Friday, September 17, 2004
reviewjournal.com -- Business: Exec pushing Internet gamingWASHINGTON -- An Internet gambling executive on Thursday said he hopes Congress can be persuaded to allow U.S. regulation of online betting within the next three to five years.
David Carruthers, chief executive officer of BetonSports.com, did not underestimate the difficulty of his campaign, which he launched Sept. 8 in New York City.
"It's like pushing an elephant upstairs," Carruthers said.
But unless Congress abandons efforts to prohibit Internet gambling. Carruthers said, the United States stands to lose billions of dollars in potential tax revenue to the United Kingdom and other countries that allow online wagering but regulate it.
BetonSports.com is headquartered in San Jose, Costa Rica. Carruthers came to the company after working 24 years for Ladbrokes Racing in the United Kingdom.
"We want to be the standard-bearer of Internet gambling regulation in the United States because a majority of our customers come from the U.S.," Carruthers said.
Internet gambling is projected to reach $7 billion in revenue this year after producing $5.7 billion last year on more than 1,800 offshore wagering Web sites. By 2010, the Internet gambling market is expected to produce $18.4 billion.
As part of his company's campaign for regulation, Carruthers is conducting summit meetings in New York, Washington, Chicago and Los Angeles.
The summits include discussions among Internet gambling officials, attorneys and educators about how to develop federal regulations for online wagering.
Findings will be published in a white paper that will be released shortly after the Nov. 2 election.
During Thursday's summit, advertising and media attorney Bill Heberer complained that the Department of Justice is using the 1961 U.S. Wire Act to discourage companies from accepting commercials from Internet gambling Web sites. Keith Whyte, executive director of the National Council on Problem Gambling, said BetonSports.com and other online wagering companies have been "delinquent, if not negligent" in encouraging responsible gambling.
David Carruthers, chief executive officer of BetonSports.com, did not underestimate the difficulty of his campaign, which he launched Sept. 8 in New York City.
"It's like pushing an elephant upstairs," Carruthers said.
But unless Congress abandons efforts to prohibit Internet gambling. Carruthers said, the United States stands to lose billions of dollars in potential tax revenue to the United Kingdom and other countries that allow online wagering but regulate it.
BetonSports.com is headquartered in San Jose, Costa Rica. Carruthers came to the company after working 24 years for Ladbrokes Racing in the United Kingdom.
"We want to be the standard-bearer of Internet gambling regulation in the United States because a majority of our customers come from the U.S.," Carruthers said.
Internet gambling is projected to reach $7 billion in revenue this year after producing $5.7 billion last year on more than 1,800 offshore wagering Web sites. By 2010, the Internet gambling market is expected to produce $18.4 billion.
As part of his company's campaign for regulation, Carruthers is conducting summit meetings in New York, Washington, Chicago and Los Angeles.
The summits include discussions among Internet gambling officials, attorneys and educators about how to develop federal regulations for online wagering.
Findings will be published in a white paper that will be released shortly after the Nov. 2 election.
During Thursday's summit, advertising and media attorney Bill Heberer complained that the Department of Justice is using the 1961 U.S. Wire Act to discourage companies from accepting commercials from Internet gambling Web sites. Keith Whyte, executive director of the National Council on Problem Gambling, said BetonSports.com and other online wagering companies have been "delinquent, if not negligent" in encouraging responsible gambling.
Scotsman.com Business - Latest News - Bookie Reduces LossesBookie Reduces Losses
By David Winning, City Staff, PA News
Online bookmaker ukbetting today said first-half losses narrowed to £1.6 million after a revamp of its gaming websites spurred a 56% hike in turnover.
Ukbetting, which includes TEAMtalk and sportinglife websites among its brands, said the addition of virtual racing and fixed-odds casino games helped to cut losses from the £2.9 million posted a year earlier.
Group turnover improved to £43.1 million in the first six months of 2004 following the relaunch of ukbetting.com and totalbet.com.
The London-based group also saw a 46% jump in interest from punters, with the number of people registered for its sites increasing to more than 225,000.
Turnover from sports content doubled to £7.1 million and benefited from a string of acquisitions at a time when gaming revenues rose 50% to £36 million.
Vice-chairman Peter Dubens said: “This is as a result of both organic and acquisitive growth, in addition to careful cost control and focus on margins, particularly in the gaming division.”
But sports results in the past two months had disappointed, which left the group struggling to match the gross win – the money that punters leave behind after they have finished gambling – scored by other firms in the industry.
Mr Dubens said the underlying trends were positive for its ukbetting and Totalbet websites in spite of these challenging trading conditions.
Ukbetting has expanded rapidly over the past 12 months and bought sports content operator Rivals, which includes TEAMtalk, Football365 and Sportinglife in its portfolio, for £2 million in December.
It also bought Oddschecker – a live price comparison service – in the same month for £4.75 million, while a deal for Goldbet took the company into the European gaming market.
Revenues from third party sales of mobile phone and audio content to operators like Orange, along with in-store broadcast services to Asda, Allsports and Moto, showed encouraging growth.
In addition, ukbetting secured exclusive deals to supply official commentaries to the re-launched Attheraces and new Racing UK horseracing channels.
Ukbetting unveiled a boardroom change today with Mr Dubens stepping up to replace non-executive chairman Sir David Sieff at the start of next month.
By David Winning, City Staff, PA News
Online bookmaker ukbetting today said first-half losses narrowed to £1.6 million after a revamp of its gaming websites spurred a 56% hike in turnover.
Ukbetting, which includes TEAMtalk and sportinglife websites among its brands, said the addition of virtual racing and fixed-odds casino games helped to cut losses from the £2.9 million posted a year earlier.
Group turnover improved to £43.1 million in the first six months of 2004 following the relaunch of ukbetting.com and totalbet.com.
The London-based group also saw a 46% jump in interest from punters, with the number of people registered for its sites increasing to more than 225,000.
Turnover from sports content doubled to £7.1 million and benefited from a string of acquisitions at a time when gaming revenues rose 50% to £36 million.
Vice-chairman Peter Dubens said: “This is as a result of both organic and acquisitive growth, in addition to careful cost control and focus on margins, particularly in the gaming division.”
But sports results in the past two months had disappointed, which left the group struggling to match the gross win – the money that punters leave behind after they have finished gambling – scored by other firms in the industry.
Mr Dubens said the underlying trends were positive for its ukbetting and Totalbet websites in spite of these challenging trading conditions.
Ukbetting has expanded rapidly over the past 12 months and bought sports content operator Rivals, which includes TEAMtalk, Football365 and Sportinglife in its portfolio, for £2 million in December.
It also bought Oddschecker – a live price comparison service – in the same month for £4.75 million, while a deal for Goldbet took the company into the European gaming market.
Revenues from third party sales of mobile phone and audio content to operators like Orange, along with in-store broadcast services to Asda, Allsports and Moto, showed encouraging growth.
In addition, ukbetting secured exclusive deals to supply official commentaries to the re-launched Attheraces and new Racing UK horseracing channels.
Ukbetting unveiled a boardroom change today with Mr Dubens stepping up to replace non-executive chairman Sir David Sieff at the start of next month.
