Online Gambling Might be Stop Through Brand new Laws

There’s a new law waiting to be signed by President Bush that was presented to Congress that is holding the $12 billion online gambling industry by way of 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 anticipated to be signed by President Bush, will practically complete all online gambling sites by making it illegal for almost any bank, bank card company or online payment system to process any payments being built 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 the in chaos.

Surprised at the passing with this new debilitating law, the leaders in the web gambling industry took drastic measures and started 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 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, the has already been 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, for instance, had a 48% decrease on their shares dropping them right down to $1.42 on the British Market and announced so it would definitely no more continue its online gambling business in the United States.

This isn’t the first Act, however, that’s given the us government power to break up the web gambling industry. Beneath the 1961 Wire Act, the us government has the right to brake down online betting in sports, poker and other casino games which are regarded as illegal beneath the law.

That 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 transfer 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 globe will undoubtedly be facing extinction and will in all probability be wiped out of the industry all together. The small number of firms that manage to call home through this incredible crisis must deal with a massive scale back on their revenue and find out new ways of growing again. The thought of opening up in the Asian market has changed into a favored idea for many.

Leave a Reply

Your email address will not be published.