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Internet Gaming Loses with US Ban

With the United States passing a ban on internet slot machines and gambling, some of the biggest names in internet gambling lost $7 billion of market value in one day. The day after Congress passed a law prohibiting credit-card companies from collecting payments for online bets, the market dropped drastically.

For some companies it was a huge hit. One company, PartyGaming, PLC is the largest online gaming site, and they lost 75% in their stock value since the law was passed on October 13^th. Another one of the largest online casinos, 888 Holdings, PLC, gets roughly half of its revenue from outside the US saw its shares drop 35%.

With the United States accounting for half of the $12 billion businesses, many are wondering what will become of these online slot machines and gambling companies. Many will expand into Europe who is for regulation of the business, but is not looking to place a ban on it. The market was originally estimated to grow to $24 billion by 2010, but with this set back, who knows what will happen.

Some in Europe aren’t happy about it either, with Germany looking to possibly ban all private betting companies including the internet.

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