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 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 expected to be signed by President Bush, will practically end all online gambling sites by which makes it illegal for any bank, เว็บแทงบอล bank card company or online payment system to process any payments being built to online gambling companies.
The new law states that Online Gambling sites are actually banned from accepting any kind of check, bank card or electronic transfer payments for internet gaming in the US and seriously puts a 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 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 now have only if Bush actually signs the brand new act.
Although the brand new law hasn’t yet been signed, a is being drastically affected. PartyGaming’s stocks alone have dropped 60% ending up 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 bundle 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 would definitely no longer continue its online gambling business in the United States.
This isn’t the initial Act, however, that has given the us government power to break down the web 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 being illegal beneath the law.
That is seriously debilitating the industries economy because the US consumer market is accountable for 50-60% of the web gambling revenue. These critical laws against the web gambling site owners are forcing companies to shut down or move out but what’s clear is that they’re no longer welcome in the United States.
The Madam Chairman of the Interactive Gaming Council, Sue Schneider, has predicted that over 500 companies caught 2,300 online gambling sites all over the world will undoubtedly be facing extinction and will most likely be wiped out of the industry all together. The few companies that manage to reside through this incredible crisis will need to deal with a massive scale back on their revenue and find out new means of growing again. The thought of opening in the Asian market has become a favored idea for many.