Global Approach Watching U.S. Developments
Published: Thursday, October 05, 2006 Online-Casinos.com
GLOBAL APPROACH WATCHING U.S. DEVELOPMENTS
"We can recover quickly if US market dries up", says M.D.
The Australian-based online gambling group Global Approach, which has interests through Tusk Investments in online casinos like Golden Reef, Music Hall, Challenge, Aztec Riches, Aztec Riches Poker and Poker-Metro says it is business as usual until there is more clarity on the new US law governing financial transactions with online gambling companies.
Managing director James Canning-Ure said the company had been aware the measures were awaiting Senate approval but advice from lobbyists was these lacked the support to get through. He said it was likely to be around two weeks before Global Approach could review the likely impact and determine what action it would take. US gamblers made up a high proportion of its online casino trade but its online poker business, which made up about half its revenue, had a strong base in Europe.
"The advantage of an internet gaming business is that it can move swiftly to shift the origin of its players," he said, adding that the company would likely focus increasingly on Europe and Asia. "Within six months we could be back doing the numbers we were before" he said.
Tusk was acquired earlier this year by Golden Approach for some A$ 19.37 million. At the time company spokesmen said that: "The acquisition of Tusk will create one of Australia's premiere online gaming companies and take the number of Global's depositing casino players from 42,000 to 151,000."
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