Update: A PartyGaming plc shareholder / potential shareholder? This may interest.

And the improbable moves closer to reality, pending Presidential signature. Monday morning expect the UK gaming plc's to take a serious spanking.

Senator Frist's legislation may be vague (poker sites appear to have room for argument on the basis that it is subject more to skill than chance); it may not amend the equally vague (for non-sports wagers) 1961 legislation; it may be close to unenforceable for the financial institutions it is aiming at; and it may be a violation of WTO treaties (there is talk of a pro-gaming legal challenge). But it looks like it will become law on signature plus 270 days unless President Bush sends it back (don't bet on it).

And that will make operations a great deal more complicated for the UK's gaming sector.

The text of the amendment can be found here, on pages 213 to 244.

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2 comments

  1. Anonymous // 10/03/2006 06:00:00 PM

    Some form of gambling is legal in 48 states. This legislation is supreme hypocrisy. It seems more like the Republicans are just trying to distance themselves from Abramhoff, who lobbied for the Indian Casinos and offshore, internet gambling sites. Pathetic.

  2. Simon Jefferson // 10/04/2006 09:37:00 AM

    The party is over (again not without pain for you and me and our tracker invested pension funds) with the near demise of the UK publicly quoted internet gaming sector (certainly for their operations in the US).

    Still some commentators are rushing to their defence witness crass comments from Damian Reece in the Daily Telegraph (3rd October 2006) “…one of the worst examples of protectionism seen in this new century.” Well yes maybe, but that’s life and until HMG and commentators like Mr Reece (fed on a daily diet of press releases from financial PR outfits) start thinking of the national interest we in Britain will continue to draw the short straw.

    With regard to internet gaming, well, frankly good riddance – quite what the LSE was thinking of when it let companies registered in such well known financial centres as Costa Rica be quoted on the FTSE? Nor am I sure I know the answer for pension fund trustees asked awkward questions about why they let the fund hold such risky assets.

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