![]() The online gaming industry is going gangbusters. It's not hard to see why the gambling ban is ignored. ![]() "Morgan Stanley, Fidelity, Goldman Sachs, JPMorgan, they're all major investors in the gambling industry," says Warwick Bartlett, lead partner at Global Betting & Gaming Consultants in the UK. And several hold shares in the long-established, UK-listed bookmaking firms William Hill and Ladbrokes. ![]() Nor has it stopped Goldman and Morgan Stanley Securities from having sizable holdings in. And as far as the US Department of Justice is concerned, in America, online gambling is illegal.īut that hasn't stopped Merrill Lynch Asset Management, Goldman Sachs Group, Fidelity Management and Blue Ridge Capital from taking stakes in Sportingbet, which, as the name suggests, allows people to bet on sporting events. But the problem is, the users are largely Americans, who are placing bets on poker, blackjack or sporting events online from their homes. Most of these companies trade on the London Stock Exchange and are licensed in remote locations like Malta and Antigua, all of which deem Internet gambling to be perfectly legal. Yet the two firms, along with such houses as Morgan Stanley, JPMorgan and Fidelity, have invested hundreds of millions of dollars in shares of online casinos, even though those companies may be breaking US laws. ![]() It's hard to imagine Goldman Sachs or Merrill Lynch investing in a company that grows marijuana or scalps concert tickets. ![]()
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