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CryptoLogic to get Reprieve on U.S. Bill19 November 2002CANADA – As reported by the Globe and Mail: ``CryptoLogic Inc. will get at least a temporary reprieve today as the chance is slim of U.S. legislators passing a bill that would make Internet gambling illegal in the United States, where the company does much of its business. ``However, the bill is expected to be revived in the new year, and Toronto-based CryptoLogic, which sells software that helps to run on-line casinos, will have to keep expanding in other countries where prohibition is not an issue if the company is to head off declining sales, analysts say. ``The Leach-LaFalce Internet Gambling Enforcement Act, which was approved last month by the U.S. House of Representatives, was introduced in 2001 in a bid to prohibit Internet betting by forcing financial institutions to block the processing of gambling transactions made with credit cards and other bank instruments. ``However, the legislation is not expected to get through the Senate because such measures require unanimous consent, and there are four senators who oppose it, said Dan Walsh, a lobbyist for the Interactive Gaming Council, a trade group that represents on-line gambling operators. ``…To combat the industry-wide challenge, CryptoLogic has been expanding in markets outside the United States…" |