Online Gambling Could be Take off Simply by Fresh Legal guidelines
There’s a new law waiting to be signed by President Bush that has been presented to Congress that’s 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’s expected to be signed by President Bush, will practically complete all online gambling sites by making it illegal for just about any bank, เว็บแทงบอล charge card company or online payment system to process any payments being designed to online gambling companies.
The newest law states that Online Gambling sites are actually banned from accepting any kind of 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 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 already have only once Bush actually signs the brand new act.
Although the brand new law hasn’t yet been signed, the industry is already being drastically affected. PartyGaming’s stocks alone have dropped 60% finding yourself 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 bundle on the shares. 888 Holding, for example, had a 48% decrease on the shares dropping them right 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 us government power to break down the online gambling industry. Beneath the 1961 Wire Act, the us government has the best to brake down online betting in sports, poker and other casino games which can be regarded as being illegal beneath the law.
This really is seriously debilitating the industries economy as 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 shut down or re-locate but what’s clear is that they’re 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 around the world is likely to be facing extinction and will in all probability be wiped from the industry all together. The few companies that manage to reside through this incredible crisis must live with a massive reduce their revenue and figure out new means of growing again. The idea of setting up in the Asian market has turned into a favored idea for many.