Online Gambling Firm Continues with Dublin Operations
In-game Wagering System Expected To Prove a Success
Monday 31st July 2006
The chief executive of online wagering firm, Trade Exchange Network, which takes sports and financial wagers from the US, has confirmed that the company will continue its Dublin based operations, despite mounting pressure from the US authorities.
CEO, John Delaney, has pointed to legal advice which seems to indicate that whilst Trade Exchange Network operates as an exchange and not a bookmaker, it cannot be bound by the US Wire Act, the current weapon of choice to disarm online gambling operations.
“There is no Act in the US which prevents the punter in the US from placing a bet with the offshore book. The Act prohibits the offshore bookmaker providing the service and we are not a bookmaker,” clarified Delaney.
In recent weeks, the US Department of Justice indicted several parties on 22 counts of racketeering, conspiracy and fraud, which lead to the arrest of BetonSports CEO David Carruthers, who remains in detention in a Texan jail.