In response to a new law designed to eliminate online gambling, shares of PartyGaming, Sportingbet, and 888 Holdings plunged today on the London Stock Exchange, wiping out $7 billion of market value according to Bloomberg, $6.5 billion according to Reuters. The law is expected to be signed by President Bush in the near future. Many believe that this is the first step in a plan to eventually license, regulate, and tax online gambling provided by U.S.-based gaming companies.
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