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Kahnawake No Concern for Poker Casino Gaming Giant GigaMediaThu, Mar 27th, 2008 @ 12:00am GigaMedia Limited, the Asian gambling giant who develops and licenses online poker and casino software, issued a statement this week saying they are not concerned by reports that the Canadian government is considering a UIGEA-like ban to shut down online poker and Internet gaming sites operating from the Mohawk Territory of Kahnawake (Canada's First Nations). "On the basis of communications with Canadian counsel and government officials, the Company believes no change in the current licensing system is contemplated," the statement said. "Moreover, in accordance with best practices, GigaMedia maintains disaster recovery and alternate hosting arrangements." Gaming Intelligence Group noted that GigaMedia's statement contains a certain degree of ambiguity, as Canadian officials would maintain that they are not seeking to change the current licensing system, which they believe already prohibits Kahnawake from issuing licences. WHY THE STATEMENT GigaMedia's statement came after a financial website on Monday suggested that the company might face the possibility of a revenue drop if Canada changes its hands-off policy toward online gambling licenses issued by Kahnawake and actively enforces its existing Criminal Code. GigaMedia said it could find no basis for the financial website's statement. The issue first gained media attention when earlier this month Canada's National Post reported that Minister of Justice [Rob Nicholson] had asked his officials to examine the possibility of enforcing the Criminal Code provisions by imposing UIGEA-like payment restrictions between Canadian residents and 'illegal' online gaming sites (click here for related article). The Criminal Code states that only the provincial government is authorized to issue gaming licenses. The ban would target Internet operators considered by the Canadian government to be illegal in Kahnawake, namely the 400 online gambling licenses which represent about 60% of the world's online gaming business. The Kahnawake Mohawk Territory say Canada's laws do not apply to them since they are a sovereign nation. They also cite section 35 of Canada's Constitution, which protects native culture. The Mohawks say that gaming has been central to their culture as a means of settling disputes through competition, not violence. REGARDLESS OF OUTCOME Regardless of the outcome of the Canadian dispute, GigaMedia's statement confirmed that they maintain alternate hosting arrangements in line with business best practices for continuity. As a result, even if there were a change in its licensing jurisdiction, is would not expect it to significantly impact the company's revenues. RECORD PROFITS IN 2007 This month GigaMedia reported record profits of $38.9 million from year 2007 revenues of $166.9 million, helped in large part by strong growth by their poker and casino software products, driven by Everest Poker. Everest Poker recently signed a multi-year deal as the online sponsor of the World Series of Poker (click here for related article). Read Related Articles:
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