There’s a brand 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 appears 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 anticipated to be signed by President Bush, will practically finish off all online gambling sites by making it illegal for almost any bank, bank card company or online payment system to process any payments being made to online gambling companies.
The newest 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 a in chaos.
Surprised at the passing of the new debilitating law, the leaders in the internet gambling industry took drastic measures and began to trade off stock on the London Stock Exchange which erased $8 billion from the industry. PartyGaming, 릴게임 the world’s biggest online gambling site stated that they would cease their ties with the 920,000 active US customers they actually have only when Bush actually signs the brand new act.
Although the brand new law hasn’t yet been signed, a is being drastically affected. PartyGaming’s stocks alone have dropped 60% ending up 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 bundle on the shares. 888 Holding, as an example, had a 48% decrease on the shares dropping them right down to $1.42 on the British Market and announced that it would no further continue its online gambling business in the United States.
This isn’t the first Act, however, that’s given the us government power to breakdown the internet gambling industry. Underneath the 1961 Wire Act, the us government has the best to brake down online betting in sports, poker and other casino games that are regarded as being illegal under the law.
This is seriously debilitating the industries economy as the US consumer market is accountable for 50-60% of the internet gambling revenue. These critical laws against the internet gambling site owners are forcing companies to power down or re-locate but what’s clear is that they’re no further 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 most likely be wiped from the industry all together. The few companies that manage to call home through this incredible crisis will need to deal with a massive cut back on their revenue and figure out new ways of growing again. The idea of checking in the Asian market has turned into a favored idea for many.