Online Gambling May Be Cut Off By New Legislation

There is just a brand new law waiting to be signed by President Bush that has been presented to Congress which is holding the 12 billion online gambling industry by way of a ribbon. It appears that Tennessee Senator Bill Frist, introduced the bill on Saturday by linking it to the Safe Port Act before Congress chose its election recess at November.
The law claims Online Betting internet sites are currently prohibited from accepting any sort of check, credit card or electronic transfer payments for internet gaming in the US and seriously puts the industry in turmoil.สล็อต
Astonished at the passing of this new debilitating law, the leaders in the online gambling industry took extreme measures and began to trade-off stock on the London Stock Exchange which erased $8 billion by the business. PartyGaming, the world’s greatest online gaming site said that they would cease their ties with all the 920,000 busy US clients they’ve only when Bush actually suggests the newest act.
Although the new law has never yet been signed, the industry is already being drastically affected. PartyGaming’s stocks have fallen 60% end up in a .81 pennies a share. Other internet sites such as SportingBet along with 888 Holding were affected by the change and have since lost plenty of money on their stocks. 888 Holding, by way of example, had a 48% decrease in their shares dropping them down to $1.42 on the British Market and declared it was likely going to no more continue its online gaming business in the United States.
This is simply not the initial Act, however, that has given the federal government power to break the online gambling market. Under the 1961 Wire Act, the national government has got the best to brake down on the web gambling in sports, poker and other casino games which can be thought of as prohibited under law.
That is seriously debilitating the businesses market as the US consumer market is responsible for 50-60% of the online gambling sales. All these crucial laws contrary to the internet gambling online marketers are forcing businesses to shut down or move out but what’s clear is they are no longer welcome from the United States.
The Madam Chairman of the Interactive Gaming Council, Sue Schneider, has forecasted that over 500 companies running around 2,300 online gambling websites around the world will soon be facing extinction and can most likely be wiped out of the all together. Even the small number of companies which have the ability to live through this amazing crisis is going to have to call home with a huge cut on their revenue and figure out new methods of growing back again. The thought of opening in the Asian market has turned into a favorite idea for many.

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