Party's Over for Online Gambling

With Congress' passage of a new bill cracking down on Internet gambling, sites are scrambling for markets to fill the void left by the U.S.

Investors in online gaming companies folded their cards and pushed back their chairs on Oct. 2 after the U.S. Congress passed a bill over the weekend that will effectively outlaw Internet gambling in the world's largest market. Shares of Gibraltar-based PartyGaming, the world's biggest Web poker company, nosedived 58% in one day, while 888 Holdings, a specialist in online casino and card games, lost more than a quarter of it value.

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