Casinos Without Walls
Published: Friday, July 22, 2005 Online-Casinos.com
CASINOS WITHOUT WALLS
NY Times: "American position on Internet gambling is becoming an object of derision"
The New York Times carried a major article on Internet gambling titled "Casinos Without Walls, Or Rules" this weekend, covering the successful defiance of Party Gaming to threats from federal authorities, and the more regulatory frame of mind of foreign governments like the UK.
The well balanced piece commented that Party Gaming unusually included in its prospectus that its Gibraltar based directors faced the threat of legal action in the US due to that countrys federal interpretation of law that online gambling is illegal.
But it quoted the Party Gaming view that the activity was not illegal per se - federal prosecutors just say it is, and their opinion remains legally untested.
Although 90 percent of its customers are in the USA, Party Gaming operates from Gibraltar.
The article traces the remarkable success story of the company to the present, where annual revenues easily exceed half a billion US dollars and a successful public offering in London has just been completed, making billionaires for its founders.
It quotes US analysts, who predict that the total online poker market will mushroom to US $ 6 billion by 2009 from only $1 billion last year, despite the uncertain legal climate in the USA.
"The World Trade Organisation and foreign governments alike are siding with companies like Party Gaming and against the United States," the story continues. "Indeed, among international bodies and foreign governments, the American position on Internet gambling is becoming an object of derision."
The author of the article quotes from the 2003 report by the British government Department for Culture, Media and Sport saying, "There is a growing gambling market for online gambling where national boundaries no longer have any meaning.
"Nowhere is this better illustrated than in the USA, where despite the apparent illegality of cross-border gambling more of its citizens gamble online than anywhere else in the world.
"To deny this appears in many ways to fly in the face of the reality of international banking and the inherently international nature of 21st century telecommunications."
The edition also carries stories on poker legend Stu Unger, Gibraltar and on remote gambling from hand-held devices within casino resort premises in Vegas.
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