Online Gambling May well be Unavailable From Latest Legal procedure

[Mikel Jackson]

There's a fresh law waiting to be signed by President Bush that was presented to Congress that's holding the $12 billion online gambling industry by 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 anticipated to be signed by President Bush, will practically complete all online gambling sites by making it illegal for just about any bank, bank 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 now actually banned from accepting almost any check, bank card or electronic transfer payments for internet gaming in the US and seriously puts a in chaos.

Surprised at the passing of the 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'd cease their ties with the 920,000 active US customers they currently have only if Bush actually signs the new act.

Although the new law hasn't yet been signed, a is being drastically affected. PartyGaming's stocks alone have dropped 60% winding up 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 down seriously to $1.42 on the British Market and announced that it was going to no further continue its online gambling business in the United States.

This isn't the initial Act, however, that has given the federal government capacity to break up the online gambling industry. Beneath the 1961 Wire Act, the federal government has the right to brake down online betting in sports, poker and other casino games which are regarded as illegal beneath the law.

This is seriously debilitating the industries economy because the US consumer market is in charge of 50-60% of the online gambling revenue 안전놀이터. These critical laws against the online gambling site owners are forcing companies to turn off or transfer but what's clear is that they're no further 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 around the world is going to be facing extinction and will likely be wiped out from the industry all together. The small number of firms that manage to call home through this incredible crisis must live with an enormous cut back on their revenue and determine new ways of growing again. The notion of opening in the Asian market has changed into a favored idea for many.