European Union Claims $100 Billion in Online Gambling Monies Lost by US Law
Europe and the United States are on the brink of a major trade dispute worth billions of pounds over Washingtons decision to renege on international trade commitments and protect its domestic gambling industry by preventing foreign companies from entering the lucrative market. The seeds of the dispute were sown earlier this year when the World Trade Organisation ruled that the US had broken its international trade obligations by excluding online Antiguan gaming operators, which at one time had controlled half the US gambling market. The European gambling industry, which has the leading internet gaming business with a strong presence in the UK, Ireland, Gibraltar and Malta, puts the value of the concessions at a record $100 billion (£49.6 billion). 
On the other, it is following moves in Congress to amend US legislation that could open the market to foreign gaming operators. In April, Barney Frank, the chairman of the House Financial Services Committee, tabled amendments to existing restrictions on the licensing of internet gambling. The British Government favours opening up the US market. We would have preferred not to have had the legislation but we feel there is a case for compensation, an official said.