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A special parliamentary session discussing the amendments to South Africa’s National Gambling Act, was told by a Johannesburg University professor and expert on internet communications that it would be in the government’s interest to regulate online gambling but not, however, to prohibit it outright.

The Trade and Industry Portfolio Committee was told by Professor Basie von Solms that they should not attempt to stop South Africans from gambling online but that the South African internet gambling industry should be legalized under very strict conditions. This should guarantee the security of players’ confidentiality and information.

Despite the fact that the economy is presently shaky, UK analysts have agreed that the future of the online gambling industry in the UK as well as around the world is expected to perform very well in the future.

Panmure Gordon, the top London brokers, recently listed the top five UK online gambling companies which they think are worth investing in, even though shares in internet gambling companies have underperformed this past year. It is the London brokers’ opinion that these five companies are considered favorable buys due to the fact that they have encouraging balance sheets and their earnings are constantly growing.

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Online gambling firm Betfair has admitted that it had failed to reveal details of a major cyberattack that took place on its site when more than 3.1 million account names with encrypted security questions, 90,000 account user names with bank account details and 2.9 million usernames were stolen during March, 2010.

Betfair failed to reveal details of the huge cyberattack when it issued its flotation prospectus in September last year. After coming under fire for not having disclosed the details in the prospectus which was issued only six months after the incident the group gave various reasons for its’ non-disclosure.

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We have always knows that gaming on mobile phones would be the next big thing with regards to online gambling, but not even the biggest optimists could have predicted just how much the industry was going to boom.

Many online casinos invested heavily in ensuring that their mobile gambling offerings were up to date.

This coupled with the fact that smartphones are fast becoming the norm, has meant that those casinos with the foresight to invest in mobile games have benefited immensely with regards to higher memberships, more frequent betting from members and of course, higher profits.

David Yu, Chief Executive Officer for Betfair, has announced his resignation from the gambling giant after having been employed at Betfair for more than a decade and acting as Chief Executive Officer for the past six years. He will, therefore, not be renewing his contract with the exchange wagering company when it expires in October 2012.

Betfair, the Great Britain-based company who also owns the TVG racing network in the United States announced that they understand why David would be thinking about the next stage of his career and hand the reins over to a new CEO.

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Betfair Sportsbook has been struggling for quite some time to get its foot into the Greek online gambling market by doing away with monopoly groups that currently govern the industry.

Despite the fact that Betfair has spent a lot of time trying to guide the Greeks to create a fair and open gambling market with the idea that their suggested principals would be taken into account in the laws proposed by them, Betfair is presently very angry that almost all of its suggestions were ignored. The Greek government is contradicting the European Union law by creating a proposal that will not allow competition into the market.

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The online gaming software group, Cryptologic, said this week that it is ready to consider a sale of the group – either in part or as a whole. Cryptologic will work together with Deloitte Corporate Finance to create a strategic review of the business, following staggering losses of €14 million in 2010. According to Cryptologic, the review “will consider a number of strategic options, including the possibility of an offer being made for the company or a disposal of part of the business.”

Republican Governor, Chris Christie, signed legislation into law this week that will result in the state enjoying exchange and pari-mutuel wagering.

Pioneered by London-based Betfair, exchange wagering is aimed at attracting younger, computer-savvy gamblers and has proved to be very popular in Australia and Europe. Betfair acquired wagering operator TVG in the United States two years ago and supporters now believe that it will be a boost to horse racing in America.