Online Gambling May just be Chop off As a result of Unique Regulation
There is a fresh law waiting to be signed by President Bush which 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 anticipated to be signed by President Bush, will practically end all online gambling sites by making it illegal for just about any bank, เว็บแทงบอล credit card company or online payment system to process any payments being made to online gambling companies.
The newest law states that Online Gambling sites are now actually banned from accepting almost any check, credit card or electronic transfer payments for internet gaming in the US and seriously puts the in chaos.
Surprised at the passing of the new debilitating law, the leaders in the web gambling industry took drastic measures and began 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 currently have only if Bush actually signs the brand new act.
Although the brand new law hasn’t yet been signed, the is 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 the shares. 888 Holding, for example, had a 48% decrease on the shares dropping them down to $1.42 on the British Market and announced so it was going to no longer continue its online gambling business in the United States.
This isn’t the very first Act, however, that has given the government power to breakdown the web gambling industry. Under the 1961 Wire Act, the government has the right to brake down online betting in sports, poker and other casino games that are regarded as illegal beneath the law.
This really is seriously debilitating the industries economy as the US consumer market is accountable for 50-60% of the web gambling revenue. These critical laws against the web gambling site owners are forcing companies to shut down or re-locate but what’s clear is that they are no longer 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 all over the world will be facing extinction and will in all probability be wiped out of the industry all together. The small number of firms that manage to call home through this incredible crisis will have to live with a huge scale back on their revenue and determine new methods for growing again. The thought of checking in the Asian market has changed into a favored idea for many.
There is a fresh law waiting to be signed by President Bush which 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…