There’s a fresh law waiting to be signed by President Bush that was presented to Congress that’s 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’s expected to be signed by President Bush, will practically complete all online gambling sites by rendering it illegal for almost any bank, เว็บแทงบอล bank card company or online payment system to process any payments being designed to online gambling companies.
The new law states that Online Gambling sites are now banned from accepting almost any check, bank card or electronic transfer payments for internet gaming in the US and seriously puts the industry 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 Exchange which erased $8 billion from the industry. PartyGaming, the world’s biggest online gambling site said that they would cease their ties with the 920,000 active US customers they already have only if Bush actually signs the newest act.
Although the newest law hasn’t yet been signed, the industry 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 afflicted with the change and have since lost a fortune on their shares. 888 Holding, for instance, had a 48% decrease on their shares dropping them down to $1.42 on the British Market and announced so it would no more continue its online gambling business in the United States.
This isn’t the initial Act, however, that’s given the us government capacity to break up the web gambling industry. Under the 1961 Wire Act, the us government has the best to brake down online betting in sports, poker and other casino games which are regarded as illegal under the law.
That is seriously debilitating the industries economy since 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 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 walking around 2,300 online gambling sites all over the world is going to be facing extinction and will in all probability be wiped out of the industry all together. The small number of firms that manage to live through this incredible crisis will have to deal with a massive reduce their revenue and find out new means of growing again. The idea of setting up in the Asian market has become a favored idea for many.