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CryptoLogic Responds to US Regulation of Internet Gaming27 November 2002TORONTO, Canada -- (Press Release)-- CryptoLogic, Inc., a leading supplier to the Internet gaming and e-commerce industries, welcomed the first US federal legislation that shares the company's position in favour of the regulation of online gaming. The introduction of the new bill - coupled with the third consecutive failure of a bill designed to prohibit Internet gaming - suggests that the US may join the global trend toward regulating this fast-growing industry for the benefit of both consumers and taxpayers. "At CryptoLogic, we've always said that licensing and regulation of Internet gaming is the best option for governments, consumers and online businesses," said Lewis Rose, CryptoLogic's interim President and CEO. "Internet gaming is here to stay, and by regulating the industry governments will ensure people can enjoy this form of entertainment safely and responsibly to the same high standards found in the land-based world. That's why CryptoLogic has shifted its focus to Europe - which is embracing regulation - and that's also why we welcome these promising developments in the US." 2002 is ending on a positive legislative note, pointing to growing favour for a regulated Internet gaming market. Last week, US Representative John Conyers, Jr., D-Mich., introduced legislation to create a commission to make recommendations as to how the federal and state governments might regulate Internet gambling. In addition, like all previous attempts to pass anti-Internet gaming legislation, the most recent bill - H.R. 556 - has failed this year when it did not receive passage from both Houses of Congress before the end of the current legislative session. CryptoLogic also welcomed a ruling by the US Fifth Circuit Court of Appeals that the current US prohibition legislation - the Federal Wire Act - does not extend to casino-style gaming. This decision, upholding a ruling by a lower court, sets an important precedent for the Internet gaming industry. Across the Atlantic, the British government intends to overhaul UK gambling laws and take a leading role by creating a strictly regulated and licensed environment for Internet gaming. The UK's landmark announcement demonstrated the value of CryptoLogic's strategy to be a leader in global regulatory compliance, as evidenced by the recent certification of the company's software in the "tier-one" jurisdiction of the Isle of Man. |