Headlines: Poker, Law, and Politics (10/02/06)

articles:
U.S. ban sparks Web gaming crisis (CNN, 10/02/06)

PartyPoker, PokerStars to pull out of US market (Gambling911, 10/02/06)

Poker Platform Providers Assess the Damage of US Anti-Gambling Law (Poker News, 10/02/06)

Reaction To Online Gaming Bill Vehement And Outraged (Poker News, 10/02/06)

PartyGaming, Sportingbet Plunge on U.S. Gambling Law (Bloomberg, 10/02/06)

excerpts:
U.S. ban sparks Web gaming crisis (CNN, 10/02/06)
“Online gaming firms faced their biggest-ever crisis on Monday after U.S. Congress unexpectedly passed legislation to ban online gaming there, threatening jobs and hitting stocks by as much as 70 percent. Britain’s PartyGaming Plc, operator of leading online poker site PartyPoker.com, and rivals Sportingbet and 888 Plc said they would likely pull out of the United States and warned on future profits…”

PartyPoker, PokerStars to pull out of US market (Gambling911, 10/02/06)
“Gambling911.com has learned that PartyPoker and PokerStars will likely be following 888.com suit and be pulling out of the US market. Sources close to both poker rooms have informed Gambling911 that statements should be issued some time Monday from the two firms…”

Poker Platform Providers Assess the Damage of US Anti-Gambling Law (Poker News, 10/02/06)
“With the passing of the “Unlawful Internet Gambling Enforcement Act of 2006” in the US over the weekend, the focus today has been on the online poker and casino operators like PartyGaming plc and 888 Holdings plc and the “e-wallet” companies like Neteller plc and FireOne Group plc. Each of these companies and their peers will, at a stroke, lose a substantial portion of their business, and more importantly, their cash-flows…”

Reaction To Online Gaming Bill Vehement And Outraged (Poker News, 10/02/06)
“The bill was steamrolled through the House by a vote of 409-2 and passed through the Senate on a simple voice vote, meaning there is no record of how the Senators chose to view the matter. What is also interesting is that, in adding the legislation regarding online gaming, both houses of Congress chose to strip critical elements out of the port security bill…”

PartyGaming, Sportingbet Plunge on U.S. Gambling Law (Bloomberg, 10/02/06)
“Shares of PartyGaming Plc, Sportingbet Plc and 888 Holdings Plc plummeted, wiping out $7 billion of market value, after U.S. Congress passed laws to shut down Internet gambling…Legislation to prevent credit-card companies from collecting payments for bets was approved Sept. 30, the culmination of a U.S. clampdown on online gaming. PartyGaming, the world’s biggest Internet poker company, will stop taking wagers from its 900,000 American players. Its stock lost as much as 62 percent…”

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