There is a new law waiting to be signed by President Bush that 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 likely to be signed by President Bush, will practically end all online gambling sites by rendering it illegal for almost any bank, เว็บแทงบอล  charge card company or online payment system to process any payments being built to online gambling companies.

The newest law states that Online Gambling sites are now actually banned from accepting any kind of check, charge card or electronic transfer payments for internet gaming in the US and seriously puts the industry in chaos.

Surprised at the passing with this new debilitating law, the leaders in the internet 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 stated that they would cease their ties with the 920,000 active US customers they currently have only once Bush actually signs the newest act.

Although the newest law hasn’t yet been signed, the industry is already being drastically affected. PartyGaming’s stocks alone have dropped 60% winding 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 down to $1.42 on the British Market and announced so it was going to no longer continue its online gambling business in the United States.

This isn’t the very first Act, however, that’s given the federal government capacity to break down the internet gambling industry. Beneath the 1961 Wire Act, the federal government has the proper to brake down online betting in sports, poker and other casino games which can be regarded as being illegal underneath the law.

This really is seriously debilitating the industries economy as the US consumer market is responsible for 50-60% of the internet gambling revenue. These critical laws against the internet gambling site owners are forcing companies to shut down or transfer but what’s clear is that they are no longer 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 will undoubtedly be facing extinction and will most likely be wiped from the industry all together. The small number of firms that manage to live through this incredible crisis will have to live with a massive cut back on their revenue and figure out new ways of growing again. The idea of opening up in the Asian market has turned into a favored idea for many.