 |  | | | | Worldwide Cutbacks to Flood Online Casino Industry11 Oct 2006 The legislation regarding the ban on online casino gambling is causing worldwide waves, resulting in some major cut backs involving all those who have ties to the gambling market. A recent report regarding cut backs in Israel was published, following 100 workers being dismissed at IM Intermedia, a firm which supplies services for online marketing and data mining for online gaming marketing companies in the United States.
This looks to be the first of many publicized cut backs in the industry, as billions of dollars are going down the drain in the online gaming industry as fearful investors are taking their investments elsewhere. Many online casino companies are owned by Israelis, many of them listed on the London Exchange. They have taken a serious blow as a consequence of the US bill, and company values have plummeted at groups like Empire Online, 888 Holdings and PlayTech.
Empire has decided to leave without a fight and has believes that if you can't beat them, leave them. According to reports the company is looking to invest their $250 million cash pile elsewhere, outside the online casino industry.
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