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Monday, 1 December 2008

my comments re Online Gambling's Illegality Video - CBSNews.com

Online Gambling's Illegality Video - CBSNews.com

I have always loved 60minutes, thanks for highlighting another key challenge for the remote gaming gambling world.  

However, I hope to clarify that US is NOT the world, and there are many great gaming jurisdictions worldwide that not only license up to highest standards (like Nevada) but also monitor and continuously improve their law to prevent fraud & protect consumers and vulnerable.  

Challenge remains that no G8 nation has come out with a credible regulation for remote gaming with viable tax regime to regulate remote gaming gambling products/services. Closest we had was Gambling Act 2005 in UK however, the tax was too great to convince offshore firms to move back.  

Therefore, as an independent financial guarantee company, GamBond® we work with regulators to put a price on default risk (going bust or license get pulled from a well regulated jurisdiction) of the gaming firms so that we can have a transparent ways of comparing viability of various regulated companies.  

Its a multi-billion industry worldwide that has just over 10 years history, thats why we are seeing a huge amount of collaborations between regulators to work together. Fact remains that no one country can legislate for the world! Prohibition means that only black market providers can operate and its nearly impossible to monitor and protect millions of consumers.  

Best regards  

Gareth Wong 

Founder CEO 
GamBond® Ltd.

The Full 60minutes video is below.

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