Online Gambling May be Cut off By New Legislation
There is a new law waiting to be signed by Us president Rose bush which was presented to Congress that is holding the $12 thousand Online Gambling industry by a place. It would appear that lokgwang Tennessee Senator Bill Frist, introduced the bill on Sunday by joining it to the Safe Port Act before Congress took its selection break in December.
The Outlawed Internet Playing Enforcement Act that is expected to be signed by Us president Rose bush, will practically finish off all Online Gambling sites by making it illegal for any bank, credit card company or online payment system to process any payments being built to Online Gambling companies.
The new law states that Online Gambling sites are now banned from accepting almost any check, credit card or electronic transfer payments for internet gaming in the usa and seriously puts the in chaos.
Surprised at the passing of this new debilitating law, the leaders in the Online Gambling industry took drastic measures and begun to trade off stock on the London Stock exchange which erased $8 thousand 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 already have got only when Rose bush actually signs the new act.
Although the new law has never yet been signed, the has already been being drastically affected. PartyGaming’s stocks alone have dropped 60% finding yourself at a measly. 80 cents a share. Other sites like SportingBet and 888 Holding were also affected by 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. 44 on the British Market and announced that it would no longer continue its Online Gambling business in the united states.
This is not the first Act, however, that has given the government power to break down the Online Gambling industry. Under the 1961 Cord Act, the government has the directly to brake down online bets in sports, poker and other casino games that are considered to be illegal under the law.
This is seriously debilitating the industries economy because the US consumer market accounts for 50-60% of the Online Gambling revenue. These critical laws contrary to the Online Gambling online marketers are making companies to power 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 Local authority or council, Prosecute Schneider, has believed that over 500 companies playing around 2, 300 Online Gambling sites around the world will be facing extinquishing and will most likely be wiped out of the industry all together. The small number of companies that manage to live through this incredible crisis will have to live with a huge cut back on their revenue and figure out new ways of growing again. The idea of checking in the Cookware market has become a favored idea for many.
Whatever the case may be, companies have 270 days after the bill is signed to figure out their plan before the You. S. Attorney General Alberto Gonzales decides how the law will be forced.