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Online Gambling Hedges Its U.S. Bets

22 Aug 2006

ASHINGTON, D.C -- As reported by Business Week: "The U.S. Congress has yet to pass the pending legislation cracking down on Internet gambling. But in the meantime, the Justice Dept. has cast a much deeper freeze over the business with its July arrest of BetOnSports Chief Executive David Carruthers. Now, under pursuit of U.S. legal authorities, European online gaming companies are scrambling to reduce their exposure in the U.S. and find new markets in Europe and Asia.

"Industry insiders say the trend could signal the start of a major wave of consolidation.

"...The potential loss of their U.S. markets is devastating for online gaming companies.

"...But companies are now facing up to the possibility that they'll lose their fight with Washington..."

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