Online Gambling Can be Shut down By means of Completely new Law

There is a brand new law waiting to be signed by President Bush that was presented to Congress that is holding the $12 billion online gambling industry with 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 likely to be signed by President Bush, will practically finish off all online gambling sites by rendering it illegal for almost any bank, charge card company or online payment system to process any payments being designed to online gambling companies.

The brand new law states that Online Gambling sites are now actually banned from accepting almost any check, charge 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 said that they would cease their ties with the 920,000 active US customers they actually have only once 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% 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 lot of money on their shares. 888 Holding, for example, had a 48% decrease on their shares dropping them right down to $1.42 on the British Market and announced so it would definitely no further continue its online gambling business in the United States.

This isn’t the initial Act, however, that’s given the federal government capacity to break down the internet gambling industry. Underneath the 1961 Wire Act, the federal government has the proper to brake down online betting in sports, poker and other casino games which can be regarded as illegal under the law.

This is seriously debilitating the industries economy because the US consumer market is accountable for 50-60% of the internet gambling revenue. These critical laws against the internet gambling site owners are forcing companies to turn off or re-locate but what’s clear is 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 likely be wiped out of the industry all together. The few firms that manage to live through this incredible crisis must live with an enormous scale back on their revenue and find out new means of growing again. The idea of checking in the Asian market has changed into a favored idea for many.

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