1st Genx Initiates Proposals For Online Regulation
By staff
U.S invest holding company 1st Genx are inviting leaders in the online gambling business to a conference in Nevada with the intention of forming a Designated Self-Regulatory Organization (DSRO) to oversee and insure financial transactions for the Internet gambling industry.

1st Genx plan to use host software to capture self-clearing of the billions of dollars in wagers that are now mostly settled through credit card companies. The company believes that self-regulation and the formation of a DSRO is the best way for the online gambling industry to gain credibility and freedom from a credit card system.

Forms of payment other than credit cards already exist on the web, such as ClearChex and PayPal, but 1st Genx are more concerned with a cooperative clearing system, that would save money on credit card companies charges and thus create an insurance pool available to customers.1st Genx also called for the regulation of sites by payout, specifying that they should comply with Nevada’s new gambling rules to insure fairness and credibility for the industry.

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