Tessa Jowell Slamms USA

Tessa Jowell the UKs culture secretary has slammed the US Unlawful Internet Gambling Enforcement Act (UIGEA) which wiped off more than GBP5 billion from the share prices off internet betting companies listed on the london stock exchange, Mrs Jowell went onto say that the ban is a modern day form of prohibition.
She also expressed her concern that this law could also lead to new forms exploitation and fraud, sending the gambling industry underground, the culture secretary again reiterated that the UK has proven that legalisation and control of the online gambling works.
Tessa Jowell will be hosting a summit on online gambling next week with over 30 politicians from round the world discussing how to achieve uniform international gaming regulations.

Manchester Con Man Jailed

Mr Philip Smith use to be a trused financial advisor in the Manchester area but over recent years Mr Smith used this trust to con his clients out of more than GBP1.75 million or USD3.2 million.
Mr Smith has now been jailed for nine years for forgery, theft and money-laundering.
The 48 year old Manchester man conned at least 50 victims, many of them were elderly and vulnerable, and also included his own brother, It is thought that Smith threw away much of his ill gotten gains by gambling on the Internet. However Smith also tryed to hide some of the money in offshore bank accounts.
In a Manchester Crown Court, judge Peter Larkin called him a "callous, manipulative and thoroughly dishonest man".
Judge Peter Larkin went on to say that "as a financial adviser, your clients trusted you to handle their financial affairs with integrity and honesty. You breached that trust placed in you in a cold and calculated way. You deliberately targeted elderly and vulnerable people. This was dishonesty on a truly breathtaking scale" Mr Smith admitted to 49 counts of theft, five of money laundering, two of false accounting and three forgery. Mr Smith knew many of his victims for over 20 years.

Possiable 888 and PartyGaming Merger

Two of the largest online gambling groups, Partygaming and 888 Holdings are in talks about a possible merger according to fresh reports from two UK financial newspapers.
These Gibraltar-based gaming firms are two of the biggest victims of the (UIGEA), Americas new 'Unlawful Internet Gambling Enforcement Act' which effectively makes internet gambling illegal in the US and has forced 888 and PartyGaming to withdraw from the US online gambling market.

Mr Mitch Garber, PartyGaming Chief Executive has said that "the recent changes are a golden consolidation opportunity for Partygaming".

The UK Sunday Times reported that executives from 888 and PartGaming are expected to hold further talks in coming weeks to consider options on how to combine their online pool of players.
PartyGaming and 888 holdings have declined to comment.

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New Poker Casino License on Malta

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PartyGaming on the Rocks

PartyGaming is a shadow of its former self today as its share price droped another 13 percent, prompting analysts to suggest that its withdrawal from the US market on Friday 13th in the wake of new US gambling law, may have accounted for a 90 percent drop in revenue from its online Poker business.
A PartyGaming spokeperson said the player and table number tickers had been removed because it did not want rival operators to use this information against it. One such rival, Israeli-owned PokerStars, has already begun an aggressive recruitment campaign in an attempt to leapfrog PartyGaming as the world’s largest poker operator.
UBS analyst, Julian Easthop said, 'Liquidity drives revenues and PartyGaming will more than likely lose its market leading position.”
PartyGaming management is expected to comment when reporting its third-quarter figures later this week.

USA Ban Internet Gambling

UIGAE AKA, The Unlawful Internet Gambling Enforcement Act became US law on Friday 13th You couldnt make it up.
President Bush signed the Port Security Bill, witch included the UIGEA.
President Bush made no mention of the UIGEA as he signed the bill, focusing instead on the Port Security elements of the bill, saying: "We're going to protect our ports. We're going to defend this homeland, and we're going to win this war on terror."
With one swipe of a pen he signed off billions dollars from the from the internet casino industry, that means InterCasino, William Hill Littlewoods, 888 have all stoped US operations.

Ukbetting Buyout from 888

888.com Holdings is believed to be in preliminary discussions to acquire rival Ukbetting, which also has a sports content business, this deal could be worth an estimated GBP84 million.

Discussions were believed to have been initiated prior to the decision by the US banning Internet gambling, prompting some industry commentators to remain sceptical as to whether any proposed deal would still go ahead.
Ukbetting have confirmed that it had received ‘preliminary approaches expressing interest in formulating an offer for the company’, UKbetting declined to identify the suitors.

It was revealed last month that the company was preparing to appoint UBS to handle a strategic review that could lead to a sale of its gambling operation, which, unlike 888, does not take bets from punters in the United States.
Chairman of Ukbetting, and 8 per cent shareholder Mr Peter Dubens, has reportedly been unhappy at the company’s share-price performance, arguing that the market has failed to appreciate the underlying value of its two businesses.

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UK to become world leader for Online Gambling

Documents obtained under the Freedom of Information Act in the UK, have revealed that UK ministers have drawn up plans to turn the UK into a ‘World Leader’ in Internet gambling.

These internal documents show that (DCMS) Department for Culture, Media and Sport has lobbied the Treasury on behalf of online betting and gaming firms to introduce a favourable tax regime, when the current ban on online gambling businesses in the UK is lifted next year.

Over the past two years, ministers and officials at the department have met representatives of the internet gambling industry on 26 occasions, taking steps to attract offshore companies to Britain.

The UK culture secretary MP Tessa Jowell, will host an international summit of politicians at Ascot racecourse to discuss regulatory standards, with officials from the United Nations, the European Commission and the major credit card companies also being invited.

Among the documents released by the Treasury was a briefing note for the minister in charge of gambling, Richard Caborn prior to his meeting with Betfair managing director, Mark Davies.
The note read, “It is government-wide policy, and that includes Her Majesty’s Treasury, that Britain should become a world leader in the field of online gambling, in order to provide our citizens with the opportunity to gambling in a safe, well-regulated environment.”

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Casino gamblers using roulette cheating device

Professional gamblers in the UK are reportedly using a GBP1000 roulette cheating device that can help them to cheat the casinos at roulette table.
This new roulette gadget is a tiny digital time recorder with a hidden earpiece, this new device was tested at a government laboratory after a gang were caught using it at the world famous Ritz casino in London.
The results of the research done on the device were never published, but the government gambling watchdog admitted to members of the gambling industry that the roulette device dose offer a significant edge to roulette players.
The UK Gambling Commission has failed to ban the roulette cheating device and expects casinos to guard themselves, and that they could withhold winnings from gamblers caught using the device, then take them to go to court to try and get their winnings back.

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Ritz to close down

The gambling arm of Londons most famous hotel, has announced that it to shut down its online gambling site following the recent spate of arrests in Europe and the US.
This was confirmed by a spokeswoman from the London beased firm, that the casino site had been taken off-line on Friday and all links from the Ritz club’s main website had also been removed.
The spokeswoman also said that, "In light of the current confusion and inconsistency in online gaming legislation worldwide, the owners of The Ritz Club London Online have, regretfully, decided to close the site to new customers with immediate effect".
This is a growing trend that has hit UK gaming stocks hard and with combined losses at a £2.4 billion in value since the end of June as the industry.

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