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30 June 2011
| News> Archive> 2006> April> Online Casino Ban Fades and Shares Rise |
Online Casino Ban Fades and Shares Rise
16 Apr 2006
Online casino group, Party Gaming shares appeared to rise by ten percent yesterday after news that an imminent ban of online casino bidding in the United States seemed to fade away. The online casino group's key market is in the United States and a ban on placing online casino bids in the United States would have greatly affected the company. The market responded positively to this news and thus shares rose.
The online casino poker and casino group's shares were the ones to respond most favorably to news that legislators in the United States were opposing the bill introduced by Goodlatte and Leach. The bill is pushing to credit card companies and other electronic payment forms to be prohibited as methods of payment for online casino bids and transactions. If this bill went into affect, it could mean that many online casino operators would find their key market struggling to find ways to pay for their online casino bids.
The online casino banning bill came under fire at a special meeting of a subcommittee of the House of Representatives. Some congressmen were concerned that the bill allowed the continuation of some forms of gambling while letting others, like online casino gambling were clamped down on. There was no further date set for the continuation of the hearing which would determine whether the bill will continue in his legislative track to the decision making powers.
