Online Gambling May perhaps be Cut-off By way of Innovative Rules

There’s a new law waiting to be signed by President Bush which 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 which makes it illegal for any bank, credit 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 now actually banned from accepting any type of check, credit card or electronic transfer payments for internet gaming in the US and seriously puts a in chaos.

Surprised at the passing of 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 said that they’d cease their ties with the 920,000 active US customers they now have only when Bush actually signs the newest act.

Although the newest law hasn’t yet been signed, a has already been 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 suffering from the change and have since lost a fortune 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 so it would no longer continue its online gambling business in the United States.

This isn’t the initial Act, however, that’s given the government capacity to break down the web gambling industry. Underneath the 1961 Wire Act, the government has the best to brake down online betting in sports, poker and other casino games that are considered to be illegal beneath the law.

This really is seriously debilitating the industries economy as 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 power down or move out but what’s clear is they are no longer 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 world is likely to be facing extinction and will likely be wiped out of the industry all together. The small number of firms that manage to call home through this incredible crisis will need to deal with a huge scale back on their revenue and find out new means of growing again. The thought of setting up in the Asian market has changed into a favored idea for many.

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