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Repeal of US Internet Gambling Ban Being Considered

15-Mar-2007, 13:12

U.S. Rep. Barney Frank (D-Mass.) may introduce legislation that would repeal a ban on Internet gambling, sending shares of online-gaming stocks higher.

Heather Wong, a spokeswoman for Frank, said the legislator is in the "thinking stage" of drafting a bill to reverse Congress's decision last year to prohibit the collection of credit-card payments from gambling Web sites. She said she had no other details.

The news sent shares of PartyGaming up 4.75 pence, or 13%, to 42.75 pence, the most since Dec. 8, 2005. Sportingbet, the owner of Paradise Poker, gained 3 pence, or 5.4%, to 58.75 pence. 888 added 4.5 pence, or 3.9%, to 120.5 pence.

Online-gaming stocks plummeted across Europe in October after Congress unexpectedly passed the ban. PartyGaming lost about three-quarters of its revenue as a result of ending U.S. operations, while 888 lost about half its revenue.



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