online gambling - Internet Marketing News and Blogs

Online payment processor Neteller has struck a deal with US authorities that will see the firm forfeit $136m (£66m) to avoid a prosecution related to its handling of online gambling proceeds.

The two founders of Neteller, Stephen Lawrence and John Lefebvre, were charged with conspiracy back in January as it was being used by US citizens to place bets through foreign-based internet gambling sites.

A bill has been introduced in the US Congress which aims to legalise online betting run by licensed operators.

Democrat Barney Frank yesterday introduced the Internet Gambling Regulation and Enforcement Act 2007, though he will face quite a struggle to get the bill through Congress.

Online gambling firm Sportingbet has announced that the charges against its former chairman Peter Dicks, who was detained last September by US authorities , have been dropped.

In a statement, the company said that it 'has reached an amicable resolution with the St. Landry district attorney in the state of Louisiana' and that all warrants related to the case have been withdrawn.

The Guardian is reporting today that online gambling group PartyGaming has closed its French website, without notifying investors.  One shareholder has offloaded around £50m of stock in the firm.

Meanwhile, John Anderson, the former chief executive of 888 Holdings, has been summoned for interview by the French authorities, prompting speculation that French authorities are about to crackdown on online gambling.

This in itself is prompting speculation that the French and American governments actually agree on something.

A demand from the US Department of Justice for financial institutions in the UK and other European countries to hand over data connected with online gambling has hit shares in betting firms today.

Shares in the world’s biggest online gaming group, PartyGaming, fell 9.8%, Sportingbet shares dropped by 3.4% and 888.com’s share price fell by 3.5%. 

The two founders of online payments company, Stephen Lawrence and John Lefebvre, were last night charged with conspiracy in connection with what's being described as "money laundering", linked to internet gambling.

A FBI operation had discovered that Neteller was being used by Americans to place bets on sporting events via foreign-based internet gambling companies.

The Ritz Hotel's online casino has been shut down amid growing fears over the crackdown on internet gambling in the US and Europe.

"In light of the current confusion and inconsistency in online gaming legislation worldwide, the owners of The Ritz Club London Online have, regretfully, decided to close the site to new customers with immediate effect," the firm said in a statement on the site.