US playing with gambling sites

The online gaming companies are pushed into the crunch with the recent decision from the US government. Big public online companies lost billions of dollars and shut their sites as the recent ban on the gambling sites in US. Private companies and small companies are in quest for the acquisition and mergers with the other companies.

The US president George Bush banned online gambling sites on October 13. The US government imposed a ban on banks transferring money to online sites. This affected the overall gaming industry and most of the companies are earning their profits from the US customers. United States lawmakers said they passed the ban out of concern that the sites would increase gambling addiction and social problems.

Most of the online gambling sites traded on the New York Stock Exchange with nearly $7.6 billions of market value and the decision has impeded the profits of the overall market.
The British government is trying to bring the support from other countries for industry reforms. The British government has conducted a conference with 30 global delegates to bring them under one roof and even the US government was invited but it didn’t send any representative. Many of the big public online sites are running successfully on the basis of US customers but these sites were suspended after President Bush signed on the Unlawful Internet Gambling Enforcement Act.

The companies which are legally registered in the US are emphasizing on other markets and their growth substantially fell down after this ban. The US might have considering the fact that allowing these sites will not fetch anything for its GDP and even there is a lot of chance that it is spending on them. Revising this decision is not that important to the US but fighting for this “noble cause” may gain huge profits for Britain.