Feeds

Gaming firms in freefall as US bans online betting

War-on-terror's poker face

High performance access to file storage

Shares in online gambling companies like Partygaming are in freefall this morning after the US Congress unexpectedly passed anti-online gambling laws late on Friday.

The bill makes it illegal for credit card companies to process payments to gambling firms. PartyGaming saw 60 per cent of its value disappear in early trading this morning.

The Safe Port Act is expected to be signed into law by George W Bush in the next two weeks. PartyGaming said in a statement to the Stock Exchange that if the bill is signed it will have to stop taking all cash bets from US punters. More than half of the company's revenue comes from US residents.

888Holdings is suffering a similar meltdown on the markets. Its share price has also fallen more than 45 per cent. In a statement to the Stock Exchange the company said that although the precise impact of the legislation was not clear it was obvious Congress is intent on marking all forms of internet gambling as illegal.

888 said in the six months ended 30 June 2006 52 per cent of its revenues came from US customers.

Sportingbet is also down almost 60 per cent.

The Safe Port Act is primarily aimed at providing some $3.4bn spending in making ports safe in The War Against Terror. Much of the money will be spent inspecting containers - described by one Congresswoman as having "the potential to be the Trojan Horse of the 21st Century."®

High performance access to file storage

More from The Register

next story
Audio fans, prepare yourself for the Second Coming ... of Blu-ray
High Fidelity Pure Audio – is this what your ears have been waiting for?
Dropbox defends fantastically badly timed Condoleezza Rice appointment
'Nothing is going to change with Dr. Rice's appointment,' file sharer promises
MtGox chief Karpelès refuses to come to US for g-men's grilling
Bitcoin baron says he needs another lawyer for FinCEN chat
Did a date calculation bug just cost hard-up Co-op Bank £110m?
And just when Brit banking org needs £400m to stay afloat
Zucker punched: Google gobbles Facebook-wooed Titan Aerospace
Up, up and away in my beautiful balloon flying broadband-bot
Apple DOMINATES the Valley, rakes in more profit than Google, HP, Intel, Cisco COMBINED
Cook & Co. also pay more taxes than those four worthies PLUS eBay and Oracle
It may be ILLEGAL to run Heartbleed health checks – IT lawyer
Do the right thing, earn up to 10 years in clink
France bans managers from contacting workers outside business hours
«Email? Mais non ... il est plus tard que six heures du soir!»
prev story

Whitepapers

Securing web applications made simple and scalable
In this whitepaper learn how automated security testing can provide a simple and scalable way to protect your web applications.
Five 3D headsets to be won!
We were so impressed by the Durovis Dive headset we’ve asked the company to give some away to Reg readers.
HP ArcSight ESM solution helps Finansbank
Based on their experience using HP ArcSight Enterprise Security Manager for IT security operations, Finansbank moved to HP ArcSight ESM for fraud management.
The benefits of software based PBX
Why you should break free from your proprietary PBX and how to leverage your existing server hardware.
Mobile application security study
Download this report to see the alarming realities regarding the sheer number of applications vulnerable to attack, as well as the most common and easily addressable vulnerability errors.