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Online Gambling May Be Cut Off By New Legislation

There's a new law waiting to be signed by President Bush which was presented to Congress that is holding the $12 billion online gambling industry by 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 expected to be signed by President Bush, will practically finish off all online gambling sites by rendering it illegal for just about any bank, credit card company or online payment system to process any payments being built to online gambling companies.

The brand new law states that Online Gambling 그래프게임 sites are now banned from accepting almost any 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 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 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 has already been 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 afflicted with the change and have since lost a bundle on the shares. 888 Holding, like, had a 48% decrease on the shares dropping them right down to $1.42 on the British Market and announced so it would no more continue its online gambling business in the United States.

This isn't the first Act, however, that has given the federal government power to break down the web gambling industry. Underneath the 1961 Wire Act, the federal government has the proper to brake down online betting in sports, poker and other casino games which are regarded as being illegal underneath the law.

This is seriously debilitating the industries economy because the US consumer market is responsible for 50-60% of the web gambling revenue. These critical laws against the web gambling site owners are forcing companies to turn off or re-locate 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 caught 2,300 online gambling sites around the world is going to 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 deal with a massive cut back on their revenue and figure out new ways of growing again. The thought of setting up in the Asian market has changed into a favored idea for many.