Online Casino San Trpoez up-to-date article called Financial Firms Bet on Casinos

Casino News > 27 Dec 2005

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Financial Firms Bet on Casinos  27 Dec 2005

Online casinos may be illegal in the eyes of the U.S. government, but they look like solid investments to many of Wall Street's largest firms. Legal experts are divided over whether American investors and the investment houses that operate mutual funds could themselves be seen as criminally liable for their actions by providing financial backing for offshore casinos. Millions of Americans use the internet to play games like poker, blackjack and roulette, or to place wagers on sporting events.

Online gambling analysts and company executives said that the investments highlight how widely the unpopular federal policy is being ignored at the moment. Add to that what Jaclyn Lesch, a spokeswoman for the Department of Justice, said and indeed left unsaid when she noted that the Justice Department considered online gambling illegal but declined to "comment on the liability or hypothetical liability of a company or an individual." Even the Justice Department sees the economic benefits of allowing the practice to continue with a wink.

Republican Representative Bob Goodlatte, of Virginia is an opponent of online gambling, and he agrees, saying that the federal government has essentially given up enforcing laws against offshore casinos. He noted that online casino operators now travel freely within the United States, gathering at trade conventions, even though prosecutors would be within their rights to arrest and bring charges against them. Is that likely to happen soon, though? No.

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