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 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 is anticipated to be signed by President Bush, will practically finish off all online gambling sites by making it illegal for almost any bank, charge 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, charge 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 stated 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 being drastically affected. PartyGaming’s stocks alone have dropped 60% ending up at a measly .81 cents a share 릴게임. 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 down seriously to $1.42 on the British Market and announced that it would definitely no longer continue its online gambling business in the United States.
This isn’t the very first Act, however, that has given the government power to break up the online 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 considered to be illegal beneath the law.
This is seriously debilitating the industries economy as the US consumer market is in charge of 50-60% of the online gambling revenue. These critical laws against the online gambling site owners are forcing companies to turn off or re-locate but what’s clear is 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 caught 2,300 online gambling sites around the globe will be facing extinction and will in all probability be wiped out of the industry all together. The small number of firms that manage to reside through this incredible crisis will have to live with a huge cut back on their revenue and find out new methods for growing again. The notion of opening up in the Asian market has become a favored idea for many.