Online Gambling Bill Scares Investors

(CBS/AP)  Online gambling companies in the U.K. took a huge hit Monday as investors reacted to news that the U.S. Congress had passed legislation prohibiting the use of credit cards, checks and electronic fund transfers for online gaming.

Shares of British gambling companies, including Sportingbet and PartyGaming, were sharply lower Monday.

CBS News reporter Vicki Barker in London reported that shares of PartyGaming, the world's largest online gambling site, were down about 60 percent in early Monday trading.

PartyGaming says it will pull out of the U.S. market if President Bush signs the legislation into law.

888 Holdings says it is suspending online betting operations in the U.S. as a result, and Sportingbet says it has called off takeover talks with World Gaming.

Gambling in any form is illegal in most of the United States, but is an accepted feature of British society. Betting houses, offering wagers on everything from horse racing to whether it will snow on Christmas morning, are as common on the streets of London as pubs.

But just because it's big business in Britain, doesn't earn it an honored place in the American market. As soon as the Internet began blurring the lines between U.S. and U.K. commerce, members of the U.S. Congress reacted.

Republican Senator Bill Frist is one of the lawmakers who has fought for years to see online gambling banned, maintaining simply that it's illegal.

The online betting legislation got through Congress as a tagalong on a port securities bill passed on Saturday, which was largely popular and easily won the necessary votes.

President Bush has used his power of veto very sparingly during his leadership, and isn't likely to scrap the port security bill over the gambling legislation, which is also very popular among the conservative base of the Republican party.

[freedomgone]

In the past 6 years I have watched our freedom disappear. Now the Republican are telling us how we can and can not spend the money we earn. It is none of there business how we spend our money, especially in our own homes. If they think gambling is so bad, then ban all forms of it, not just online.. Shut down the State lotteries, Indian casinos, all Land based casinos.

What's next?

I can tell you there is no way I would ever Vote Republican again.

I never thought i would see the day that i would wake up and find out i was living in a communist country. Where our senators who make up these moronic laws spend there time cybersexing with underage young boys , or killing cats to see what there hearts look like .

On a final note we here at www.recentpoker.com will fight to allow americans to play poker any time they want.

[thowze-2009]

With the fact that the wording of the bill allows the states inside of the U.S. to have online gambling if they wish, this bill purely seeks to cut out foreign competition in the online gambling industry. Plus it seems that no one has bothered to ask the American people what do they want. Based on these facts, I say that not only is this protectionism but it is another step in the slow erosion of our rights as Americans.

[gheden1]

I yhink the government should leave us alone. How we spend our money is our business. On-line gaming emploooyes hundreds of people, some of which are unable to work outside the home. And this keeps them off public assistance and welfare . It also provides entertainment and outside contact to some home bound citizens who would other wise have no contact with other people. Go after something harmful like pornographers and real criminals. VOTE NO!!!

[sandymac0013]

Hello To My American Friends,

I believe in a Free and Democratic Society, the Government and Law makers are people who are not required to make my decisions for me, but people who ensure that businesses are providing safe, secure and fraud free goods and services.

I will decide where to spend my money, and how to discipline my children if they use my credit cards.

It is a amazing how your political leaders can spent billions of dollars killing people and having your own citizens be killed in the name of freedom yet go into your home and stop you from enjoying life.

I believe it is time the American people start thinking for themselves and start living in freedom that they so desire for others.

Sandy

[beanhater-2009]

senator frist says its simply illegal........horsepucks!!! What about all the mexicans senator? How bout banning them from coming into our country ILLEGALLY. Wonder what legal gaming co.'s in this country donated to his fund. MORON

[peter541]

What a crock, this Republican Government we have, time to say bye bye. Who do they think they are? This is no longer a democracy, we can now call it a dictatorship and the dictator is George W Bush.

This falls election I will vote for the Democrats just to help get rid of the Republican
Jackasses.

[joe99996]

Unbelievable!! What does port security have to do with online gambling? How did this get attached? Republicans are slowly taking away all our rights!!! Who gets hurt when I play a game of poker on my computer? What are these idiots going to ban next?

[eat13]

I am sick of the Federal government (republicans) sticking their noses in my personal business! I agree, vote the bums out!

[pay2play001]

Friday I WAS a Republican, from Saturday forward I AM NOT! I will do everything in my power to bad-mouth and get any Republican voted from office in the next election. This was career suicide for every House and Senate member involved in getting the passed.

Watch what happens, but I have never been more embarrased and pissed off to be an American. Our system is flawed, and run by perverted, rotten, illogical morons.