Gaming shares up amid hopes and rumours

Shares in online gaming companies jumped in recent days after a spokesperson for the powerful Democratic lawmaker Barney Frank, Democratic Chairman of the House Financial Services Committee, said that Barney Frank is currently working on legislation to repeal the Unlawful Internet Gambling Enforcement Act. This gave the industry a glimmer of hope that the sweeping ban Congress passed last year might be repealed. Although Mr. Frank has not yet confirmed his intentions.

The Financial Times website reports that Barney Frank said that the ban, formally known as the ‘Unlawful Enforcement Gambling Act’, was one of the “stupidest laws” passed.

He continued “I am working on legislation to cut back on this internet gambling thing . . . I think it’s preposterous. I’m looking for ways, maybe we can make some money off of it,” he said, signalling that he could be considering a proposal to make online gaming legal by regulating, and taxing the industry. A spokesman for Mr. Frank reportedly said he had not yet drafted any legislation and was still at a ‘thinking stage’.

Although the Massachusetts Democrat represents a potentially powerful ally to pro-gaming interests, people who watch the issue in Washington expressed scepticism about the prospects for repeal.

Under the rules of the upper chamber, a single lawmaker can, in most circumstances block legislation from getting a vote. A spokesperson for Jon Kyl, a Republican senator who supports the ban, said he would oppose any effort to repeal the legislation.

Mr. Frank also said “I am not ready to get into specifics yet. People have come to me with some ideas. Not Al D’Amato and I’m looking at it.” Thus referring to the former New York senator recently named chairman of the Poker Players’ Alliance, a lobby group that is fighting to legalise online poker.

Mr. Frank’s remarks prompted Party Gaming’s shares to rise 12.5 per cent in London, while 888 Holdings was up 3.9 per cent on revived hopes of a takeover by Ladbrokes, the British bookmaker. Sportingbet, also the subject of a bid, was up 5.4 per cent.

Meanwhile rumours abound amongst various Internet gaming sources that the US Government will drop its case against NETeller co-founders Stephen Lawrence and John LeFebvre when the case comes to court on Friday 16th March. If the case is thrown out, it would likely create an atmosphere where some processing companies may decide to re-enter the US marketplace. All eyes will be watching for the result of this hearing.

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Clifford Chance International Law Firm advise NETeller

Clifford Chance, the International Law firm has announced that it has been called in to advise embattled ‘virtual wallet’ NETeller on its investigation by the US Department of Justice (DoJ) as the onslaught facing the online gaming industry continues.

The law firm will be fielding regulatory and securities teams across its New York and London arms to advise on NETeller’s discussions with the DoJ, which last month froze the payment processor’s funds as part of a wider clampdown on online gaming.

The firm’s New York regulatory heavyweight John Carroll and white-collar crime partner Warren Feldman are advising the company in the US.

Meanwhile, UK equity capital markets partner David Lewis and senior associate Jenine Hulsmann are advising NETeller in the UK, where the company last month had its stock listing suspended.

A secondary team, led by Clifford Chance enforcement head Carlos Conceicao, is also advising the company on its obligations to the Financial Services Authority, which is responsible for policing NETeller as a regulated e-money issuer.

The ongoing regulatory procedures came after the DoJ in January this year charged NETeller’s two Canadian founders, John Lefebvre and Steven Lawrence, with racketeering and money laundering.

The instruction comes as lawyers scramble to deal with the ongoing fallout of last year’s decision by the US Congress to rush through tough anti-gaming legislation, which has caused prolonged turmoil in the online betting industry.

Reportedly David Lewis commented that the aggressive tactics against the gaming industry by US authorities were increasingly being felt at an international level.

He said: “As the noose tightens for online gaming in other parts of the world, this is an issue that will increasingly be faced by companies in Europe.”

"Stop Destroying My Bingo" Campaign Launched

The UK Bingo Association is preparing a campaign entitled “Stop Destroying My Bingo”, with a heading stating “What you and Britain’s Bingo players need to know”. A seemingly desperate attempt tries to get the estimated 3 million regular bingo players in England and Wales to sign a petition urging the Government to safeguard the future of the game.

The Association claims that ‘the Government fails to realise exactly how, little by little, it is destroying online bingo. Bingo is being treated unfairly in a number of ways by the Government.’ that bingo clubs are not getting a fair deal under the current tax laws and the upcoming smoking ban would result in a massive downturn for the industry.

A Bingo Association spokesman said: “As many as 200 clubs are under threat of closure and unless the Government takes steps to address the policies unfairly affecting bingo, businesses will close, jobs will be lost and communities will lose a key social facility.”

The spokesperson added that the organisation had been forced to act because the smoking ban, as well as the new gambling laws that come into force later this year, threaten its long-term future.

Italy is failing to comply with existing EU law

A press release issued by the European Court of Justice (ECJ) on 6th March, ruled that a claim by Stanleybet International, a UK licensed bookmaker should be upheld, claiming that Italian authorities were failing to comply with existing EU law on freedom of businesses to provide services.

Lawyers said the ECJ ruling in the so-called ‘Placanica’ case, named after a Stanleybet Italian betting agent, could have a significant bearing in the struggle between gaming companies both onshore and offshore looking to break into new markets in EU member states such as France, Germany and Italy, which were seeking to protect state betting monopolies.

The ECJ said “Italian legislation on sports betting must not contain measures which constitute a restriction on the freedom of establishment and the freedom to provide services”. The court’s ruling also said that “moral, religious, and cultural factors, as well as the financial consequences for society associated with betting and gaming, could justify restrictions’. But it added: “Those restrictions must nevertheless satisfy the conditions concerning their proportionality.”

The ‘Placanica’ case effectively reinforces the ‘Gambelli’ ruling by the ECJ in 2003, also in favour of Stanleybet, which recognised the right of sports betting businesses legally established in one member state to offer services in another, but which has been ignored by Italy.

This ruling should go some way in giving substantial incentive to Charlie McCreevy, the EU internal market commissioner, who earlier this year suggested he may pursue the US anti-gambling stance with his American counterparts on a visit to the US in March.

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