BIG NEWS--REPEAL THE GAMBLING BILL!!

[GOTHEART]

UIGEA repeal and dropped charges against Neteller

Several media outlets are reporting that Senator Barney Frank could be working on a bill that would repeal the UIGEA and also that charges may be dropped against Neteller directors John Lefebvre and Stephen Lawrence. Below is some key quotes from a few media reports today.

March 14 (Bloomberg ) -- Online-gambling stocks rose after the Financial Times said House Financial Services Committee Chairman Barney Frank wants to repeal a law passed last year that criminalized the industry.

Shares of Gibraltar-based PartyGaming Plc, the world's biggest Internet poker operator, had their biggest gain in 15 months. Shares of 888 Holdings Plc and SportingBet Plc also advanced in London.

``I am working on legislation to cut back on this Internet gambling thing,'' the FT cited Frank as saying on its Web site, referring to last year's law. ``I think it's preposterous,'' and the law is one of the ``stupidest'' ever passed, the FT cited him as saying. ``Maybe we can make some money off it,' he added.

Online-gaming stocks plummeted across Europe in October after Congress unexpectedly banned the collection of credit-card payments from gambling Web sites.

``The slightest indicator that operators may get business back in the U.S. is going to get speculators coming in,'' said Andrew French, a sales trader at E*Trade Securities in London.

The Gaming Intelligence Group out of the UK reported the following;



There is a great deal of expectation surrounding the online gaming industry these days with a spate of positive news to boost the sector. We have had strong earnings results from several publicly traded gaming companies, stocks are rising, advertising rules are relaxing (well in the UK at least), and now some positive murmurs from the US.

Rumours have been growing surrounding the possibility that charges may be dropped against John Lefebvre and Stephen Lawrence, the former Neteller directors and the London Financial Times today reported on efforts by Barney Frank, the Democratic chairman of the House Financial Services Committee to repeal the Unlawful Internet Gambling Enforcement Act (UIGEA) which was passed by the US Congress last year.

Congressman Frank has long been opposed to a ban on internet gambling and it is hoped that with a strengthened Democratic party on Capitol Hill, he may be able to push through changes which would at least soften the law.

Speaking in Congress last year prior to the UIGEA, he responded to claims that online gaming contributes nothing to the US economy by stating, “Has it become the role of this Congress to prohibit any activity that an adult wants to engage in voluntarily if it doesn't add to the GDP or make us more competitive? What kind of socio-, cultural authoritarianism are we advocating here?”

Addressing the moral argument, Mr. Frank went on to say “I agree there is a practice around today that causes a lot of problems, damages families, people lose their jobs, they get in debt. They do it to excess. It is called drinking. Are we going to go back to Prohibition? Prohibition didn't work for alcohol; it doesn't work for gambling.”

CappersMall will continue to follow and report any new information regarding the UIGEA or Neteller

- CappersMall.com
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[baechips]

WooHoo! Rock on! I had hoped that the PPA's signing of this great man would yield great benefits!

[ythelongface]

i hope this is a good sign for the future. :)

Congress needs to back up and change this online poker ban anyway,it was hastily done anyway,what a bunch of crap.One good thing tho,I noticed more sites offering more freerolls and such since the easymoney barrel (us americans) has been taken away.Maybe these greedy poker sites needed a wake-up call.If they repeal the law,you greedy poker sites(u kno who u are)better not take us for granted!!!!!!!!!!!!!

[LenCiro]

They had a report on CNBC about it...
They gave the impression that it wouldn't happen, simply because so many have gotten around it anyway. The BS part is that it's easy to get money in, impossible to get any out!

Surprise, surprise... Congress screws something up!

I don't know how it's all going to end up, but they need to repeal this new law. That was a very stupid thing for the government to do in my opinion, but then again, that is just MY OPINION.

I hope all the poker sites offer the same or more freerolls as they do now if the law gets thrown out.It was tough to find good freerolls b4 the gambling bill was passed.....I hope you site owners n ops dont take usa players for granted..again !!!!!!!!!!

[always2away]

i am pretty sure that this stupid tag-on (read hidden, slimy, underhanded) bill has one purpose, and one purpose only, to bring the money generated through internet poker under US gov regulation and taxation...so a repeal sounds too good to be true! getting the government to give up revenue or even potential revenue is like getting rosie o. to give up ice cream and prozac...it aint gonna happen...the gov is notorious for continuing to fund (and tax you for it) programs that have self-repealed or have outlived their usefullness.
i am surprised and delighted to see mr. franks quote an example from our past to punctuate the idiocy of trying to legislate morality..."Mr. Frank went on to say “I agree there is a practice around today that causes a lot of problems, damages families, people lose their jobs, they get in debt. They do it to excess. It is called drinking. Are we going to go back to Prohibition? Prohibition didn't work for alcohol; it doesn't work for gambling.” "...could not have said it better myself!