show.
Shares in PartyGaming.com, last year's biggest single IPO on the London Stock Exchange, rose slightly this past week.
Leading stockholders like ABN Amro repeatedly designated PartyGaming shares as a "buy" recommendation. Morgan Stanley and other brokerage firms echoed a similar sentiment and suggested the bill would not pass the Senate floor before this year's term ends, thus eliminating anything that transpired in the House.
The BusinessOnline.com offered a funny analysis of what is transpiring these days in the United States Congress:
It is sometimes said that while the Puritans lost power in the Restoration and fled to America, they still rule to some extent here.
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Christopher Costigan, www.gambling911.com
Originally published July 15, 2006 2:44 pm EDT