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, credit 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 almost any check, credit card or electronic transfer payments for internet gaming in the US and seriously puts the in chaos.
Surprised at the passing with this new debilitating law, the leaders in the web gambling industry took drastic measures and began 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, the is already being drastically affected. PartyGaming’s stocks alone have dropped 60% finding yourself 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 lot of money on the shares. 888 Holding, for example, 릴게임 had a 48% decrease on the shares dropping them down seriously to $1.42 on the British Market and announced so it was going to no longer continue its online gambling business in the United States.
This isn’t the very first Act, however, that has given the government capacity to break down the web gambling industry. Beneath the 1961 Wire Act, the government has the proper to brake down online betting in sports, poker and other casino games that are regarded as being illegal underneath the law.
That is seriously debilitating the industries economy as the US consumer market is in charge of 50-60% of the web gambling revenue. These critical laws against the web gambling site owners are forcing companies to power down or re-locate 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 playing around 2,300 online gambling sites all over the world is likely to be facing extinction and will most likely be wiped from the industry all together. The small number of firms that manage to live through this incredible crisis will need to deal with a massive scale back on their revenue and determine new methods for growing again. The idea of setting up in the Asian market has become a favored idea for many.