WTO Antigua Ruling Verses US: Online Gambling Bill Illegal
The World Trade Organization (WTO) released its ruling in regard to the United States government's "ban on online gambling" and determined it is illegal.

SEE RULING IN ITS ENTIRETY HERE

Today's ruling ``offers hope to the global online gambling industry currently under siege by the U.S. Department of Justice,'' Antiguan Finance Minister Errol Cort said in an e- mailed statement to Bloomberg News. ``It vindicates all that we have been saying for years about the discriminatory trade practices of the United States.''

The U.S. agreed that today's ruling finds it failed to comply with the two-year old decision.

Still, the U.S. says the report allows it to maintain a ban on Internet gambling to ``protect public order and public morals'' as long as it doesn't discriminate against foreign companies, Gretchen Hamel, a spokeswoman for the U.S. Trade Representative's office in Washington, said in an e-mailed statement. ``We are currently reviewing our options,'' Hamel said.

That argument will not bode well for those who question a carve out niche for horse betting and the fact that Las Vegas continues to prosper.

The Red Herring was expected to release a statement from Congressman Barney Frank later today. He is looking to repeal the online gambling ban as early as this coming month.

The U.S. has argued that the prohibitions pre-dating the October law apply to both foreign and American betting services, and the WTO's decision only applies to gambling on horseracing, which is allowed to discriminate against foreign companies.

The U.S. adds that its latest law isn't covered by the WTO ruling and said that its 1995 commitment to open gambling to foreign companies was an oversight by the Clinton administration.

Drop in Income

Income for the 32 registered online casinos in Antigua and Barbuda has fallen to $130 million a year from $1 billion in 2000, the Antiguan government says. The country developed online gambling to boost a tourism-dependent economy after several hurricanes in the 1990s.

Antigua successfully argued in its complaint that the U.S. protects a domestic gambling industry while failing to live up to its international commitments.

Charlie McCreevy, commissioner for the European Union's internal market, labeled the U.S. law ``a protectionist measure'' on Jan. 30, saying the EU should complain to the U.S. after Congress passed the legislation barring credit card companies from processing payments. President George W. Bush signed the measure into law on Oct. 13.

`Smashing Success'

At the time, U.K. Culture Secretary Tessa Jowell compared the U.S. law to the American alcohol ban of the 1920s, saying the measure may force online gambling underground into an unregulated black market.

``This is a smashing success for Antigua in every possible way,'' John Ashe, the Caribbean island nation's ambassador to the WTO in Geneva, said in a statement. The ruling clears up ``any lingering doubt that Antigua has obtained a clear and convincing win over the United States and it is now time for the United States to meet its international trade obligations.''

Antigua may seek sanctions in the form of withdrawing intellectual property protection for U.S. trademarks or copyright. Known as ``cross-retaliation,'' such sanctions are legal at the WTO when an economy can't afford to impose sanctions in the form of higher customs duties on goods.

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Gambling911.com News Wire, Bloomberg

Originally published March 30, 2007 11:27 am ET

sold 33452 sbt at .618p this was half of my holdings, I them decided to buy 30,000 prty at .55p. Ten mins later they started to fall so I bought another 14,586 at .54.25p. my average price with costs are .548p. so since I boght them they have dropped 1,672 on me. this is the stock market for you. I would have been happy yesterday to have bought yesterday at .56p. but they did not drop to that level, If I had bought at .56p I most definately would have sold today at .60p. So can anyone tell me the news that has affected prty so badly today. I am still breathing at richard would say ie cynic. take care all.

Ouch!

Maybe the marketmakers are making mugs of us all ............. knowing that many of us are looking to trade in / out.

Any whiff of negative / lack of news and they mark the sp down. It is exhausting trying to second guess the market.

Let's see what tomorrow brings.

Cheers
Amar