Online Gambling May Be Cut Off By New Legislation

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There’s just a new law waiting to be signed by President Bush that has been presented to Congress that is holding the 12 billion on the web gaming industry by a thread.

The Unlawful Internet Gambling Enforcement Act that is anticipated to be signed by President Bush, will almost finish off all online gaming websites by making it illegal for any bank, credit card company or online payment system to process any payments being made to online gambling companies.

The law states Online Betting internet sites are currently banned from accepting any type of test, credit card or electronic transfer payments for online gambling in america and puts the industry in turmoil.สล็อต

Amazed at the departure of the new debilitating lawthe leaders in the internet gambling industry took drastic measures and began to trade-off stock on the London Stock Exchange which erased $8 billion from the business. PartyGaming, the world’s largest online gambling site said they would cease their connections with all the 920,000 busy US clients they’ve only when Bush actually suggests the newest act.

Although the new law has never yet been signed, the industry is already being radically affected. PartyGaming’s stocks alone have fallen 60% end up at a measly .81 pennies a share. Other web sites like SportingBet and also 888 Holding were also affected by the shift and have since lost a lot of money on their shares. 888 Holding, as an example, had a 48 percent decrease in their stocks dropping them right down to $1.42 on the British Market and declared it was likely going to no further keep on its online gambling business in the United States.

This is simply not the first Act, however, that has contributed the federal government capability to break the internet gaming industry. Under the 1961 Wire Act, the federal government has the right to brake down online betting in sports betting, poker and other casino games that are thought of as prohibited under law.

That really is seriously debilitating the industries economy as the US consumer market is responsible for 50-60% of the online gambling revenue. All these critical laws against the online gambling online marketers are forcing organizations to shut down or move out but what’s clear is they are no longer welcome from the USA.

The Madam Chairman of the Interactive Gaming Council, Sue Schneider, has predicted that over 500 companies playing around 2,300 online gambling sites across the globe will probably soon be facing extinction and can probably be wiped from the all together. The small number of companies that manage to survive through this extraordinary emergency will need to call home with a enormous cut back on their revenue and find out new ways of growing again. The idea of opening in the Asian market has become a favorite idea for all.

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