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 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’s likely to be signed by President Bush, will practically end all online gambling sites by making it illegal for 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 actually banned from accepting any type of 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 the new debilitating law, the leaders in the internet 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 actually have only once Bush actually signs the newest act.
Although the newest law hasn’t yet been signed, the industry is 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 afflicted with the change and have since lost a lot of money on their shares. 888 Holding, as an example, had a 48% decrease on their shares dropping them down seriously to $1.42 on the British Market and announced that it was going to no further continue its online gambling business in the United States.
This isn’t the very first Act, however, that has given the us government capacity to breakdown the internet gambling industry. Beneath the 1961 Wire Act, the us government has the proper to brake down online betting in sports, poker and other casino games that are regarded as illegal beneath the law.
This really is seriously debilitating the industries economy since the US consumer market is in charge of 50-60% of the internet gambling revenue. These critical laws against the internet gambling site owners are forcing companies to turn off or re-locate but what’s clear is that they’re no further 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 all over the world will undoubtedly be facing extinction and will likely be wiped out from the industry all together. The small number of firms that manage to call home through this incredible crisis must deal with an enormous cut back on their revenue and determine new methods for growing again. The notion of setting up in the Asian market has changed into a favored idea for many.