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Online Gambling Firms Lose Billions |
October 5 - Since the US Congress passed a bill last week that effectively
prevents US-based gamblers from gambling online, many large online gambling firms listed on the London Stock Exchange (LSE) have lost billions of pounds through plummeting share prices.
One of the worst affected online gambling operations is PartyGaming Plc, which has seen 1.8 billion pounds wiped off the holdings of its founder members since Monday this week.
The collapse in online gambling shares was sparked by the revelation that the US
Congress finally approved a bill to crack down on online gambling in the United
States, effectively forcing US banks and financial institutions to stop processing online gambling-related payments.
Unfortunately for the $12 billion per year online gambling industry, the vast majority of the world's online gamblers are based in the United States, forcing many online gambling operations to review their marketing strategies and target markets going forward.
As such, many of the world's largest online gambling concerns have announced
that they will no longer accept American Real money players, such as PartyGaming as well another large concern, 888 Holdings Plc, and many online casino operators running Playtech online gambling software.
It is still too early to know what impact the US anti-online gambling legislation
will have on the global online gambling industry, but one thing is for sure -
the industry will surely have to reinvent itself and think beyond America.
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