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 with 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 complete all online gambling sites by rendering it illegal for just about any bank, bank card company or online payment system to process any payments being designed to online gambling companies.
The new law states that Online Gambling sites are now actually 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 online gambling industry took drastic measures and started initially 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 actually have only if 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% finding yourself at a measly .81 cents a share. 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, for instance, 릴게임 had a 48% decrease on the shares dropping them down seriously 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 very first Act, however, that’s given the us government power to break up the online gambling industry. Beneath the 1961 Wire Act, the us government has the proper to brake down online betting in sports, poker and other casino games which are regarded as illegal under the law.
This is seriously debilitating the industries economy since the US consumer market is responsible for 50-60% of the online gambling revenue. These critical laws against the online gambling site owners are forcing companies to turn off or move out 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 running around 2,300 online gambling sites around the globe will undoubtedly be facing extinction and will most likely be wiped from the industry all together. The few companies that manage to reside through this incredible crisis must live with a huge scale back on their revenue and find out new methods for growing again. The thought of opening in the Asian market has become a favored idea for many.