Despite the fact that the American Government is trying to break the back of online gambling in the United States, many industry experts the people that really want to gamble are still going to gamble.
Last week the American Congress passes a bill on port security that had a rider attached to it. The rider essentially bands financial transactions between American financial institutions and the online casinos.
This means that if you want to open an account to an online casino you will not be able to transfer money from your bank to the casinos, and if you already have an account and wish to withdraw money from your casino account and get the money into your bank account that will not be allowed either.
This new bill is expected to be sighed into law before the end of next week.
Even though technically online gambling is illegal in the United States, Americans make up over half of their business, and when the announcement came about the ban on money transfers stock prices plummeted in several of the larger online gambling companies based in the UK.
Two of the largest online gambling companies in the world have decided that if President Bush does sign the bill into law they will stop accepting all bets from the United States, which makes up 76% of their profits.
Yet still many people think that the US will not be able to entirely stop online gambling from taking place in the country or from the money flowing. They say that trying to stop online gambling would be like trying to block a train with a bicycle, and a spokesman for the MGM Mirage compared this ban to trying to stop the ocean from flowing in and out.
The majority of online casinos are not publicly traded companies they are privately owned. The president of the American gaming Association which is a lobbying grouped based in Washington DC, there are about 3000 online casinos outside the country taking bets from Americans, and less then 100 are publicly traded companies.
And of the other 2900 they do not have any actual interaction between them and the American banks. They use a third company like Neteller who withdraws money from the consumers bank in the USA then transfers it to the online casinos, so even if the law does shut down some of those companies many more are expected to take their places.
The real fact of the matter is that even if one of these companies can open and stay in business for 2 or 3 months they can make millions of dollars before they are shut down, and I am sure that Americans will still fins a way to continue playing online casino games.
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