CEO of BetonSports.com Discusses Regulating Online Gambling Industry

[clevfan]

Press Release Source: BetonSports.com


CEO of BetonSports.com Discusses Regulating Online Gambling Industry: States Should Lead the Charge
Monday March 15, 3:11 pm ET
Online Gambling During March Madness Expected To Surpass Super Bowl


SAN JOSE, Cost Rica, March 15 /PRNewswire/ --
Consumers Driving Popularity & Growth of Online Gambling Industry

Much like the Super Bowl, March Madness has the ability to captivate a large population of Americans who will gamble on the tournament through office pools and the Internet. But the difference is that March Madness, which runs from March 16th through April 5th, enables basketball fans to wager for 21 straight days until one college team is crowned national champion. This presents opportunities for the millions of people who wager online but also a host of serious issues for consumers and for government.

And so, even as consumers continue to embrace the Internet as a safe, private and convenient vehicle to gamble on sporting events, Congress and state and federal officials persist in their attempts to ban this form of entertainment.

"Congress can no longer ignore the fact that consumers are driving the popularity and growth of the online gambling industry," said David Carruthers, CEO of BetonSports.com. "March Madness brings acute attention to the fact that responsible legislation needs to become a top priority in order to protect the interests of millions of consumers who will bet on this year's tournament. Prohibition is not the answer."

Discussing The Issues And The Trends

Mr. Carruthers argues that responsible legislation should be built around three core principles:

1. It's a State Issue, Not a Federal One: "It's the states, and not the
federal government, that should develop laws and regulations
governing online wagering," said Mr. Carruthers. "The states have
successfully done this for lotteries, horse racing and the casinos
for decades. Why not also for online wagering?"

2. Build on Existing Consumer Protections: "The protections that
already exist in the states concerning land-based wagering can be
extended to cover online wagering. It's the same logic and the same
benefits for consumers."

3. Federal Prohibition Is Not The Answer: "The effort by the Justine
Department to prevent media companies from accepting advertising
from online wagering companies is the first step towards prohibition
and the wrong one," said Mr. Carruthers. "There's a long tradition
in the U.S. of commercial free speech and I expect that basic
American constitutional principles and rights will prevail once
again."


BetonSports.com, the largest online wagering company in the world, anticipates that billions of dollars will be wagered on this year's NCAA Tournament through the Internet and office pools.

Consider the following BetonSports.com statistics:

In 2003, 1.6 million bets were placed on the NCAA Tournament through BetonSports.com, representing a total handle of $96 million
The average NCAA Tournament bet by a BetonSports.com client is $60 vs. $50 during the regular season

[SlipperyPete]

I hope they regulate his ass right out of this industry.