There’s a new law waiting to be signed by President Bush that 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 expected to be signed by President Bush, will practically end all online gambling sites by which makes it illegal for any bank, credit card company or online payment system to process any payments being built to online gambling companies.
The newest law states that Online Gambling sites are now banned from accepting almost any check, credit 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 started 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 would cease their ties with the 920,000 active US customers they already have only when Bush actually signs the new act.
Although the new law hasn’t yet been signed, the has already been being drastically affected. PartyGaming’s stocks alone have dropped 60% finding yourself at a measly .81 cents a share. Other sites like SportingBet and 888 Holding were also suffering from the change and have since lost a fortune on their shares 릴게임. 888 Holding, for example, had a 48% decrease on their shares dropping them down seriously to $1.42 on the British Market and announced so it would definitely no more continue its online gambling business in the United States.
This isn’t the very first Act, however, that has given the government capacity to break down the web gambling industry. Beneath the 1961 Wire Act, the government has the right to brake down online betting in sports, poker and other casino games that are regarded as illegal beneath the law.
This really is seriously debilitating the industries economy as 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 turn off or transfer but what’s clear is that they’re no more welcome in the United States.
The Madam Chairman of the Interactive Gaming Council, Sue Schneider, has predicted that over 500 companies caught 2,300 online gambling sites around the globe will soon be facing extinction and will likely be wiped out of the industry all together. The few companies that manage to call home through this incredible crisis will need to deal with a huge scale back on their revenue and find out new means of growing again. The idea of opening in the Asian market has changed into a favored idea for many.