There’s a brand new law waiting to be signed by President Bush that was presented to Congress that is 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 is anticipated to be signed by President Bush, will practically end all online gambling sites by which makes it illegal for any bank, charge 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 type of check, charge card or electronic transfer payments for internet gaming in the US and seriously puts the industry in chaos.
Surprised at the passing with this new debilitating law, the leaders in the online 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 stated that they would cease their ties with the 920,000 active US customers they currently have only when Bush actually signs the new act.
Although the new law hasn’t yet been signed, the industry 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 afflicted with the change and have since lost a fortune on the shares. 888 Holding, for instance, had a 48% decrease on the shares dropping them right down to $1.42 on the British Market and announced so it would no further continue its online gambling business in the United States.
This isn’t the very first Act, however, that’s given the us government capacity to breakdown the online gambling industry 릴게임. Under 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 being illegal beneath the law.
This really 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 shut down or re-locate but what’s clear is that they are 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 world will soon be facing extinction and will in all probability be wiped from the industry all together. The small number of companies that manage to reside through this incredible crisis will need to deal with a massive reduce their revenue and determine new means of growing again. The idea of checking in the Asian market has become a favored idea for many.