Online Executives Think Democrats Will Change U.S. Gambling Law
A leading executive of a publicly traded Internet casino this week raised questions as to whether the new U.S. Congress, which, when it convenes in January, will be run by Democrats, will repeal the anti-Internet gaming laws enacted by Republicans during the waning hours of their scandalous tenure in October.
He even said he thinks his own company "might exceed" its 2007 financial year forecast.
"That legislation was enacted by a Republican Congress; whether that legislation will be enacted when the new Congress assembles will be a very different matter," Kelly said. "One should not necessarily assume that will stay the same in the U.S."
The company went public in July, and Kelly said that trading had started "strongly in FY 2007 for the four months up to October 2006." He added that, "we remain ahead of our forecasts."
The gaming firm, based in Australia, saw sales rise during the last financial year by eight percent above its forecast for Wall Street and global investors.
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Kelly said the industry's prospects in the 2007 financial year look good, with the Democrats in the U.S. Congress, starting in about six weeks, and what he termed as "a defined strategy" of cross-selling gaming products to existing clients, mobile phone betting, affiliate programs and even expansion into Spain.
"We are ahead of the prospectus forecasts at the moment and frankly I see no reason why that will change," said Kelly.
Centrebet previously posted a net profit after tax of $11.6 million. Kelly said he was disappointed the stock was not trading above its $2 issue price, blaming it on an excessive response to the new U.S. Internet Gambling Enforcement action legislation. Kelly found that odd due to the fact "that we have never targeted the U.S."
No Effect
He reiterated that Centrebet would not be affected by the U.S. gaming laws, which seek to stop U.S. banks from transaction taking payments from locals with online gaming casinos.
Kelly said that while being listed made the company more "vulnerable" to a hostile takeover, it was on the hunt for acquisition "opportunities."
Another Cetrebet executive, speaking at the annual shareholders meeting, Managing Director Con Kafataris, said Centrebet was in talks with some possible casino partners in Asia.
Kelly, however, spotlighted the company's "potential" in the mobile phone betting arena, which he, and other analysts, have described as gambling's "fastest growing sector."
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