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AGA Softens Stand on Online Casinos

The American Gaming Association has caught the gambling community by surprise last week announcing that it now strongly supports the establishment of a U.S Congressional commission to study online casino sites. The American Gaming Association is a body that represents the American land based gambling interests, and until now held a neutral approach for online casinos. The American Gaming Association feels that online casinos should be carefully studied before any legislation is taken.

Frank Fahrenkopf Jr, Chief Executive over at American Gaming Association, said that the impacts of online casinos should be clearer before legislation is taken and therefore there is a need for a one-year congressional study committee. The study should focus on issues such as how to protect children from using online casinos, or how to limit access by problematic gamblers. The study should also include consideration of recent WTO rulings indicating the United States’ position on Internet gaming may be in violation of international trade obligations.

The stock market reacted almost immediately to the American Gaming Association’s announcement with online casinos firms’ shares rising. The uncertainty regarding the future of online casinos legislation in the U.S. has a grave impact on online casinos firms’ shares. This move by the American Gaming Association reflects a softening in its stands and the future of gambling legislation might be more in favor of the online casinos.

OCA News Editor

Jenny McKinnley is OCA’s financial correspondent. After spending years on the trading floor in both NY and London, she offers insight from the inside out on world financial news and events.

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