There is a fresh 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 likely to be signed by President Bush, will practically finish off all online gambling sites by which makes it illegal for almost any bank, เว็บแทงบอล bank card company or online payment system to process any payments being designed to online gambling companies.
The newest law states that Online Gambling sites are actually banned from accepting almost any check, bank card or electronic transfer payments for internet gaming in the US and seriously puts a in chaos.
Surprised at the passing of the new debilitating law, the leaders in the web 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’d cease their ties with the 920,000 active US customers they already have only if Bush actually signs the new act.
Although the new law hasn’t yet been signed, a 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 affected by the change and have since lost a fortune on the shares. 888 Holding, for example, had a 48% decrease on the shares dropping them right down to $1.42 on the British Market and announced that 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 capacity to break up the web gambling industry. Under the 1961 Wire Act, the federal government has the proper to brake down online betting in sports, poker and other casino games which are regarded as illegal underneath the law.
This really is seriously debilitating the industries economy because 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 shut down or re-locate but what’s clear is they are no more 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 around the world will be facing extinction and will likely be wiped out from the industry all together. The small number of companies that manage to live through this incredible crisis will have to deal with a huge scale back on their revenue and figure out new means of growing again. The idea of checking in the Asian market has turned into a favored idea for many.