There is a 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 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 expected to be signed by President Bush, will practically end all online gambling sites by which makes it illegal for almost any bank, credit card company or online payment system to process any payments being designed to online gambling companies.
The new law states that Online Gambling sites are now actually banned from accepting almost any check, credit 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 web gambling industry took drastic measures and began to trade off stock on the London Stock Exchange which erased $8 billion from the industry 릴게임. PartyGaming, the world’s biggest online gambling site said 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 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 suffering from the change and have since lost a lot of money on their shares. 888 Holding, like, had a 48% decrease on their shares dropping them right down to $1.42 on the British Market and announced that it was going to no longer continue its online gambling business in the United States.
This isn’t the first Act, however, that’s given the government power to break down the web gambling industry. Beneath the 1961 Wire Act, the government has the best to brake down online betting in sports, poker and other casino games that are considered to be illegal underneath the law.
This is seriously debilitating the industries economy since the US consumer market is accountable for 50-60% of the web gambling revenue. These critical laws against the web gambling site owners are forcing companies to power down or move out 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 playing around 2,300 online gambling sites all over the world is going to be facing extinction and will likely be wiped out of the industry all together. The few firms that manage to live through this incredible crisis will have to deal with an enormous reduce their revenue and find out new means of growing again. The thought of setting up in the Asian market has changed into a favored idea for many.