There’s a new law waiting to be signed by President Bush which was presented to Congress that’s holding the $12 billion online gambling industry by a thread. It seems that Tennessee Senator Bill Frist, introduced the bill on Saturday by joining it to the Safe Port Act before Congress took its election recess in November.
The Unlawful Internet Gambling Enforcement Act that’s likely to be signed by President Bush, will practically finish off all online gambling sites by making it illegal for any bank, bank card company or online payment system to process any payments being built to online gambling companies.
The brand new law states that Online Gambling sites are now banned from accepting any kind of check, bank card or electronic transfer payments for internet gaming in the US and seriously puts the in chaos.
Surprised at the passing of the new debilitating law, the leaders in the web gambling industry took drastic measures and began to trade off stock on the London Stock Exchange which erased $8 billion from the industry. PartyGaming, the world’s biggest online gambling site said that they’d cease their ties with the 920,000 active US customers they currently have only once Bush actually signs the brand new act.
Although the brand new law hasn’t yet been signed, the is already being drastically affected. PartyGaming’s stocks alone have dropped 60% ending up at a measly .81 cents a share https://18.104.22.168/.Other sites like SportingBet and 888 Holding were also suffering from the change and have since lost a lot of money on the shares. 888 Holding, like, had a 48% decrease on the shares dropping them down to $1.42 on the British Market and announced that it was going to no longer continue its online gambling business in the United States.
This isn’t the initial Act, however, that has given the us government capacity to break up the web gambling industry. Beneath the 1961 Wire Act, the us government has the best to brake down online betting in sports, poker and other casino games which are regarded as illegal beneath the law.
This really is seriously debilitating the industries economy since the US consumer market is accountable for 50-60% of the web gambling revenue. These critical laws against the web gambling site owners are forcing companies to power down or re-locate but what’s clear is that they are no longer welcome in the United States.
The Madam Chairman of the Interactive Gaming Council, Sue Schneider, has predicted that over 500 companies walking around 2,300 online gambling sites around the world will soon be facing extinction and will likely be wiped out from the industry all together. The small number of firms that manage to call home through this incredible crisis will have to deal with a massive scale back on their revenue and find out new means of growing again. The idea of opening in the Asian market has become a favored idea for many.