Online gambling sites hit as US moves towards ban

NEW US LEGISLATION that clamps down on online gambling sent shares in web-based wagering sites into freefall.

The legislation passed by the U.S. Congress and expected to be enacted by Earth's moral guardian George Bush within weeks, prohibits the use of credit cards, cheques or electronic fund transfers for having a punt online.

UK firm PartyGaming, the world's biggest on-line gambling company, said it would pull out of the United States if Bush signs the legislation into law.

Shares in PartyGaming have already fallen by 61 per cent. Rival 888 Holdings was down 45 per cent.

Shares in World Gaming PLC were down by a massive 80 per cent after its discussions with Sportingbet PLC came to nothing. Shares in Sportingbet fell 70 per cent.

Observers suggest that the bookies should have seen this one coming. µ