Tuesday, October 3, 2006
From USATODAY.com: The $12 billion online gambling industry could turn into a house of cards now that the Congress has passed a law banning the use of credit cards, checks and electronic fund transfers for Internet gaming, industry experts warn.
President Bush is expected to sign the Unlawful Internet Gambling Enforcement Act, which makes it illegal for banks, credit card companies and online payment systems to process payment to online gambling companies.
The federal government has been cracking down on Internet betting on sports, poker and other casino games that it considers illegal under the 1961 Wire Act. Considering that American bettors generate 50%-60% of industrywide revenue, many operators will be forced to either cash in their chips and go out of business or sell or merge with another provider, experts say.
Rest of Article. . . [Mark Godsey]