Online-Gambling Shares Plunge on Passage of U.S. Crackdown Law
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The U.S. governmentÂs move to criminalize the processing of online wagers led to a Black Mondy for the online-gambling industry.
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Shares in online gambling companies listed in London, have lost more than half their value after a dramatic move by US authorities to ban gambling on the Internet.
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Shares in online gambling company Sportingbet PLC, whose chairman is facing charges in the U.S., plummeted 41 percent Monday after they resumed trading.
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Online gambling firm PartyGaming Plc  reported first-half earnings in line with previously lowered  expectations and said it was still trying to cut a deal with  U.S. authorities following a crackdown on gambling there.
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GENEVA -- A ruling from the World Trade Organization could open the United States to offshore Internet gambling. A WTO panel says the federal government should drop its ban on Americans placing bets at online casinos.
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Online gambling firm PartyGaming Plc reported first-half earnings in line with previously lowered expectations and said it was still trying to cut a deal with U.S. authorities following a crackdown on gambling there.
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Shares in online gambling companies listed in London lost more than half their value after a dramatic move by US authorities to ban gambling on the Internet.
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British online gambling company PartyGaming has suspended its interim dividend to shareholders in the wake of US moves to ban Internet betting which has sent its share price plummeting.
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Most forms of Internet gambling  would be banned under a tentative agreement reached on Friday  by U.S. congressional negotiators.
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Online gambling firms faced their biggest-ever crisis on Monday after U.S. Congress passed legislation to end Internet gaming there, threatening jobs and wiping 3.5 billion pounds ($6.5 billion) off company values.
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By Matt Richtel and Thomas Crampton  Al Baker contributed reporting. *  Broadening the U.S. attack on Internet gambling, law enforcement agents in New York have arrested the chairman of Sportingbet, which offers online sports betting and is traded on the London Stock Exchange.
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US legislation on online betting was described as "protectionist" by the European Union's top financial regulator on Tuesday and may trigger legal action before the World Trade Organisation.
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US President George W. Bush this week is expected to sign a bill making it harder to place bets on the Internet, a practice which already is illegal in the United States.
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Harrah's Entertainment and MGM Mirage emerged as losers Tuesday when the British government announced its initial plans for the deregulation of gaming in the United Kingdom, Wall Street analysts said.
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US ban on web gambling forces company into red.
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LONDON/NEW YORK  - The United States has arrested   a second Internet gaming executive, adding to fears it is   cracking down on the lucrative industry and sparking share   price falls on Thursday that wiped over $1.5 billion off the   market value of the sector.
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The House passed legislation Tuesday that would prevent gamblers from using credit cards to bet online and could block access to gambling Web sites.