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Bush signs Unlawful Internet Gambling Act

13 October 2006

By Vin Narayanan

President Bush signed the Unlawful Internet Gambling Act into law today. The measure, which was attached to a ports security bill, bans American banks and credit card companies from completing transactions with Internet gambling companies.



The Associated Press reports Bush focused on security issues at today's signing ceremony and did not mention Internet gambling. (Related story: Legal analysis)



In response to the bill's passing, more than 250 sites – including six from Casino City's Top 10 most popular sites – have already announced that they will stop accepting bets from U.S.-based players. And on Thursday, Sportingbet sold its U.S.-facing businesses to a company based in Antigua for $1 and the assumption of $13.2 million in debt.



Publicly-held casinos have the led the exodus out of the U.S. market. Industry giants PartyGaming – parent company of PartyPoker – and 888 announced last week that they would stop accepting American bets when Bush signed the law. PartyGaming's stock has lost almost 75% of its value in the last two weeks. 888's share price has plummeted by more than 50% over the same period. Both companies drew most of their revenue from the $6 billion U.S. market. (Related story: PartyPoker mucks U.S. hand)



But American gamers will find that most privately-held casinos will still take their bets. Bodog, Golden Palace and VIP -- all in Casino City's Top 10 most popular sites – have announced their commitment to the U.S. market.



And about 85% of the online casinos will continue to take American bets, according to a Casino City analysis.


Bush signs Unlawful Internet Gambling Act is republished from Online.CasinoCity.com.
Vin Narayanan
Vin Narayanan is the managing editor at Casino City. When he's not writing or editing stories, he likes to play Chinese Poker, Badugi, Razz and any other "non-traditional" poker game. He also thinks blackjack is his best game and loves game theory.

Before joining Casino City, Vin covered (not all at the same time) sports, politics and elections, wars, technology, celebrities and the Census for USATODAY.com, USA WEEKEND and CNN.

A proud graduate of Michigan State University, Vin can be found on most nights and weekends trying to find a way to watch the Spartans play football or basketball.