There’s a fresh law waiting to be signed by President Bush that has been presented to Congress that’s 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’s anticipated to be signed by President Bush, will practically end all online gambling sites by making it illegal for just about any bank, bank card company or online payment system to process any payments being built 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 the industry 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 now have only if Bush actually signs the new act.
Although the new law hasn’t yet been signed, the industry is already being drastically affected. PartyGaming’s stocks alone have dropped 60% winding 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 lot of money on their shares. 릴게임 888 Holding, for example, had a 48% decrease on their shares dropping them down to $1.42 on the British Market and announced so it would definitely no more continue its online gambling business in the United States.
This isn’t the very first Act, however, that has given the federal government power to breakdown the online gambling industry. Underneath the 1961 Wire Act, the federal government has the proper to brake down online betting in sports, poker and other casino games which can be regarded as illegal beneath the law.
This is seriously debilitating the industries economy because 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’re no more 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 in all probability be wiped out from the industry all together. The few firms that manage to live through this incredible crisis will need to live with a massive reduce their revenue and find out new ways of growing again. The idea of setting up in the Asian market has turned into a favored idea for many.