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A United Kingdom-based company serving the online gambling industry is playing its high card by opening a U.S. subsidiary in Fairfield County to ensure safe financial transactions in anticipation of passage of a bill permitting federally regulated online gaming.
U.K.-based UC Group Ltd., an advocate for legalized online gambling in the U.S. and a provider of online payment processing, is launching SecureTrading Inc. to allow licensed companies to serve the U.S. market.
"We're looking for office space now. We'll end up in the Wilton-Norwalk area," said Westport resident Ted Friedman, chief operating officer of the new business and former global head of credit products at MasterCard Inc.
Joining him are Chairman Chris Thom, a Wilton resident and former chief risk officer at MasterCard, and T.J. Sharkey, head of customer sales and support, who led merchant sales strategy for MasterCard's PayPass implementation.
Spurring the startup is a bill proposed in the U.S. House of Representatives by Barney Frank, D-Mass., chairman of the House Financial Services Committee.
"That's the key legislation that underpins what our business is all about. Right now, the bill is in Frank's committee. It's got 65 co-sponsors and bi-partisan support," Friedman said. "We're not a gambling operator. We provide the behind-the-scenes systems to the gambling operator."
H.R. 2267, the Internet Gambling Regulation, Consumer Protection and Enforcement Act of 2009, would establish a federal regulatory and enforcement framework under which Internet gambling operators could obtain licenses to accept bets and wagers from individuals in the U.S.
Frank's proposed bill is in response to the yet-to-be-implemented Unlawful Internet Gambling Enforcement Act, which restricts the use of payment systems for Americans who gamble online.
CONTINUED HERE!
U.K.-based UC Group Ltd., an advocate for legalized online gambling in the U.S. and a provider of online payment processing, is launching SecureTrading Inc. to allow licensed companies to serve the U.S. market.
"We're looking for office space now. We'll end up in the Wilton-Norwalk area," said Westport resident Ted Friedman, chief operating officer of the new business and former global head of credit products at MasterCard Inc.
Joining him are Chairman Chris Thom, a Wilton resident and former chief risk officer at MasterCard, and T.J. Sharkey, head of customer sales and support, who led merchant sales strategy for MasterCard's PayPass implementation.
Spurring the startup is a bill proposed in the U.S. House of Representatives by Barney Frank, D-Mass., chairman of the House Financial Services Committee.
"That's the key legislation that underpins what our business is all about. Right now, the bill is in Frank's committee. It's got 65 co-sponsors and bi-partisan support," Friedman said. "We're not a gambling operator. We provide the behind-the-scenes systems to the gambling operator."
H.R. 2267, the Internet Gambling Regulation, Consumer Protection and Enforcement Act of 2009, would establish a federal regulatory and enforcement framework under which Internet gambling operators could obtain licenses to accept bets and wagers from individuals in the U.S.
Frank's proposed bill is in response to the yet-to-be-implemented Unlawful Internet Gambling Enforcement Act, which restricts the use of payment systems for Americans who gamble online.
CONTINUED HERE!
