Ban won’t stop online gambling
Experts have suggested that the new Internet gambling ban will only serve to drive people to use overseas payment services which are out of the law’s authority.
The industry as a whole is said to be worth $12 billion and in the recent weeks we have seen the panic the new laws have caused, even to the big players, such as PartyGaming who've seen the value of their company drastically fall as billions of dollars were wiped off shares.
Nelson Rose, who teaches gambling law at Whittier Law School, seems unmoved by the recent changes in the industry.
"It has put a terrible scare into people, but it won't by any means wipe out Internet gambling. The regulations are clearly going to prevent banks from doing electronic fund transfers to gambling sites, but that is no big deal."
By this, Rose is referring to the use of E-wallet systems on the internet, where money can be transferred from banks to these systems, such as Neteller, and then used on any website that accepts their method of payment. The U.S government has no current laws to prohibit the use of such methods.
The industry has grown with such strength, that gambling consultant Sebastian Sinclair and president of Christiansen Capital Advisors, believes that the industry can absorb the current adversity and prosper in the future.
"There will be a big hit to the industry, a big hit. But it's not going to be long term, it's transitory until somebody finds a solution to whatever roadblocks are put in their way. There's too much money for it to go away."
Editor, Jackpot.co.uk - 2006-10-25 11:56:45