Gamblingdungeon

Paddy Power’s entry into lucrative US market moves a step closer

By Geoff Percival

Tuesday, July 07, 2009

BOOKMAKER Paddy Power could be in a position to enter the potentially lucrative US market sooner than expected, with hopes rising that proposals for the legalisation of online gambling could be passed by the US government within the next 12 months.

The Massachusetts-based Democratic congressman, Barney Frank, has been an advocate of legalising online gaming websites and has been pushing for legislation since the US government passed the Unlawful Internet Gambling Enforcement Act in 2006.
The act stops companies based online from accepting payments via credit card or other electronic means to settle online bets.
Mr Frank even put in an appearance at last week’s World Series of Poker event in Las Vegas to drum up support for his drive.
He said he was confident of getting a bill passed by sometime next year.
At Paddy Power’s annual general meeting, earlier this summer, the company announced the latest leg of its international expansion by entering the Australian market, via the €27.2 million purchase of a 51% stake in leading Australian online betting company, Sportsbet – with the option to buy it outright in the next couple of years.
Then, Patrick Kennedy – Paddy Power’s chief executive – remarked that the company would be very interested in entering the online gaming market in the US, if the laws there were changed.
Paddy Power opened a book on the issue of legalisation in the US, at the beginning of this year after receiving requests from certain punters to do so. A spokesperson for the company said yesterday that while stakes punted began at an average of €10-€20; last week they suddenly shot up in value to around €500.
The company began offering odds of 6/4 in favour of Mr Frank being successful in lifting the ban before 2011, but has since cut them to 4/5, as a result of the sudden upsurge in interest.
Power’s has also opened a book on which US state will be the first to drop the ban, should legislation be passed. Currently, the company has Utah as the 2/1 favourite, followed by Nevada, New Jersey, Texas, Louisiana and Tennessee.
California is priced at 20/1 with Florida at 25/1 and New York and Massachussets both at 33/1.

This story appeared in the printed version of the Irish Examiner Tuesday, July 07, 2009

Read more: http://www.irishexaminer.com/business/paddy-powers-entry-into-lucrative-us-market-moves-a-step-closer-95747.html#ixzz0KYGaHnRz&C

LAS VEGAS — A Democratic congressman at the World Series of Poker to rally support for legalizing and regulating Internet gambling says he thinks he can get a bill passed by next year.

Rep. Barney Frank of Massachusetts told nearly 1,700 players Sunday at the no-limit Texas Hold ‘em main event that he viewed Internet gambling as a right that must be protected.

Phil Hellmuth, an 11-time gold bracelet winner at series who won the main event 20 years ago, says online gambling will grow worldwide regardless of whether U.S. lawmakers soften their stance.

A 2006 law prohibits financial institutions from taking credit card payments, checks or electronic transfers to settle online wagers. The Justice Department viewed Internet gambling as illegal even before that.

Source :: http://www.foxnews.com/politics/2009/07/05/rep-barney-frank-optimistic-online-gambling-world-series-poker/?test=latestnews

Paddy Power’s entry into lucrative US market moves a step closer

By Geoff Percival

Tuesday, July 07, 2009

BOOKMAKER Paddy Power could be in a position to enter the potentially lucrative US market sooner than expected, with hopes rising that proposals for the legalisation of online gambling could be passed by the US government within the next 12 months.

The Massachusetts-based Democratic congressman, Barney Frank, has been an advocate of legalising online gaming websites and has been pushing for legislation since the US government passed the Unlawful Internet Gambling Enforcement Act in 2006.
The act stops companies based online from accepting payments via credit card or other electronic means to settle online bets.
Mr Frank even put in an appearance at last week’s World Series of Poker event in Las Vegas to drum up support for his drive.
He said he was confident of getting a bill passed by sometime next year.
At Paddy Power’s annual general meeting, earlier this summer, the company announced the latest leg of its international expansion by entering the Australian market, via the €27.2 million purchase of a 51% stake in leading Australian online betting company, Sportsbet – with the option to buy it outright in the next couple of years.
Then, Patrick Kennedy – Paddy Power’s chief executive – remarked that the company would be very interested in entering the online gaming market in the US, if the laws there were changed.
Paddy Power opened a book on the issue of legalisation in the US, at the beginning of this year after receiving requests from certain punters to do so. A spokesperson for the company said yesterday that while stakes punted began at an average of €10-€20; last week they suddenly shot up in value to around €500.
The company began offering odds of 6/4 in favour of Mr Frank being successful in lifting the ban before 2011, but has since cut them to 4/5, as a result of the sudden upsurge in interest.
Power’s has also opened a book on which US state will be the first to drop the ban, should legislation be passed. Currently, the company has Utah as the 2/1 favourite, followed by Nevada, New Jersey, Texas, Louisiana and Tennessee.
California is priced at 20/1 with Florida at 25/1 and New York and Massachussets both at 33/1.

This story appeared in the printed version of the Irish Examiner Tuesday, July 07, 2009

Read more: http://www.irishexaminer.com/business/paddy-powers-entry-into-lucrative-us-market-moves-a-step-closer-95747.html#ixzz0KYGaHnRz&C