Online Gambling Could possibly be Block By simply Brand-new Guidelines

There’s 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 by way of 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 rendering it illegal for just about any bank, 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 actually banned from accepting any kind of 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 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’d cease their ties with the 920,000 active US customers they actually have only when Bush actually signs the new act.

Although the new 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 afflicted with 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 down to $1.42 on the British Market and announced that it would no further continue its online gambling business in the United States.

This isn’t the first Act, however, that has given the us government power to break up the internet 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 that are regarded as illegal underneath the law.

This is seriously debilitating the industries economy because the US consumer market is responsible for 50-60% of the internet gambling revenue. These critical laws against the internet gambling site owners are forcing companies to turn off or transfer but what’s clear is that 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 walking around 2,300 online gambling sites around the world will be facing extinction and will in all probability be wiped from the industry all together. The few firms that manage to reside through this incredible crisis must deal with a massive reduce their revenue and find out new means of growing again. The idea of opening in the Asian market has turned into a favored idea for many.