Online gambling still in the cards?
Loopholes in law aimed at ending Internet betting may render it ineffective
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</td></tr><tr valign="top"><td class="boxBI_3088867">• Can Congress stop it?
Oct. 2: Congress passes a bill making onelne gambling illegal. But can they really stop wagering? "On the Moneys" reports.
CNBC
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• A Negative Result for Quest Diagnostics
• Managing IT for a Flat World
• Strong IPOs for Bare Escentuals and Shutterfly
• What's Really Propping Up The Economy
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</td> <td class="textSmallRed" align="right">-0.66%</td> </tr> </tbody></table> <table border="0" cellpadding="2" cellspacing="0"> <tbody><tr><td class="textSmallBold">QUOTE LOOKUP</td></tr> <tr><td class="textSmallBold">Enter Company Symbol</td></tr> <tr><form method="get" action="http://moneycentral.msn.com/investor/research/msnbc/newsnap.asp"></form><td> <input name="symbol" size="12"> <input class="textMed" value="Get Quote" type="submit"> </td></tr> <tr><td class="textSmallBold">Enter Company Name</td></tr> <tr><form method="post" action="http://moneycentral.msn.com/investor/common/FindSymbol.asp"></form><td> <input name="company" size="12"> <input class="textMed" value="Get Symbol" type="submit"> </td></tr> </tbody></table></td></tr></tbody></table><table class="boxF_3054163" cellpadding="0" cellspacing="0" width="300"><tbody><tr><td class="boxFI_3054163">Data: MSN Money and IDC Comstock delayed 20 min.
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By Catherine Holahan
Updated: 3:01 p.m. CT Oct 3, 2006
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It's a safe bet that the passage of anti-Internet gambling legislation by Congress has effectively ended the party for Gibraltar's PartyGaming and other online betting companies based outside the U.S. The bill, named the Unlawful Internet Gambling Enforcement Act, would prohibit credit card companies and other payment providers from processing online gambling transactions. Both supporters and opponents expect President George W. Bush to sign the bill into law in the next two weeks.
Proponents of the measure heralded its passage as a victory for family values and a blow against an addictive vice. Jim Leach, the Iowa Republican who sponsored the bill, said it will prevent casinos from further extending their corruptive reach. "Religious leaders of all denominations and faiths are seeing gambling problems erode family values," Leach said in a statement. "If Congress had not acted, gamblers would soon be able to place bets not just from home computers, but from their cell phones while they drive home from work or their BlackBerries as they wait in line at the movies."
But U.S. casinos hoping for a slice of the $12 billion online market aren't so sure the party is over. They see a reason to celebrate in the language that ended up on the Senate's cutting-room floor. Unlike the version that passed the House earlier this year, the approved legislation does not explicitly outlaw betting on online casino-style games, such as poker and blackjack. The bill does bar financial institutions from accepting "illegal" bets, leaving the question unanswered as to whether some forms of online gambling are permitted. To date, sports betting is one of the only forms of gambling explicitly outlawed in the act.
rest of the story here http://msnbc.msn.com/id/15118962/
Loopholes in law aimed at ending Internet betting may render it ineffective
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Oct. 2: Congress passes a bill making onelne gambling illegal. But can they really stop wagering? "On the Moneys" reports.
CNBC
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</td></tr></tbody></table><table class="boxB_3053751" cellpadding="0" cellspacing="0" width="300"><tbody><tr valign="top"><td class="boxBI_3053751"> • From Bench Top to Bedside
• A Negative Result for Quest Diagnostics
• Managing IT for a Flat World
• Strong IPOs for Bare Escentuals and Shutterfly
• What's Really Propping Up The Economy
</td></tr></tbody></table>
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% CHANGE
</td> </tr> <tr bgcolor="#eeeeee"> <td class="textSmallBlackBold" height="18">• MGM</td> <td class="textSmallBlackBold" align="right">40.42</td> <td class="textSmallRed" align="right">-0.27</td> <td class="textSmallRed" align="center">
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By Catherine Holahan
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It's a safe bet that the passage of anti-Internet gambling legislation by Congress has effectively ended the party for Gibraltar's PartyGaming and other online betting companies based outside the U.S. The bill, named the Unlawful Internet Gambling Enforcement Act, would prohibit credit card companies and other payment providers from processing online gambling transactions. Both supporters and opponents expect President George W. Bush to sign the bill into law in the next two weeks.
Proponents of the measure heralded its passage as a victory for family values and a blow against an addictive vice. Jim Leach, the Iowa Republican who sponsored the bill, said it will prevent casinos from further extending their corruptive reach. "Religious leaders of all denominations and faiths are seeing gambling problems erode family values," Leach said in a statement. "If Congress had not acted, gamblers would soon be able to place bets not just from home computers, but from their cell phones while they drive home from work or their BlackBerries as they wait in line at the movies."
But U.S. casinos hoping for a slice of the $12 billion online market aren't so sure the party is over. They see a reason to celebrate in the language that ended up on the Senate's cutting-room floor. Unlike the version that passed the House earlier this year, the approved legislation does not explicitly outlaw betting on online casino-style games, such as poker and blackjack. The bill does bar financial institutions from accepting "illegal" bets, leaving the question unanswered as to whether some forms of online gambling are permitted. To date, sports betting is one of the only forms of gambling explicitly outlawed in the act.
rest of the story here http://msnbc.msn.com/id/15118962/