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Risky Business: Londonís Listed Firms and their American Gamble

JSME Vol 6: Issue 4, 2010

Author(s): Kathryn Laffey and Des Laffey (University of Kent, UK)

Abstract:
This paper analyses the evolution of online gambling in the US before and after the Unlawful Internet Gambling Enforcement Act (UIGEA) of 2006, stressing the importance of regulation in the US and elsewhere in explaining the key developments in this industry. From the beginnings of online gambling the hostile approach of the US Department of Justice meant that the large US casinos did not enter this market leading to its domination by secretive offshore firms, some of whom went on to join the London Stock Exchange. Whilst this gave these firms credibility, their new status would eventually be their Achilles heel, as the responsibilities of being listed on a stock exchange meant they had to comply with the UIGEA and withdraw from the US market. However, in spite of the UIGEA many American citizens continued to gamble online with the demand being met by other offshore firms who had remained privately owned. It is thus clear that prohibition does not work, meaning that the US needs to develop a regulatory regime which offers protection to its citizens who choose to gamble online.

Keywords: E-Commerce, Gambling, Online Gambling, Protectionism, London Stock Exchange, Flotations



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