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Online Gambling May very well be Restrict By just Different Procedures

There is a fresh law waiting to be signed by President Bush that has been presented to Congress that’s holding the $12 billion online gambling industry by a thread. It appears 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 finish off all online gambling sites by rendering it illegal for any bank, เว็บแทงบอล  credit card company or online payment system to process any payments being made to online gambling companies.

The brand new law states that Online Gambling sites are actually banned from accepting any type of check, credit card or electronic transfer payments for internet gaming in the US and seriously puts a in chaos.

Surprised at the passing with this new debilitating law, the leaders in the online 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 stated that they would cease their ties with the 920,000 active US customers they already have only once Bush actually signs the new act.

Although the new law hasn’t yet been signed, a has already been 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 instance, had a 48% decrease on the shares dropping them down to $1.42 on the British Market and announced that it would definitely no more continue its online gambling business in the United States.

This isn’t the very first Act, however, that has given the federal government power to breakdown the online gambling industry. Underneath the 1961 Wire Act, the federal government has the right to brake down online betting in sports, poker and other casino games that are regarded as illegal underneath 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 shut down or re-locate but what’s clear is that they’re no more 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 all over the world will soon be facing extinction and will in all probability be wiped out of the industry all together. The few companies that manage to call home through this incredible crisis must live with a huge cut back on their revenue and determine new means of growing again. The notion of setting up in the Asian market has turned into a favored idea for many.

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