skinski
16-06-2008, 12:56 PM
European Union officials will interview members of the Bush administration next month in advance of a potential trade challenge to the U.S. ban on Internet gambling, the 2006 Unlawful Internet Gambling Enforcement Act (UIGEA), which made it illegal for financial institutions to handle transactions between US residents and online poker and gaming operators.
The Remote Gambling Association (RGA) complains that the UIEGA, a 2006 U.S. law placing new restrictions on Internet gambling, has cost its members hundreds of millions of dollars in lost stock value.
The law made it illegal for banks to make payments to online gambling sites, which led companies that had been offering services to retreat from the valuable U.S. market. It also caused their stocks to plummet.
For example, the Gibraltar-based Internet gambling company PartyGaming, which includes the popular partypoker.com website, had a market capitalization value of $10 billion in January 2006. It dropped to $2.4 billion after the new U.S. law was implemented, according to RGA Chief Executive Clive Hawkswood. Using today’s conversion rate, that would amount to about a $7.6 billion reduction in stock value.
Source- http://pokerplayersalliance.org/headlines/2008/06/13/pokerpages-news-is-eu-probe-on-us-internet-gambling-ban-more-to-halt-doj-threat-than-reopen-online-poker-061308/
The Remote Gambling Association (RGA) complains that the UIEGA, a 2006 U.S. law placing new restrictions on Internet gambling, has cost its members hundreds of millions of dollars in lost stock value.
The law made it illegal for banks to make payments to online gambling sites, which led companies that had been offering services to retreat from the valuable U.S. market. It also caused their stocks to plummet.
For example, the Gibraltar-based Internet gambling company PartyGaming, which includes the popular partypoker.com website, had a market capitalization value of $10 billion in January 2006. It dropped to $2.4 billion after the new U.S. law was implemented, according to RGA Chief Executive Clive Hawkswood. Using today’s conversion rate, that would amount to about a $7.6 billion reduction in stock value.
Source- http://pokerplayersalliance.org/headlines/2008/06/13/pokerpages-news-is-eu-probe-on-us-internet-gambling-ban-more-to-halt-doj-threat-than-reopen-online-poker-061308/