Online Gambling Can be Shut down By means of Completely new Law

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There is 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 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 is anticipated to be signed by President Bush, will practically end all online gambling sites by which makes it illegal for just about any bank, เว็บแทงบอล  credit card company or online payment system to process any payments being made to online gambling companies.

The 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 a in chaos.

Surprised at the passing of this 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 already have only if Bush actually signs the newest act.

Although the newest law hasn’t yet been signed, a is already 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 affected by the change and have since lost a bundle on their shares. 888 Holding, for instance, had a 48% decrease on their shares dropping them down seriously 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 very first Act, however, that’s given the federal government power to break down the online gambling industry. Under the 1961 Wire Act, the federal government has the best to brake down online betting in sports, poker and other casino games that are regarded as illegal under 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 shut down 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 world will soon be facing extinction and will most likely be wiped out of the industry all together. The few firms that manage to reside through this incredible crisis will need to live with an enormous scale back on their revenue and find out new ways of growing again. The idea of setting up in the Asian market has changed into a favored idea for many.


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