Online Gambling May be Cut off By New Legislation

[Micheal Jack]

There is a new law waiting to be signed by Lead designer Rose bush which was presented to Congress that is holding the $12 billion online casino industry by a place. It would appear that Tennessee Senator Bill Frist, introduced the bill on Thursday by joining it to the Safe Port Act before Congress took its selection break in December.

The Outlawed Internet Casino Enforcement Act that is expected to be signed by Lead designer Rose bush, will practically finish off all online casino sites by making it illegal for any bank, credit card company or online payment system to process any payments being made to online casino companies. The new law states that Online Casino sites are now banned from accepting any type of check, credit card or electronic transfer payments for internet gaming in the us and seriously puts the in chaos.

Surprised at the passing of this new debilitating law, the leaders in the online casino industry took drastic measures and started to trade off stock on the London Stock exchange which erased $8 billion from the industry. PartyGaming, the world's biggest online casino site said that they would cease their ties with the 920, 000 active US customers they surely have only when Rose bush actually signs the new act.

Although the new law has never yet been signed, the has already been being drastically affected. PartyGaming's stocks alone have dropped 60% ending up at a measly. 80 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 ufabet เว็บตรง, had a 48% decrease on their shares dropping them down to $1. 45 on the British Market and announced that it would no longer continue its online casino business in the united states.

This may not be the first Act, however, that has given the federal government power to break down the online casino industry. Under the 1961 Cord Act, the federal government has the right to brake down online playing 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 answerable to 50-60% of the online casino revenue. These critical laws against the online casino site owners are pushing 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 Local authority or council, Take legal action against Schneider, has believed that over 500 companies running around 2, 300 online casino sites around the world will be facing extinguished 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 opening up in the Asian market has become a favored idea for many.