A new law that hasn't even been signed yet by the president already has left deep financial losses for those betting on British online gambling.
On Monday the London stock market saw billions of pounds in stock value vanish. Among the big losers were PartyGaming, 888, World Gaming and Sportingbet. President George W. Bush does intend to sign the port securities bill, which includes passages that apparently outlaw all Internet gambling in U.S. dollars, and when that happens, the gambling sites say, their fears will be fully realized. PartyGaming and 888 have said they'll cease operations in the U.S. when the new law takes effect.
Each of these companies operates in many nations, but Sportingbet says 60 percent of its current business is in the U.S. Other companies affected include Bwin.com, based in Austria, and Britain's William Hill.
I'll bet American gamblers will find another way to lose their money. And this may mean more business for brick-and-mortar casino companies. Or it may mean Americans getting British credit cards.