Experts: Online Gambling Regulation to Boost Economy

CHICAGO, Illinois – 24 September 2004 -- Yesterday in Chicago, a panel of experts met to discuss Internet gambling and outline ways to regulate this increasingly popular form of entertainment. Hosted by BETonSPORTS plc, operator of the world's largest online wagering service, the summit was part of a national public policy initiative called "Proposition 1: To Regulate or Prohibit Online Gambling." Intended to initiate local dialogue on the issue of online gambling and create a structure for lawmakers to regulate the industry, yesterday's summit was the third in a series of meetings to be held across the U.S. this month.

Yesterday's discussion brought together experts in law, industry and media to discuss the issue's local, national and global significance. The state of Illinois is unique in its gambling policy -- it is one of only five states to specifically prohibit Internet gambling, yet Illinois does permit a limited number of riverboat casinos. In the face of two bills in Congress, one of which calls for the prohibition of online gambling, and an investigation into the industry by the Department of Justice, the panel examined the issues surrounding regulation versus prohibition of the online gaming industry.

The panel's consensus was that regulation would boost the economy by providing tax revenues and adding jobs. It would also force transparency that would legitimize the industry and enable consumer protections, such as enforcing age requirements and providing assistance to problem gamblers. The U.K. has successfully used this model since 1963.

Panel member Lawrence G. Walters, first amendment attorney and partner with the national law firm of Weston, Garrou & DeWitt ( http://www.GameAttorneys.com ), has represented clients involved with all aspects of the online gambling industry and has developed an international reputation on Internet law issues.

"Prohibiting online gambling is not a reasonable solution for the mere reason that the technology isn't going anywhere," said Walters. "With the rapid rise of Internet activity nationwide, the government will eventually have to face the fact that prohibiting this form of entertainment will only have negative effects and will encourage the behavior they are trying to curtail."

David Carruthers, CEO of BETonSPORTS plc, stated, "Millions of consumers in the U.S. gamble online, and we want to set the stage for hosting a safe Internet site with sensible regulation benefiting not only the consumer but the government. Online gambling allows the government the opportunity to capitalize on revenues upwards of $100 billion, which is the amount Americans bet on sports every year on the street and on college campuses."

Kevin Smith, staff writer for Interactive Gaming News, added, "There is a need to introduce new legislation to ensure responsible practices on the part of the industry and online gamblers. It's doubtful that current bills to regulate online gambling will pass."

The Summit tour will conclude in Los Angeles on September 24. Also part of the initiative is a series of college campus debates and an advertising campaign.

Verbatim from www.casinocitytimes.com