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Antigua Roadmap to Regulate Online Poker, Gambling offered at SummitTue, Oct 31st, 2006 @ 12:00am Based on its experience of licensing and regulating Internet gambling companies, Antigua will offer the U.K. insights into and recommendations for best practice of regulating the online gambling industry at tomorrow s International Governmental Summit on Remote Gambling. The delegation for Antigua will be meeting with U.K. culture secretary, Tessa Jowell, who is hosting the Summit.
The revenue for Antigua based licensees is currently around US$130M, although this is considerably less than the 2000 figure of US$1billion. There are currently 37 licensees from the Online Gambling industry, employing around 1300 people on the island. "Licensed and regulated Antiguan internet gambling companies have been operating for the last ten years under the Antiguan Directorate for Offshore Gaming", said Mark Mendel, lead legal counsel for Antigua`s World Trade Organization (WTO) case and a delegate at the summit. "The regulation that Antigua has in place for online gambling is respected globally and has been a contributing factor in winning the WTO ruling last year." In April 2005, the WTO ruled in favor of Antiguan online gambling companies offering services to consumers in America, and against US protectionism. However, the US has failed to meet the WTO deadline to comply with international trade laws. It is widely known that regulations put in place by Antigua are more stringent than those that the US imposes on its own legal gambling industries. Tessa Jowell has already spoken out about the recent US legislation curbing transactions to online gambling services. Antigua hopes that a closer relationship with the UK will develop stronger support for the ongoing WTO case as well as opening up opportunities for Antiguan licensed companies listed on the UK stock market. Mendel continued, "We believe that once the United States ultimately comes into compliance with the WTO rulings in Antigua`s favor - which it must - you will see the AIM listed companies re-entering the American market via subsidiaries or affiliates located, licensed and regulated in Antigua.` In the meantime, the 270 day timeframe required for the US to adopt regulation under the new act will allow the online gambling industry to continue servicing the US market while alternative payment methods are presented to US consumers. Read Related Articles:
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