The UK to pressure the US? - Stocks are tanking

[cowboy.up]

Looking through the stocks on the London exchange today - Party currently is down 20 points ~ almost 20% of their share price. Sportingbet dropped a whopping 110 points so far - over 35.5% of their shareprice. The indictment of the CEO of BetonSports in the U.S. is wreaking havoc on the London exchange. I can't see how the UK can't comment - at least privately, to the US to ease up on their crusade against online gambling - as it is obviously causing much damage to the London markets. Any thoughts?

[Uglyowl]

Online gaming is only a small part of the London Exchange. The London Exchange on the whole is holding up just fine.

You have to think that Party, Neteller, would have to comment soon though, the hit their stocks are taking are insane.

[SumZero]

[ QUOTE ]
Looking through the stocks on the London exchange today - Party currently is down 20 points ~ almost 20% of their share price. Sportingbet dropped a whopping 110 points so far - over 35.5% of their shareprice. The indictment of the CEO of BetonSports in the U.S. is wreaking havoc on the London exchange. I can't see how the UK can't comment - at least privately, to the US to ease up on their crusade against online gambling - as it is obviously causing much damage to the London markets. Any thoughts?

[/ QUOTE ]

The UK may privately comment since the WTO has already beat up the US for its behavior, but I think you are mistaken if you think the WTO or the UK can make the US care or change its mind on the issue.

[cowboy.up]

I doubt the US would change its mind...it'd just be nice to see some other world organizations/governments just try and show how unreasonable the US government is acting in trying to ban online gambling.

[cowboy.up]

It wasn't letting me edit my last post...anyway, as it stands currently the stocks have taken an aggregate beating of over $550 million USD. Although Party has made a 5 point recovery from it's low for the day. Still, if stock prices serve as any indication, current outlook could be bleek. We'll see what happens in further trading this week once the market digests all of the indictments.

[LinusKS]

[ QUOTE ]
I doubt the US would change its mind...it'd just be nice to see some other world organizations/governments just try and show how unreasonable the US government is acting in trying to ban online gambling.

[/ QUOTE ]

Online gambling has never been legal in the US. The US Atty out of MO is enforcing laws that have been around for decades.

[mrhat187]

If that were true......there wouldn't be a bill going through congress right now to ban it /images/graemlins/wink.gif. Your not to bright are ya, this is common sense stuff.

[Uglyowl]

[ QUOTE ]
If that were true......there wouldn't be a bill going through congress right now to ban it /images/graemlins/wink.gif. Your not to bright are ya, this is common sense stuff.

[/ QUOTE ]

Be nice and if you are going to insult anyone's intelligence at least use the correct version of "to/too".

Running a gambling operation has always been clearly illegal, it is the placing of bets through the internet is what is being debated.

[Ignignokt]

[ QUOTE ]
The UK may privately comment since the WTO has already beat up the US for its behavior, but I think you are mistaken if you think the WTO or the UK can make the US care or change its mind on the issue.

[/ QUOTE ]

You don't think that if the UK joins Antigua in trade sanctions it would make the US care a bit more?

I'm hoping that a bunch of the countries with online casinos join in. We're talking billions of dollars in sanctions then.

[cowboy.up]

Please hang me from a tree - we all knew what I was talking about. My fault for being at work now since 5am /images/graemlins/tongue.gif.

[TruePoker CEO]

Forget the sportsbooks indictment, poker is not covered by the Wire Act.

The "issue" is not over ... the HR4411 legislation coming up in the Senate expands beyond sportsbooks.

THAT is a live issue for all poker players in the US.

[C0pernicus]

[ QUOTE ]
Forget the sportsbooks indictment, poker is not covered by the Wire Act.

The "issue" is not over ... the HR4411 legislation coming up in the Senate expands beyond sportsbooks.

THAT is a live issue for all poker players in the US.

[/ QUOTE ]

How comfortable are you that poker isnt covered by the Wire Act? I had a ton of research done by LS&C about 6 years ago and while state laws seemed more onerous than the Wire Act, they were not comfortable that the Wire Act was a slam dunk.

[TruePoker CEO]

LS&C ?

I am pretty sure about it. See, In Re Mastercard Litigation from the 5th Circuit and ED La. This caselaw is about 5 years old.

[SumZero]

[ QUOTE ]
[ QUOTE ]
The UK may privately comment since the WTO has already beat up the US for its behavior, but I think you are mistaken if you think the WTO or the UK can make the US care or change its mind on the issue.

[/ QUOTE ]

You don't think that if the UK joins Antigua in trade sanctions it would make the US care a bit more?

I'm hoping that a bunch of the countries with online casinos join in. We're talking billions of dollars in sanctions then.

[/ QUOTE ]

Look at all the problems the Canadians have had with getting the US to properly abide by NAFTA with respect to soft wood lumber.

If the US will not follow rulings on non-controversial items, with treaties they like because of domestic political concerns, the Antiguan sports books are unlikely to beat them.

[C0pernicus]

LS&C = Lionel Sawyer and Collins, though I see their gaming guru has joined another firm since then. Thanks for the case..it was about a year after the research I had done, though I may just not be remembering their opinion correctly. It was 250 pages long /images/graemlins/smile.gif.

[Zele]

I've never understood how the gov justifies its subsidies to Fannie Mae et al with the "Homeownership: The American Dream" spiel, but then artificially inflates the price of homes with the softwood lumber trade restrictions. Actually I do understand, but I don't understand why there isn't an outcry about it.

That said, the US does sometimes abide by its trade obligations, even in the face of politically influential industries, such as with the steel tariffs.

[Ignignokt]

[ QUOTE ]
Look at all the problems the Canadians have had with getting the US to properly abide by NAFTA with respect to soft wood lumber.

[/ QUOTE ]

The Canadians, I think, are happy just being the US' primary oil supplier.

England could wield considerable power if they enacted WTO sanctions, though.

[LinusKS]

[ QUOTE ]

Running a gambling operation has always been clearly illegal, it is the placing of bets through the internet is what is being debated.

[/ QUOTE ]

Owl, to my knowledge, no Federal law criminalizes placing bets. All of the Federal laws apply to gambling businesses and organizations, not players, customers, or consumers.

Many state laws, do, however, make it a crime to place a bet at an unlicensed casino, or to gamble at all.

In my state, for example, it's a crime - a class C misdemeanor - to gamble, if the house takes a cut.

A class C misdemeanor in Texas is the equivalent of a traffic ticket.

[EricFlyingMidget]

Maybe if Blair supports another war based on phony intelligence and lies, Bush might order the DOJ to relent...

[TruePoker CEO]

Thanks, after I signed off I figured out who you meant. It has been a while since I practiced.

The best gaming attorney at that firm is still there, I believe.

I can only imagine what a 250 page opinion from that firm went for.

[Sciolist]

[ QUOTE ]
You don't think that if the UK joins Antigua in trade sanctions it would make the US care a bit more

[/ QUOTE ]
The only possible way I can see this happening would be as part of tariff fight between the EU & US - like with Steel recently. I just don't think it's very likely at all, though it'd be nice if it were...