Online Gambling May just be Chop off As a result of Unique Regulation

There’s a brand 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 likely to be signed by President Bush, will practically end all online gambling sites by which makes it illegal for any bank, bank 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 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 internet 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 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% winding 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 bundle on the shares. 888 Holding, for instance, had a 48% decrease on the shares dropping them right down to $1.42 on the British Market and announced that it would no more continue its online gambling business in the United States.

This isn’t the initial Act, however, that’s given the federal government capacity to breakdown the internet gambling industry. Under the 1961 Wire Act, the federal government has the right to brake down online betting in sports, poker and other casino games that are regarded as being illegal beneath the law.

That 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 power down or move out 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 undoubtedly be facing extinction and will likely be wiped out of the industry all together. The few firms that manage to call home through this incredible crisis will have to live with a massive cut back on their revenue and determine new ways of growing again. The idea of opening up in the Asian market has become a favored idea for many.

There’s a brand 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…

There’s a brand 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…