US president George Bush has signed the Unlawful Internet Gambling Enforcement Act which prohibits online gamblers from using credit cards, checks and electronic-fund transfers to place and settle bets. The law is the final nail on the coffin for the online gambling industry in the US which was worth an estimated $6 billion last year.
The law requires banks to work out a type of transaction security system within the next nine months, to block electronic funds transfers to institutions on a blacklist. Since the industry is entirely dependent on online monetary transactions, big players such as Britain's SportingBet, FireOne, Fairground Gaming Holdings, BetCorp and Leisure & Gaming have pulled out of the US, after selling their U.S. operations to private investors, while smaller players have shut down altogether.
Interest groups such as Focus on the Family Action have applauded the law in a public statement saying, "By approving this legislation, our government has protected the nation's families from predatory online casinos, which have addicted many Americans, especially college students." However, the 23 million Americans who actively gamble online, are still smarting from the decision.
US Online Gambling Industry Crumbles
By: Priyanka Pradhan
| Oct 14,2006
Tags: [ Online gambling ] [ SportingBet ,FireOne ] [ Fairground Gaming Holdings,BetCorp ] [ Leisure & Gaming, ]
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