There's a fresh 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 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 is expected to be signed by President Bush, will practically complete all online gambling sites by making it illegal for just about any bank, charge 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, charge card or electronic transfer payments for internet gaming in the US and seriously puts a in chaos.
Surprised at the passing of the 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 now have only if 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 afflicted with the change and have since lost a bundle on their shares. 888 Holding 토토사이트, for instance, had a 48% decrease on their shares dropping them right down to $1.42 on the British Market and announced that it was going to no further continue its online gambling business in the United States.
This isn't the initial Act, however, that has given the government power to break up the online gambling industry. Underneath the 1961 Wire Act, the government has the proper to brake down online betting in sports, poker and other casino games which are considered to be illegal beneath the law.
That is seriously debilitating the industries economy because the US consumer market is responsible for 50-60% of the online gambling revenue. These critical laws against the online gambling site owners are forcing companies to power down or move out 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 all over the world is going to be facing extinction and will in all probability be wiped out from the industry all together. The small number of firms that manage to reside through this incredible crisis will need to live with a huge reduce 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.