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Tag Archives: gambling
Representatives To Hold Hearing On Internet Gambling
On Thursday, the House Financial Services Committee will discuss legislation introduced by Chairman Barney Frank (D-MA) that would regulate online gambling in the United States. The hearing will begin at 10 am EST and will include testimony from leaders in the fields of online security and consumer safety. Experts will describe how current systems and technologies have been successful in blocking minors from gambling online, reducing compulsive gambling and protecting consumers against money laundering, fraud and identity theft. "This hearing will provide further evidence on the ability to effectively regulate Internet gambling and require licensed operators to utilize already-proven technologies to protect consumers," said Michael Waxman, spokesperson of the Safe and Secure Internet Gambling Initiative . Continue reading
Posted in Business, Legal, Pay-Per-Click
Tagged compulsive gambling, federal, gambling, house, legislation, online-gambling, politics, regulatory excess, review and story, secure-internet, treasury
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Churchill Downs Buys Youbet.com For $126 Million
Churchill Downs Inc. (CDI), home of the Kentucky Derby, has agreed to buy online horse wagering firm Youbet.com in a cash-and- stock deal valued at $126.8 million. The deal would give Churchill Downs over $700 million worth of the $1.4 billion online horse wagering market. Churchill Downs already owns online horse betting site TwinSpires.com. The deal will give Youbet shareholders 97 cents a share in cash for each Youbet.com share, plus 0.0598 shares of Churchill Downs stock. Based on the closing price of Churchill stock on Tuesday, the transaction represents a per-share value of Youbet stock of about $2.84. Once the deal closes, Youbet shareholders will own 16 percent of Churchill stock. Churchill says less than 14 percent of all wagering on U.S. Thoroughbred racing is estimated to be placed online, but it anticipates that percentage will continue to grow. "We believe this combination should enable us to accelerate the development of new technology-enabled features and services that horse racing customers who wager via the Advanced Deposit Wagering channel want, and that can attract new customers to racing, said Robert L. Evans, Churchill President and Chief Executive Officer. "While we expect to make many exciting improvements for customers, our existing TwinSpires.com customers will be able to continue to access their accounts and make wagers, deposits and withdrawals in the same manner they do today." Churchill said the deal will result in annual saving of $10 million. The transaction is scheduled to be completed in the second quarter of 2010. Continue reading
Legalized Online Gambling Would Bring In Billions
A Joint Committee on Taxation report released today by Rep. Jim McDermott (D-WA) found that regulating Internet gambling would generate roughly $42 billion over 10 years. The report is based on the requirement of a federal license for operators that would allow them to offer online gambling throughout the United States, while keeping the federal prohibition on any form of sports betting. "This analysis further reinforces the fact that a regulated environment will generate billions in new revenue to offset the costs of health care reform or other vital government programs," said Michael Waxman, spokesperson for the Safe and Secure Internet Gambling Initiative . "With the completed analysis, and support for Internet gambling regulation growing daily, it's only a matter of time before Congress acts and begins allocating the billions in new revenue sitting on the table to one program or another." Representative Barney Frank (D-MA) has introduced legislation that would legalize Internet gambling and McDermott has a companion bill that would collect tax revenues on online gambling. "We believe this tax revenue analysis will encourage immediate discussions and consideration of pending legislation to regulate Internet gambling," said Waxman. Continue reading