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Internet gambling: 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 business.

Internet gambling: European Union seeks compensation from the U.S. Unfortunately 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

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