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EU seeks reparations for U.S. payments ban

Posted by: offshore (---.ct.co.cr)

Date: June 20, 2007 08:42AM

Jun 20, 2007 04:30 AM

The European Union told the United States yesterday that it wanted compensation for a U.S. ban on foreign online gambling sites, which the World Trade Organization has found doesn't comply with global trade rules.

British online gambling operators such as Sportingbet PLC and Leisure & Gaming PLC had to quit the U.S. market last year when Washington stopped U.S. banks and credit-card companies from making payments to online businesses outside the country, closing off the most lucrative region. An EU official said the concessions Europe was looking for would likely be "commitments" to open up other trade sectors.


Published by:
The Toronto Star
[www.thestar.com]



----
[offshoreXplorer.com]
Fast, Safe, Private and Professional Offshore Services since 1997

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Re: EU seeks reparations for U.S. payments ban

Posted by: JerryG (---.dsl.ltrkar.swbell.net)

Date: June 21, 2007 08:30PM

Unfortunately, they are not seeking financial compensation, and the compensation they do receive will not benefit the online gambling industry at all. They are only asking for other trade commitments from the US to offset the revenue that was lost.

Basically, they're using online gambling sites as an excuse to strengthen their trade, but the industry gets nothing out of the deal. That's politics.

Global Gaming News

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Re: EU seeks reparations for U.S. payments ban

Posted by: Mcluhan (---.ppp.ucc-net.ca)

Date: June 25, 2007 03:32AM

So Jerry, its easy to be a critic. How would you advise they mount a legal case with a leg to stand on?

all ears

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Re: EU seeks reparations for U.S. payments ban

Posted by: JerryG (---.dsl.ltrkar.swbell.net)

Date: June 25, 2007 04:44PM

I do not profess to be an attorney or any other specialist in the field of international trade. However, if they have a financial grievance as a result of the US not living up to their trade agreements, then there are a number of sanctions and tariffs that could be imposed. Even the tiny nation of Antigua is attempting to target US Copyrights to produce legal knock offs.

Basically what the EU is doing is using online gambling companies as an excuse that will provide leverage to achieve other trade agreements that they want, but that the US doesn't.

How does that benefit the gambling companies that lost out? Or their employees? Or the average Joe in the US that is still blocked from playing at his favorite site?

It doesn't do anything to help the industry or those who were truly harmed by the action, and that is what I disagree with. It is not being a critic - it is pointing out the simple fact that this move is not in the best interest of the industry. If anything, it goes against the interests of the industry because it let's the US off the hook with just a hand shake.

Global Gaming News

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Re: EU seeks reparations for U.S. payments ban

Posted by: yorktown (Moderator)

Date: June 27, 2007 04:13PM

According to frank Fantini's GAMING INVESTMENTS report :

I-GAMING: US AGAINST THE WORLD

The number of World Trade Organization claims against the United
States’ ban on Internet gaming is now up to seven, pokerlistings.com
reported:

Antigua and Barbuda
Australia
Canada
Costa Rica
European Community
India
Japan
Macau

To date, only Antigua, which brought the original complaint, has set a
monetary amount for compensation: $3.4 billion.

The European Union has hinted that it may ask for compensation in other
trade areas.

Meanwhile, US Rep. Barney Frank says support for his bill to
effectively legalize Internet gaming in the United States is growing, but he still doesn’t have to votes in Congress.

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