Online Gambling Could possibly be Block By simply Brand-new Guidelines

There’s a fresh law waiting to be signed by President Bush which was 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 likely to be signed by President Bush, will practically complete all online gambling sites by making it illegal for just about any bank, credit card company or online payment system to process any payments being made to online gambling companies.

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

Surprised at the passing of this new debilitating law, the leaders in the web gambling industry took drastic measures and began to trade off stock on the London Stock สมัคร UFABET168  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 currently have only when Bush actually signs the newest act.

Although the newest law hasn’t yet been signed, the industry is being drastically affected. PartyGaming’s stocks alone have dropped 60% ending up at a measly .81 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 the shares. 888 Holding, as an example, had a 48% decrease on the shares dropping them down seriously 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’s given the us government capacity to breakdown the web gambling industry. Underneath the 1961 Wire Act, the us government has the proper to brake down online betting in sports, poker and other casino games that are considered to be illegal underneath the law.

That is seriously debilitating the industries economy since the US consumer market is in charge of 50-60% of the web gambling revenue. These critical laws against the web gambling site owners are forcing companies to shut 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 Council, Sue Schneider, has predicted that over 500 companies caught 2,300 online gambling sites around the globe is likely to be facing extinction and will most likely be wiped from the industry all together. The few companies that manage to reside through this incredible crisis will need to live with an enormous cut back on their revenue and determine new ways of growing again. The idea of checking in the Asian market has changed into a favored idea for many.