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 way of 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 expected to be signed by President Bush, will practically end all online gambling sites by rendering it illegal for just about 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 now banned from accepting any type of check, 릴게임 bank card or electronic transfer payments for internet gaming in the US and seriously puts the industry in chaos.
Surprised at the passing with this new debilitating law, the leaders in the online 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’d cease their ties with the 920,000 active US customers they currently have only when Bush actually signs the brand new act.
Although the brand 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 their shares. 888 Holding, as an example, had a 48% decrease on their shares dropping them down to $1.42 on the British Market and announced that it would no further continue its online gambling business in the United States.
This isn’t the first Act, however, that’s given the federal government power to break up the online 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 which are regarded as illegal underneath the law.
That is seriously debilitating the industries economy as 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 turn off or re-locate but what’s clear is that they are 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 around the globe will be facing extinction and will in all probability be wiped out of the industry all together. The few firms that manage to reside through this incredible crisis will need to live with a massive cut back on their revenue and figure out new means of growing again. The thought of opening up in the Asian market has changed into a favored idea for many.