Posted on 03/15/2007 1:04:39 PM PDT by kms61
The Financial Times online edition (subscription required for full article) has noted from an interview that Barney Frank, the democratic House Financial Services Committee chairman, is working on legislation to repeal the ban on online gambling in the US that was passed last year. "Working on" is hard to define without more information
It is not clear at all if this is a "total repeal" or just a loosening of the laws. It is also a question as to whether or not this legislation could even make it to the White House through Congressional votes, and it is unclear of this would be for 2008 and beyond or if it was sooner. But either way, you have to look no further than Cryptologic (CRYP) to see how this could impact other stocks in the sector (they make online gaming software) if there is any truth to this. CRYP has even managed to defy a weak market if you look at the shares.
In Australia, companies like Betcorp and Lasseters Corp were hit hard last year because of the ban. In the UK, companies like PartyGaming Plc and 888 Holdings were also hit in 2006 over such issues. Gigamedia (GIGM) and American Wagering (BETM) were also noted in a story late yesterday along with pari-mutuel horseracing company Youbet.com (UBET). We have all missed the PartyPoker commercials as well.
Once again, take heed that "an interview" and "legislation" can be taken way out of context and there is always the possibility that this could be dead before it even gets started. My own call in so far has partially confirmed this, but with no details yet known. Many of the European online gaming stocks also made some rather large moves last week because of some loosening of regulations in the EU. There is not even assurance that it will make it to the form of a bill, so if you take any of this as "gospel" or as "fact" then the point has not been stressed enough that there may be no follow-through in reality.
I did put in a phone call to Congressman Frank's office and was told that this is true, but I have not been able to get the details from the Financial Services Committee as of yet. I am awaiting a call back to give more details.
Jon C. Ogg March 14, 2007
Jon Ogg can be reached at jonogg@247wallst.com; he does not own securities in the companies he covers.
ping
Apparently, he is.
I remember one time, in the olden days, when there wasn't a World Wide Web, I received over 70,000 hate mails/death threats, etc for posting in a newsgroup a message "Why Homosexuality is wrong" that detailed from an evolutionairy or relgious perspective what the problems were with homosexuality. And this guy has the audacity to try to link me to the homosexual movement for doing something perfectly legal that hurt nobody in my family, and provided me many hours of entertainment.
Paul
"The whole aim of practical politics is to keep the populace alarmed (and hence clamorous to be led to safety) by menacing it with an endless series of hobgoblins, all of them imaginary." -- H. L. Mencken
"The urge to save humanity is almost always a false front for the urge to rule." -- H. L. Mencken
Vanity is not only immoral, but is actually listed as one of the seven deadly sins.
So, when you sit there and tell us how you're so superior because you don't gamble, and you want to impose your will on everyone else, I'm wondering if you don't realize that you're actually being immoral yourself.
You are what's called a hypocrite.
There have been plenty of reports written about the extreme negative impact that gambling, guns, free speech, smoking, fast food, body odor, loud noises, music I don't like and the 70 mph speed limit has on American society.
...
What about office pools? This March Madness must stop! Where will it all end? Already people are talking at the water cooler about their old schools. Put those damn gamblers in prison lock-down NOW! right next to the herbalists. Either force the citizens to keep looking down or lock them up. After 9/11 haven't American suffered enough?
If this is true, it seems that a better way would be the way we used to do it right here in the USA: allow everything; but eliminate all the laws, regulations and forced insurance policies, and taxes that force people to take responsibility for others. That way is true freedom. Your way is not.
(I think this was sort of a disappointment to my grandmother -- she was pretty straightlaced!)
Mother Superior called all the nuns together and said to them, "I must tell you all something. We have a case of gonorrhea in the convent." "Thank God," said an elderly nun at the back. "I'm so tired of chardonay."
ROFL
People do all sorts of things for fun. Some like to go out to the movies. Some like to go out to dinner. Some like to have a few beers at a bar with friends. Some like to play a little poker. Lighten up!
The Democrats need to stop making me like them. They're really screwing with my worldview here. What happened to the good old days, when they were against freedom and the GOP was for it?
Hi, BMIC. Did you know that Ronald Reagan considered libertarianism to be the "heart and soul of conservatism"?
Also, do you consider one who invests in a stock market to be performing an immoral act?
You know, on second thought, I'm sitting here in Jersey with a major snowstorm impending, so Jeff has the day off tomorrow. I wasn't planning on this, but in your honor, I'm now going to get $hitfaced drunk and get back to you in a few hours. This should be fun.
Go Barney go!!!
Well, I'd reconsider that plan, but anyone who suggests that investing in the stock market isn't gambling, needs to reassess their reality.
I have more invested in the stock market than I'm comfortable in mentioning out loud, but it's a lot, and I know it's a gamble.
Oh, it's too late for that. I'm 2 merlots deep already and just warming up. I also just got off the phone with my bookie and put a bet in for Villanova even though I know nothing about college basketball. All in BMIC's honor, of course.
I had a pretty stressful week at work and this is actually quite theraputic to counter this statist nonsense. Thanks, BM.
Are you asserting that only those behaviors explicitly mentioned in the Constitution should be legal?
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