There is a fresh law waiting to be signed by President Bush that was presented to Congress that’s holding the $12 billion online gambling industry by way of 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 complete all online gambling sites by which makes it illegal for almost any bank, credit card company or online payment system to process any payments being designed to online gambling companies.
The brand new law states that Online Gambling sites are now actually banned from accepting any type of check, credit card or electronic transfer payments for internet gaming in the US and seriously puts the industry in chaos.
Surprised at the passing of this 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’d cease their ties with the 920,000 active US customers they actually have only if Bush actually signs the new act.
Although the new law hasn’t yet been signed, the industry is already being drastically affected. PartyGaming’s stocks alone have dropped 60% ending up at a measly .81 cents a share https://184.108.40.206/.Other sites like SportingBet and 888 Holding were also afflicted with 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 so it would no longer continue its online gambling business in the United States.
This isn’t the first Act, however, that’s given the government capacity to break up the web gambling industry. Beneath the 1961 Wire Act, the government has the proper to brake down online betting in sports, poker and other casino games which are regarded as illegal beneath the law.
This is seriously debilitating the industries economy as the US consumer market is in charge of 50-60% of the web gambling revenue. These critical laws against the web gambling site owners are forcing companies to turn off 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 all over the world is going to be facing extinction and will in all probability be wiped from the industry all together. The few companies that manage to call home through this incredible crisis will have to live with a massive cut back on their revenue and find out new ways of growing again. The notion of opening in the Asian market has changed into a favored idea for many.