Congress Passes Online Gambling Ban – UK Shares Fall

Posted on | October 3, 2006 | No Comments

The U.S. Congress passed legislation prohibiting the use of credit cards, checks and electronic fund transfers for online gaming. The legislation was part of a port securities bill passed by the House and Senate on Saturday. The announcement caused shares in British online gambling companies to tumble.

Shares in British online gambling companies, including Sportingbet and PartyGaming, dived Monday after the U.S. Congress passed legislation prohibiting the use of credit cards, checks and electronic fund transfers for online gaming.

PartyGaming, the world’s biggest online gambling company, said it would pull out of the United States if President Bush signs the legislation into law. Read the full report HERE

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