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Shares of World Gaming suspended

The shares of online gaming company World Gaming Plc were suspended last Monday at the request of the company itself after trading the shares became too difficult as a result of the national ban the US government was imposing online gaming.World Gaming’s shares lost 88 per cent of their value last week but it was able to recover 9.7 per cent on Monday morning before the decision to suspend trading of the shares was decided by the company.

Based on a statement that was released by the company, it indicated that following discussions with all of the involved parties concerned and after having taken legal advice, the directors of World Gaming has requested that trading of the company’s shares be suspended as soon as possible because of the “fundamental uncertainty” over the company’s ability to continue trading its stocks.

The company said last week that it could enter into a technical default of its loan conditions after the US Congress approved a bill that makes it illegal to accept bets over the internet or for banks and credit companies to make payments to online gaming sites.

The said anti online gambling law was recently passed by the US Congress at the end of September. Many analysts are predicting that US President George W Bush will sign the passed bill into law. If this does happen expect more shakeups in the online gambling industry that would have far reaching consequences for the future of the multi million dollar industry.