US Bans Payments to Online Gaming and Poker Sites

Online Gaming firms which affects some top poker rooms were thrown into the spotlight in what has to be the most incredible decision by U.S. Congress after they passed legislation to ban online gaming across the US. Campaigners had thought that the legislation which has been under debate for some time would not make it the distance, not only because it is a violation of freedom but because the government which not to forget is at war will lose out on some 4 Billion a year in revenue.

Britain's PartyGaming Plc, operator of leading online poker site, PartyPoker.com, and rivals Sportingbet and 888 Plc, owner of Pacific Poker room said they would likely pull out of the United States and warned on future profits. PartyGaming's shares fell 59 percent by 0725 GMT, while Sportingbet lost 64 percent, 888 was down 45 percent and gaming software provider Playtech fell 55 percent. Austria's bwin.com Interactive Entertainment fell as much as 22 percent in the first few minutes of trading.

The law which is still not the most defined legislation to make it all the way does not make it illegal to play online poker games. It is however now illegal for banks and credit-card companies to make payments to online gambling sites. It could be argued that this will only create a black market which will undoubtedly cost a vast sum of money to police.

The House of Senate stated, "We believe that this will have a very material impact on the long-term prospects of online gambling, and in particular poker," said analyst Julian Easthope at UBS. "This will lead to a rapid decline in the use of online poker sites." We at Top15Poker believe in freedom of movement and freedom of speech and for the US government to think that this will kill the use of poker online is ludicrous. However we well know where there is a will there is a way.