There’s a new law waiting to be signed by President Bush which was presented to Congress that’s holding the $12 billion online gambling industry with 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 anticipated to be signed by President Bush, will practically end all online gambling sites by which makes it illegal for almost any bank, credit card company or online payment system to process any payments being built to online gambling companies.
The brand new law states that Online Gambling sites are actually banned from accepting any type of check, credit 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 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 would cease their ties with the 920,000 active US customers they already have only when 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 affected by the change and have since lost a fortune on their shares. 888 Holding, like, had a 48% decrease on their shares dropping them down to $1.42 on the British Market and announced so it was going to no more continue its online gambling business in the United States.
This isn’t the initial Act, however, that’s given the us government power to break up the internet gambling industry. Under 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 illegal underneath the law.
That is seriously debilitating the industries economy as 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 turn off 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 caught 2,300 online gambling sites around the world is likely to be facing extinction and will in all probability be wiped out from the industry all together. The few firms that manage to live through this incredible crisis must live with a massive reduce their revenue and determine new methods for growing again. The idea of opening in the Asian market has become a favored idea for many.