There is a fresh law waiting to be signed by President Bush which was presented to Congress that’s holding the $12 billion online gambling industry by 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’s likely to be signed by President Bush, will practically finish off 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 designed to online gambling companies.
The brand new law states that Online Gambling sites are now actually 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 the new debilitating law, the leaders in the online gambling industry took drastic measures and started initially to trade off stock on the London Stock สมัคร UFABET168 Exchange which erased $8 billion from the industry. PartyGaming, the world’s biggest online gambling site said that they’d cease their ties with the 920,000 active US customers they already have only when Bush actually signs the new act.
Although the new law hasn’t yet been signed, the industry has already been 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 bundle on their shares. 888 Holding, for instance, had a 48% decrease on their shares dropping them down to $1.42 on the British Market and announced so it would no more continue its online gambling business in the United States.
This isn’t the very first Act, however, that has given the us government power to break down the online gambling industry. Underneath the 1961 Wire Act, the us government has the proper to brake down online betting in sports, poker and other casino games which can be regarded as being illegal beneath the law.
This really is seriously debilitating the industries economy because the US consumer market is in charge of 50-60% of the online gambling revenue. These critical laws against the online gambling site owners are forcing companies to power down or transfer 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 playing around 2,300 online gambling sites all over the world will be facing extinction and will in all probability be wiped out from the industry all together. The few firms that manage to reside through this incredible crisis must live with a massive scale back on their revenue and find out new ways of growing again. The notion of setting up in the Asian market has become a favored idea for many.