Ms. Heidi McNeil Staudenmaier

Partner, SNELL & WILMER L.L.P.

GLG News by Ms. Heidi McNeil Staudenmaier, Partner

Analyses are solely the work of the authors and have not been edited or endorsed by GLG.

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Internet Gaming Tough Bet

August 23, 2006

Analysis of:Online gamblings hedges its U.S. bets | www.businessweek.com

Internet/online gambling is a hot issue right now with the U.S. lawmakers and the U.S. Department of ustice. The current trend does not indicate any lessening of their scrutiny; quite the opposite. The trend indicates that the crackdown will continue in the U.S. and therefore gaming companies licensed in Nevada, New Jersey and elsewhere in the United States will have to continue to remain on the sidelines of the internet gaming market for the near term, including making any investments in such companies (since this could be viewed as "aiding and abetting" the internet gaming activity). As a result, to the extent internet gaming continues to be popular (which appears to be the case), there continue to be opportunities for companies not licensed in the U.S. to expand their marketbase outside of the U.S. However, it is clear that to the extent such companies have any business dealings in the U.S., the U.S. regulators will be watching their every move carefully and pursuing them as was the case with BetOnSports.

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