No More U.S. Gamblers, Says Bwin

Published: Sunday, October 15, 2006 Online-Casinos.com

NO MORE U.S. GAMBLERS, SAYS BWIN

Austrian public company pulls the plug on U.S. business

The Vienna listed public company Bwin has become the latest publicly listed company to pull out of the US market following the signature into law of the Unlawful Internet Gambling Enforcement Act by President Bush Friday.

Bwin.com Interactive Entertainment said it had come to the decision following the presidential signing of the Act, which makes it illegal for U.S. banks and credit-card companies to make payments to online gambling sites.

"Bwin has decided to comply with the new legislation and will no longer accept any new U.S.-resident customers for its real money gaming products, effective immediately," the firm said in a statement published on Friday evening.

"The company is working on technical arrangements that will prevent existing customers from accessing its real money games," Bwin added.

Bwin only gained access to the U.S. online gambling market in spring when it took over Swedish online poker site Ongame. In the second quarter in 2006, just over 20 percent of Bwin's total gross gaming revenues were generated by U.S.-based customers.

Bwin shares closed on Friday at Euro 18.05. The shares have lost around 80 percent of their value since the start of the year following a series of legislative blows from three German states and French government protectionist action against company executives.