“Regulation a Good Thing for Online Gambling”

Passage of a bill in the UK that will regulate the online gambling industry has cheered many professionals in the industry. Setting rules and standards for this booming new business can only increase its popularity among players who might otherwise have remained in more traditional gambling settings.

Legislation that will regulate online gambling received Britain’s approval this week, and will go into effect in the UK in 2006. The first G-7 country to pass such legislation, many are hoping that other European countries will quickly follow Britain’s suit. A Canadian-based online gambling software maker, Chartwell Technology, has already seen positive results from the passage of this bill: in midday trading on the Toronto Stock Exchange, its stock went up ten cents to $10.95. Chartwell’s CEO, Lee Richardson, says it is the regulating of the industry that makes people feel they are playing in a safe environment, an environment in which they will be protected from various frauds, scams and cons.