Anti-laundering regulations hit online casinos
- Added:
- Sep 28, 2001
The company reported that “in conjunction with the rest of the online gaming industry, we have seen a significant increase in recent weeks in unwillingness of US banks to support the use of credit cards for gaming transactions.”
The company reported that this issue appears unique to the US, however, and that it was working with banking partners and software suppliers to introduce alternative payment methods for its customers.
The statement came as the AIM listed company announced interim results for the six months to June 2001, although these represented the operations of the holding company, Gaming Investments plc, prior to its takeover of Gaming Ventures International (GVI), Damian Aspinall's Bermudan-registered company which comprises the online gaming elements of the Aspinalls gambling giant, in June for 224.2m shares. Only 20 trading days of the enlarged group is reflected in turnover of 399,000 and operating loss of 677m.
Shares in the company fell 1.75p (-18%) to 7.75p on the news, capitalising the company at 22.6m.