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.
Vice is Barney's specialty-
whether it be gambling, or something sexual in nature.
Gotta like Barney on this one...
probably the only thing frank and i agree upon.
Wanna bet?
"Show me just what Mohammed brought that was new, and there you will find things only evil and inhuman, such as his command to spread by the sword the faith he preached." - Manuel II Palelologus
Instead of elminating the ban, we need to make it stronger and make better provisions for its strictest possible enforcement. We've got enough trouble with people embezzling to pay for their gambling addictions as it is. Legalize online gambling and all heck's gonna break loose.
I would love to make a $50 bet from my computer on a college football game, especially since my alma mater has been kicking butt pretty consistently over the past few years.
O.K. So, you don't believe in personal freedom?
Frankly, if I want to bet, I can do so. I just have to drive to Atlantic City or go out on one of the casino crusises, or drive out to the mountains in Carolina, or fly out to Vegas or Minnesota or any of a dozen other places.....
But, why is it, if I can legally do these things, can I not do them from the comfort of my home?
What is it about Republicans in Congress that says we have to protect people from doing something they're going to do anyway, unless it's sanctioned by the state and our campaign contributors?
The ban was stupid. It's like saying "Your TV can tune to any channel you want it to, but we're going to restrict the cable company from giving you ESPN. To see your sports, you'll have to go to the local bar to do so."
If it's truly immoral, then why do we have state lotteries? Why do we allow gambling in AC and Vegas and Reno? I know there are some out there that say that it's a sin. I'd LOVE to debate you on that one if you're one who's so wrong as to think so. I can even use one entire book of the Bible to refute that stupid argument. It's called Job. If it's a sin, then God is a sinner for gambling with Satan over the soul of Job. Let's see if you can give me a real reason for this idiotic law?
Paul
Cool, you're one of the social conservatives who would outlaw any behavior you wouldn't engage in yourself.
That's incredibly totalitarian, but you excuse it in the name of morality.
Please explain to me the difference in your mentality and that of the Taliban who also want to purge our ranks.
Wow. You don't even know me and I'm "immoral scum". So, if I'm doing something that even God engaged in, I'm immoral? Does that mean that God is "immoral" by your definition?
Get real.
I don't do drugs, I don't drink. If I wanted to in the privacy of my own home, why should the government be able to tell me no? I seem to recall that our Constitution wasn't written as restrictions on our populace, but instead the restrictions on our government.
I'm so glad you're so sure of yourself that you can label me as "scum" and "a huge drain on the morally upright, productive members of our society". Last year, I played online poker. I spent roughly $300 in that. I also paid many thousands in taxes. Now, I'm told I can't play online poker because people like you who believe that we're a drain on society should be punished at the long arm of the law.
Actually, if you look at your methods and your impositions of your values on me, you'll see that your type is the close-minded scum that destroys freedom. Open your mind, and you can find that you are imposing your will on people. And it's morally reprehensible. You complain when the Democraps impose their will on us in the forms of abortion and welfare, but you do the same. I say get the government out of my pocketbook and my bedroom. It's my private life.
Paul
Check
Great news!
The sorry asses (Bill Frist and his GOP cohorts) who passed the anti-online gambling legislation in the first place had to do it in the dark of the night. Get the government OUT of out lives. This is just another example of goverment bureacracy run amok.
Good. It's none of the government's damn business to be our mommy. Repeal it now.
But most of us don't do that. And we don't need you and your nanny state to decide what is best for us. If that's the way you want it, move to China. This is America, and our Founders didn't see it your way.
Was it incredibly stupid? You bet. (pun intended)
Was it even more incredibly stupid the way they did it. Sure was.
It wasn't a ban on internet gambling, it was a ban on certain types of financial dealings.
It's you libertarian types that have ruined the Republican party. Democrats are coming back big time in 2008 if we don't purge your immoral disease from our ranks.
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