TITLE

Wall Street banks shun online gaming floats

AUTHOR(S)
Begum, Husnara
PUB. DATE
September 2005
SOURCE
Lawyer;9/12/2005, Vol. 19 Issue 35, p13
SOURCE TYPE
Trade Publication
DOC. TYPE
Article
ABSTRACT
The article reports that most Wall Street investment banks are shying away from underwriting floats because of concerns over the legality of online gaming in the U.S. Online gaming companies have a trading history and are incredibly profitable. IPOs in this sector come with a hefty health warnings. The biggest of these is from the U.S., where it is unclear whether Internet gambling is permissible. The principal legislation governing the legality of online gaming in the U.S. is the Federal Wire Act. The U.S. Department of Justice has adopted a conservative interpretation of this legislation and therefore considers that companies offering online gambling to US residents would be in breach of federal laws.
ACCESSION #
18345886

 

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