US Online Gambling Industry Crumbles
14 Oct, 2006, 6:11 pm IST |
Priyanka Pradhan
| 
|
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. |
Tags: online gambling , SportingBet , FireOne , Fairground Gaming Holdings , BetCorp , Leisure & Gaming
Mixx
Facebook
Twitter
Digg
delicious
reddit
MySpace
StumbleUpon
LinkedIn
Online Gamblers Face Draconian Bill in US
The US Congress has approved a new bill on online gambling, which prohibits banks, credit card companies and financial institutions from dealing with Internet gambling sites.
Leaked Images, Availability, Pricing,
Specs, Pre-order
5 free operating systems that aren't Linux
The war of operating systems started decades ago, and the first mainstream
It's a great time to be a family
Microsoft has unveiled its first ever global, multi-product advertising...
By Advertorial
In a sea of operating systems with Windows 7, the upcoming Windows 8 and...
Apple to announce 7-inch iPad?
Saravanabavagugan Vengadasundaram
Mon Feb 13, 11:17:29
Steve Jobs wins Grammy posthumously
Sandhya Patel
Mon Feb 13, 10:41:03
Microsoft Store in India hacked, usernames and passwords leaked
Rohan Kamble
Mon Feb 13, 10:34:39
More from Windows
More from this Author
_011517074205_160x90.jpg "Epson Stylus Photo R3000")
LG Optimus Vu snapped alongside the Galaxy
Will the HTC Edge be renamed as Endeavor...
Apple to announce 7-inch iPad?
Apple rushing to finalize apps for iPad 3...
About Us | Site Profile | Tech2 Team | IBNLive News | IBNLive Hindi News | Cricket News | Indian Stock Market | Policy | T & C
Copyright © 2011, Tech2.com India - A Network 18 India Venture
