Online gambling banned
On Monday, 2nd October, the US Congress has approved a bill to ban Internet gambling. The bill has been sent to President Bush for his signatures, after which it will become a law. The shares of online gaming companies are already experiencing a landslide with most company's shares dropping to as much as 50%. The major players who suffered the most include PartyGaming, 888 Plc, and Sportingbet. If it becomes a law, the online banks and credit card companies in the US will be prohibited to transfer pay to any online gambling companies.
What is the future of online gambling companies?
This is a tough forecast to make, but at present things do look like that it could signal the beginning of the end of the flourishing online gaming industry to a great extent since these online gambling companies generate a substantial amount of revenue from US gamblers alone. So if this is banned in the US, it may well cause online gambling sites to lose the bulk of their revenue.
The online gambling companies for sure won't sit and just watch as millions are at stake for each of them. But we have to keep our fingers crossed and wait and watch what happens.