Online Gambling May just be Chop off As a result of Unique Regulation

[Mikel Jackson]

There's a brand new 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 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 is anticipated to be signed by President Bush, will practically finish off all online gambling sites by which makes it illegal for almost any bank, credit card company or online payment system to process any payments being designed to online gambling companies. The brand new law states that Online Gambling sites are now banned from accepting any kind of check, credit card or electronic transfer payments for internet gaming in the US 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 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 now have only once Bush actually signs the new act.

Although the new law hasn't yet been signed, the is already being drastically affected. PartyGaming's stocks alone have dropped 60% finding yourself at a measly .81 cents a share 토토사이트. Other sites like SportingBet and 888 Holding were also afflicted with the change and have since lost a lot of money on their shares. 888 Holding, for instance, had a 48% decrease on their shares dropping them right down to $1.42 on the British Market and announced that it was going to no more continue its online gambling business in the United States.

This isn't the initial Act, however, that's given the us government capacity to break up the online gambling industry. Underneath the 1961 Wire Act, the us government has the best to brake down online betting in sports, poker and other casino games that are considered to be illegal beneath the law.

This is seriously debilitating the industries economy as the US consumer market is accountable for 50-60% of the online gambling revenue. These critical laws against the online gambling site owners are forcing companies to turn off or move out 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 playing around 2,300 online gambling sites around the world will undoubtedly be facing extinction and will most likely be wiped out of the industry all together. The small number of firms that manage to call home through this incredible crisis must live with an enormous reduce their revenue and determine new ways of growing again. The notion of opening up in the Asian market has turned into a favored idea for many.