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Online Casinos Lose Money

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Online Casinos Lose Money

Postby Admin » Sat Jul 29, 2017 9:28 pm

For the first time ever online casinos are reporting financial losses

The profits for the PartyGamning online gaming group have dropped 2% since the company stopped being traded in the US market last week.

It is expected to cost them approximately 133 million pounds to restructure their organization in the second half of the fiscal year because of the loss of American business.

The online casinos and sportsbooks are taking a hard hit because of the decision by the USA to ban all financial transactions between banks and online gambling related businesses.

The bill was signed into law last week by President Bush ending all hope of the bill not getting passed. The new law was signed by President Bush last week, ruling out any possibility of a change.

Many in the Online Gambling industry were frightened when police in the USA arrested the heads of 2 online gambling companies who only landed in the USA to catch connecting flights.

The two corporate leaders were arrested despite the fact that their businesses are not based in the United States.

Another company decided to sell off all its operations in the United States to private investors for only one dollar after the Unlawful Internet gambling Act was signed.

The companies CEO announced that they would be focusing on the European market where the governments were much more liberal then that of the US government. Its CEO, Andrew McIver said, said his firm was concentrating on the European market where the environment was much more liberal than the US.

He said that the only reason this law was passed in an election year to help keep a republican senate, but many are disagreeing and saying the only reason the law was passed was because the Government was not getting a piece of the action.

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