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Gambling Bill Fallout Begins

Business, 2006-10-02, by TwoGun

A bill attempting to curb internet gambling passed Congress this past Friday. It awaits President Bush's signature to become law, which will likely happen in the next two weeks.

Due to the proposed bill, shares of internet gambling stocks plunged. Party Gaming, the company that owns Party Poker, dropped by 58.6%. 888 PLC, the company that owns 888 Poker, dropped by 26%. Other big losers include Sportingbet (64.2%), Empire Online (24.6%), and Neteller (60.5%).

Online gambling firms now must face the decision whether or not they wish to continue doing business with US players. Party Poker, Interpoker, and Pacific Poker have already publicly stated that they will soon no longer be accepting US play. It's not clear what direction the other sites will take yet.

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