Internet Gambling News Summary 3.5.07

Gambling Shares Plummet in Post-Frank Bill …

It was a time of highs and lows for the online gambling industry this week. Speculation was high and share prices went up accordingly in the midst of rumors the U.S. politician, Rep. Barney Frank was going to do all he could to repeal the Unlawful Internet Gambling Enforcement Act. Frank has been a vocal opponent of the UIGEA, signed into law in 2006, calling it “the stupidest thing” he had ever seen.

However, the day after Frank presented his bill last Thursday, share prices plummeted after the wording of the amendment was seen. Many considered the bill, which calls for the licensing of U.S. based online casinos, too “watered down.” It is also seen as a slap in the face for non-U.S. companies who were hoping to return to the market, thanks to Frank’s new bill.

… While Papua New Guinea Legalizes Online Gambling…

On the other side of the world, things are looking a little brighter for the online gambling world. In a unanimous 61:0 votes, this Pacific country’s parliament voted to legalize online gambling and casinos. Prime Minister Michael Somare understood the need for his country to stay ahead in the game, after it was predicted that the internet gambling industry would generate almost $7-billion in revenue in the Asian-Pacific region by 2010.  The new legislation will allow non-citizens to gamble at PNG-based companies and will allow the construction of 20 brick and mortar casinos in the country.

…. And Yahoo! Joins the Online Poker World…

One of the largest search engines in the world, Yahoo! has entered the online poker industry by creating a real-money poker room as part of its United Kingdom operations. The poker platform is being provided by another big name in the business, Boss Media, and is being operated in collaboration with the Gibraltar-based St. Minver. Predictably, U.S. gamblers will not be allowed to access the new poker room and the new site will direct its attention to the expanding European market.

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