Legal and/or Online Gambling Dopers: Your analysis requested

In My Humble Opinion
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Congess has passed and Bush has signed the SAFE Port Act, which includes language tacked onto the bill almost literally in the dead of night and completely unrelated to ports that addresses the terrible scourge that is internet gambling within the United States. Text of the Act here in PDF. In response PartyGaming has withdrawn from the US market (resulting in a 40% drop in the company’s value virtually overnight). Other gambling companies are apparently still contemplating their options and money transfer companies are also evaluating.

The gambling portion of the bill begins on page 213 of the 244-page bill. If anyone would care to read it and give me their opinion on what it all means, it would be much appreciated.

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:: bump ::

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Try the TwoPlusTwo Legislation forum.

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In a nutshell, it goes after offshore Web gaming companies by criminalizing funds transfers, shutting off the industry’s cash flows from the U.S. Here’s how some companies in the industry stand:

PartyGaming (stock down 70% compared with the last close before the measure was passed): Has shut down its U.S. business.

Sportingbet (stock down 72%): Has sold its U.S. activities for a token $1. Brands include Paradise Poker.

888 (stock down 30%): Has suspended its U.S. business. Brands include Casino-on-Net and Pacific Poker.

Empire Online (stock down 27%): Has suspended its U.S. business. Brands include Club Dice and Noble Poker.

Leisure & Gaming (stock had dropped 79% when it was suspended Oct. 13): Has sold its U.S. business for a token $1. Brands include VIP.

Fairground Gaming (stock down 69%): Has suspended its U.S. business. Brands include Spin Palace.

World Gaming (stock had slid 87% when it was suspended on Oct. 9): Has filed for administration (i.e. gone out of business).

Betcorp (stock down 82%): Has suspended its U.S. business and fired a third of its employees. Brands include cybersportsbook.com and oasiscasino.com.

FireOne (stock down 69%): Will no longer accept payments from the U.S. that may be related to online gambling.

NETeller (stock down 54%): Is studying the act, no policy change announced yet.