Online Gambling May be Cut off By New Legislation

There is a new law waiting to be signed by Chief executive Bush which was presented to Congress that is holding the $12 thousand online wagering caspo777 industry by a thread. It appears that Tennessee Senator Bill Frist, introduced the bill on Wednesday by joining it to the Safe Port Act before Congress took its election recess in November.

The Unlawful Internet Wagering Enforcement Act that is expected to be signed by Chief executive Bush, will practically finish off all online wagering sites by making it illegal for any bank, credit card company or online payment system to process any payments being intended to online wagering companies.

The new law states that Online Wagering sites are now banned from accepting just about any check, credit card or electronic transfer payments for internet gaming in the us alone and seriously puts the industry in chaos.

Surprised at the passing of this new debilitating law, the leaders in the online wagering 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 wagering site said that they would cease their ties with the 920, 000 active US customers they now have only when Bush actually signs the new act.

Although the new law hasn’t yet been signed, the industry is already being drastically affected. PartyGaming’s stocks alone have dropped 60% finding yourself 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 their shares. 888 Holding, for example, had a 48% decrease on their shares dropping them down to $1. 49 on the British Market and announced that it was going to no longer continue its online wagering business in the united states.

It is not the first Act, however, that has given the government power to break down the online wagering industry. Under the 1961 Wire Act, the government has the directly to brake down online gambling 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 is liable for 50-60% of the online wagering revenue. These critical laws with online wagering online marketers are requiring companies to close or move out but what’s clear is that they are no longer welcome in the united states.

The Madam Chairman of the Interactive Gaming Council, File a claim Schneider, has predicted that over 500 companies playing around 2, 300 online wagering sites around the world will be facing termination 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 Asiatische market has become a favored idea for many.

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