European Union seeks compensation from the U.S.
The European Union told the
U.S. Tuesday that it wanted compensation for a U.S. foreign
online gambling ban, but in no benefit to the Internet gambling
for the online gambling websites, representatives of the E.U.
said that the Union will not seek re-opening of the Internet
gambling market in the U.S., but would rather look to open other
trade sectors to offset the lost of Internet gambling revenues.
Many publicly traded British online
gambling websites were forced to pull out of the US Internet
gambling market following the passing of a law forbidding
financial transactions to online gambling websites in the USA.
According to some estimates, the USA online gambling market was
worth over $15 billion yearly.
The World Trade Organization ruled in
December that the law unfairly targeted offshore casinos,
telling the U.S. it could keep restrictions against sport
betting in place if they were also applied to U.S. businesses.
E.U. officials warn that before any
compensation request have been made, the Union will have to
measure the financial loss to the European gambling businesses
resulting out of the U.S. Internet gambling ban.
Published on 06/19/2007