There was a new law waiting to be signed by President Bush who was presented to the Congress who held a $ 12 billion online gambling industry with UTAS. It seems that Senator Tennessee Bill Frist, introduced the bill on Saturday by joining The Safe Port Act before Congress took the election recess in November.
Unauthorized internet gambling laws that are expected to be signed by President Bush, practically will eliminate all online gambling sites by making it illegal for banks, credit card companies or online payment systems to process online gambling company payments.
The new law states that online gambling sites are now prohibited from accepting all types of inspection, credit cards or electronic transfer payments to play the internet in the US and seriously place the industry in chaos.
Surprised by graduating from this new weakening law, leaders in the online gambling industry took drastic steps PKV Games and began exchanging stocks on the London stock exchange which removed $ 8 billion from the industry. Partygaming, the world’s largest online gambling site says that they will stop their relationship with 920,000 US active customers currently only having when Bush actually signed new actions.
Although new law has not been signed, this industry has been drastically affected. Partygaming shares have fell 60% ending with a little 0.81 cents per share. Other sites like Sportingbet and 888 holding were also influenced by changes and since then lost a lot of money on their shares. 888 Holding, for example, has a 48% decline in their shares to drop it to $ 1.42 in the UK market and announce that it will no longer continue the online gambling business in the United States.
This is not the first action, which has given the power of the federal government to break down the online gambling industry. Under the 1961 Wire Law, the federal government has the right to squeeze online bets in sports, poker, and other casino games that are considered illegal by law.
It seriously weakens the industrial economy because the US consumer market is responsible for 50-60% of online gambling income. This important law to the owner of online gambling sites is forcing the company to be closed or out but what is clear is that they are no longer accepted in the United States.
The Chair of Madam from the Interactive Gaming Board, Sue Schneider, has estimated that more than 500 companies running around 2,300 online gambling sites around the world will face extinction and most likely will be removed from the industry together. A small number of companies that have managed to undergo this extraordinary crisis must live with large pieces on their income and look for new ways to grow back. The idea of opening in the Asian market has become the preferred idea for many people.
Whatever the problem, the company has 270 days after the bill was signed to determine the plan of their actions before the Attorney General A.S. Alberto Gonzales decided how the law would be enforced.