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42
UNIT 2
THE INTERNET
READING
1 Read the article and write T (true) or F (false) next to each of these
statements.
1 People were surprised by this new law.
2 The new law is already in action.
3 All the companies are waiting for the law to start before they stop business.
4 The US is the main market for these companies.
5 Consumer power means that online gambling may increase again in the
future.
ONLINE GAMBLING
Shares in online gambling companies have lost more than half of their value
on the London Stock Exchange today, following a move by the United States
Congress aimed at banning Internet betting. While there have been moves to
clamp down on Internet gambling in the United States for some time, this latest
action by Congress was a little unexpected.
The legislation was actually tacked onto an unrelated bill regarding security
at American ports. All the bill needs to come into effect is the signature of
President George Bush - and that's likely to happen within the next two weeks.
As a result, shares in some of the big companies involved in this sector have
taken a significant battering, losing more than half of their value. The world's
largest online casino, 888, has already suspended its operations in the US - and
another company, Party Gaming says it'll follow suit once the bill is signed into
law.
It's a huge blow for these companies - this is a six billion dollar a year market
– Party Gaming generates as much as 78 percent of its revenues from the United
States. For 888, the figure is around 50 percent. However, while the immediate
future of these firms looks bleak, many experts say that the desire on the part of
punters to gamble means that, in time, ways around these new laws will probably
be found.
Matthew Davies, BBC
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