Recently, the United States Department of Justice put through a surprise reversal on their internet betting stance. In what has been a slow but significant creep forward in the United States, this step has been seen as a major step backwards for US online betting fans. Indeed, the shockwave of the US decision was not just felt in the States, but also ‘across the pond’ in the United Kingdom.
Shares in British companies, which were pushing hard for the US market thanks to the tightening of regulations back in the UK, seen a drop after the ruling. These restriction calls from the US Government were a minor surprise, and it obviously has an impact on the market in the short-term.
Indeed, this came as a reversal of the 2011 opinion that sports betting online were illegal under the Wire Act. Other forms of betting, though, were deemed to be more acceptable. Now, though, sports betting and other forms of betting will be changing. This new act must now be considered in tandem alongside the Unlawful Internet Gambling Enforcement Act.
It’s a major blow for the UK companies which had hoped to make good on the significant space within the US market. For US fans of betting, too, the significant swivel from the DOJ was a major setback in their fight for a more open-minded approach to gambling. Now, though, this decision is one that will be felt outside of more than America.