US legislators hit online poker
Online gaming has taken a financial hit worldwide after new US legislation prohibited citizens in the country from using funds on the sites.
It is estimated online gambling companies have lost over half of their value on the London Stock Exchange since the decision by the US congress was made.
Businesses such as 888, the largest web-based casino, have indefinitely discontinued services in the US. PartyGaming, another large gambling website, says that it will play a similar hand once the bill is officially passed.
Commenting on the new laws, Adam Pliska, general counsel of WPTE, a company responsible for the poker boom over the past few years due to the introduction of televised games, says that the new law does not mark the end of online poker.
“The Justice Department has been very clear that it believes online gaming to be illegal in the United States and our policies have been always been tailored accordingly,” he said.
CEO and founder of WPTE, Steve Lipscomb, agrees that the industry will continue to flourish.
He said: “WPTE remains committed to growing the domestic poker market through traditional franchise opportunities like consumer products, sponsorship and events.”