Internet competition; it was the failure by certain providers to direct betting data into the common pool used in all pari-mutuel wagering. 414 for example, in footnote 371 of its response to question 40, antigua cites the bear stearns report. once again, an examination of that report shows that it supports the u.s. position. the cited pages of the report provide no evidence of direct competition between internet and land-based gambling. on the contrary, the bear stearns analysts theorize that internet gambling is a complement to land-based gambling in that it allows landbased operators to "cross-market to a different customer base." michael tew and jason ader, bear stearns & co, inc., equity research, gaming industry: e- gaming: a giant beyond our borders, p. 33. this is consistent with the same report's conclusion that "internet gamers are generally not the same customer as land-based gamers." see ibid., p. 55. 415 mr. fahrenkopf stated that: there is simply no comparison between the social, group-oriented entertainment experience of visiting a casino resort and the solitary experience of placing a bet or wager using a personal computer. visiting a casino today is about much more than legal wagering opportunities. whether measured by how people spend their time or how they spend their dollars, guests of u.s. commercial casinos are increasingly attracted as much or more by restaurants, shows, retail, recreation, and other non-gaming amenities. the view that internet gambling is not a competitive threat to u.s. commercial casinos is shared by financial analysts at major wall street firms, whose job it is to analyze the competitive impact of market developments on the industries and firms they cover, including the major publicly traded gaming companies the aga represents. testimony of frank j. fahrenkopf, jr., president and ceo, american gaming association, before the senate banking committee, march 18, 2003, available at : senate.gov ~banking files fahrenkopf . see also net gambling bills protect established gambling interests, tech law journal available at : techlawjournal internet 19991025b october 25, 1999 ; quoting mr. fahrenkopf as stating that "we are not concerned about losing business to internet gambling. there is simply no comparison between playing at home on a computer and the broad entertainment experience our destination resorts offer. wall street analysts confirm that view." ; 416 : bossmedia about risk analysis , exhibit us-45. 417 internet gaming: an industry survey, internet gaming & wagering business, p. 7, available at : microgaming themes microgaming brochure survey august 2002 ; "[c]ontrary to earlier fears from within the terrestrial gaming industry, online gambling is not expected to detract from the total amount wagered offline. in fact, pundits now believe that online gambling will help develop the land-based casino market by educating future gamblers virtually and casino game for fun.
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