| | |  | Last Updated: Tuesday, October 23, 2007 |  | | | Gambling Online Will not be Deterred by Arrest
- Saturday, 2 Sep 2006
The recent arrest of a high-profile online gambling executive, David Carruthers, former CEO of Bet On Sports, and a federal bill outlawing virtual wagers are generating headlines. However, they will do little in stopping the multibillion-dollar industry, according to gaming experts. Carruthers and his gambling company are charged with mail and wire fraud, as well as money laundering.
‘One down, another 2,299 (gaming) sites to go,’ says Joseph Kelly, an online gambling expert who is a professor at SUNY College, Buffalo. Although Carruthers’ arrest in Dallas last month initially dropped shares of offshore gambling operations such as Party Gaming and Sporting Bet, gambling experts believe that it does nothing to signal a crackdown, as more and more gambling sites online emerge and online gambling stocks rise yet again.
The Wire Act of 1961 makes gambling over the Internet illegal. However, the law is nearly impossible to enforce, and nearly 80 countries allow gambling online. The US 12 billion dollar industry is expected to soar to US 24.5 billion dollars by 2010, says researcher Christiansen Capital Advisors. With this kind of projection, the gambling industry looks like it will become stronger than ever, no matter what obstacles are set in its path. Gambling over the Internet is convenient, fun, and private, and attracts many people who simply want to have a good time at home without having to pay for a major flight to a gambling center like Atlantic City or Las Vegas. It seems that this will continue to be true in the future. | |
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