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April 7th 2006
Online Gambling shares soar as threat of US ban on Internet gambling fades
Shares in PartyGaming, 888.com and Sportingbet all jumped yesterday after a bad day in congress for the Internet Gambling Prohibition Act.

Republican Senator Bob Goodlatte’s attempt to outlaw certain types of online gambling, including online casinos and poker rooms was met with an unenthusiastic response yesterday during a debate in the House of Representatives.

The apparent lack of support for the bill had an immediate effect on the gambling markets, which saw shares jump by as much as 12 percent. A noticeable confusion over the bills carve outs appears to have been its undoing, and industry experts are predicting it will now fail to be passed.

For PartyGaming, the company behind PartyPoker.com, the news helped boost shares by 13 pence, or 10 percent, while 888.com saw shares jump by 11 percent to 241p.

Although there is still the Kyl bill to come, it appears that Congressman are beginning to share the publics dim view of legislation aimed at banning Internet gambling, which is good news for companies like PartyGaming.

Submitted: 07/04/2006 10:58:46

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