The change here will have some impact, but it doesn’t mean that large swaths of gambling that were once legal are now illegal and vice versa,” the source explained.<\/span><\/h2>\n<\/blockquote>\nWhile the Wire Act deals with interstate transmissions, former Sen. Blanche Lincoln (D-Arkansas), who lobbies on behalf of an anti-online gambling group, said the reversed opinion “aligns the Department’s longstanding position that federal law prohibits all forms of internet gambling.”<\/p>\n
Only those of age and located within New Jersey, Nevada, and Delaware’s borders can access the legal online casinos. However, Engel’s opinion could threaten the three states’ internet poker compact that allows them to share player pools across state lines.<\/p>\n
The complete interpretation is still ongoing, as legal experts and gaming industry analysts continue to debate the opinion’s exact scope.<\/p>\n
Payment Processing<\/b><\/h2>\n
Union Gaming analyst John DeCree said in a note that the paramount concern “is if banks and payment processors shy away from the gambling industry and temporarily halt payments for online gambling activities. This would make it more difficult for customers to deposit cash into the system,” DeCree stated.<\/p>\n
He added that his firm doesn’t expect much, if any, change to current online gambling operations in the three legal jurisdictions. DeCree also said the Wire Act opinion shouldn’t immediately threaten sports betting businesses.<\/p>\n","protected":false},"excerpt":{"rendered":"
Online gaming companies focused on interactive casinos and sports betting saw shares dive into the red on news that the US Department of Justice (DOJ) was again modifying its opinion on the Wire Act. William Hill, Paddy Power Betfair, and 888 Holdings, three UK-based gaming and sportsbook firms that have recently been expanding across the […]<\/p>\n","protected":false},"author":25,"featured_media":96241,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[19,13,61,13592],"tags":[],"acf":[],"yoast_head":"\n
Online Gaming Stocks Nosedive on DOJ Wire Act Reversal Opinion<\/title>\n\n\n\n\n\n\n\n\n\n\n\n\n\t\n\t\n\t\n\n\n\n\n\n\t\n\t\n\t\n