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Non-Tech : Gambling, The Next Great Internet Industry -- Ignore unavailable to you. Want to Upgrade?

To: Dale Baker who wrote (715)	10/7/2001 9:55:11 PM
From: Herc	Respond to of 827

Cryptologic stock falls on fears of U.S. gaming bill 10/5/01 10:07 AM Source: Reuters TORONTO, Oct 5 (Reuters) - Shares in Toronto-based CryptoLogic Inc., a maker of software for Internet casinos, tumbled on Friday on fears the United States might introduce strict online gambling rules that would effectively cripple the industry. Cryptologic was trading at a six-month low of C$17.85, down C$3.15, or 15 percent, on the Toronto Stock Exchange early on Friday afternoon. It was the second straight day of poor trading for the company, which fell C$3 on Thursday Analysts pointed to an attachment to the recently proposed U.S. anti-terrorism bill that could put further pressure on online gaming, an industry already on shaky legal ground. While online gaming is illegal in Canada, Canadians can use gambling sites whose servers are located out of the country. The rider, if passed, would ban all forms of online gaming in the United States, and also prohibit U.S. financial institutions, which process the online payments, from dealing with the sites. Analysts said that while the bill may pass, it was uncertain whether the rider that deals with the online gaming would remain. "Because it's part of the financial anti-terrorism bill which has strong support, we don't know how fast it will go through the various subcommittees it has to go through," said Rob Klein of Thomson Kernaghan & Co. in Toronto. "It has always been full of legal uncertainty," he added. news.cnet.com

To: Dale Baker who wrote (715)	10/7/2001 10:33:38 PM
From: Herc	Respond to of 827

Even Lafalce having second thoughts... <<WASHINGTON, D.C. – Oct. 7, 2001 –As reported by the Las Vegas Review-Journal: “A fast-track bill in Congress aimed at cracking down on terrorist money laundering also is targeting Internet gambling. ”Rep. Jim Leach, R-Iowa, added provisions restricting the use of checks, credit cards and wire transfers for online gambling. His approach is among strategies that Internet gambling opponents are pursuing to restrict or outlaw online betting. ”…Among other things, the bill would give the federal government broader authority to track terrorist money kept in offshore bank accounts. ”The online gambling restrictions are being resisted by Rep. John LaFalce, D-N.Y. ”A staunch opponent of legalized gambling, LaFalce nonetheless is concerned that Leach's provision could slow and possibly prevent passage of the money laundering bill, according to a LaFalce spokeswoman. ”Wally Chalmers, a vice president of the American Gaming Association, said he is not aware of any objections by the casino industry to Leach's restrictions on Internet gambling…”>>